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AASB Standard  AASB 2022-2
               May 2022

Amendments to Australian Accounting Standards – Extending Transition Relief under AASB 1
[AASB 1 & AASB 1053]

Obtaining a copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2022
This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission. Requests and enquiries concerning reproduction and rights should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

ISSN 1036-4803

Contents

PREFACE
ACCOUNTING STANDARD
AASB 2022-2 Amendments to Australian Accounting Standards – Extending Transition Relief under AASB 1

from paragraph
OBJECTIVE 1
APPLICATION 2
AMENDMENTS TO AASB 1 5
AMENDMENTS TO AASB 1053 6
COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 7

BASIS FOR CONCLUSIONS

Australian Accounting Standard AASB 2022-2 Amendments to Australian Accounting Standards – Extending Transition Relief under AASB 1 is set out in paragraphs 1 – 7. All the paragraphs have equal authority.

Preface

Standards amended by AASB 2022-2
This Standard makes amendments to AASB 1 First-time Adoption of Australian Accounting Standards (July 2015) and AASB 1053 Application of Tiers of Australian Accounting Standards (June 2010).

Main features of this Standard

Main requirements
This Standard amends:
     (a)                    AASB 1 – to allow:
          (i)                     a subsidiary preparing general purpose financial statements for the first time to apply the optional exemption in paragraph D16(a) and measure its assets and liabilities at the carrying amounts that would be included in the parent's consolidated financial statements where the parent has already adopted either Australian Accounting Standards or International Financial Reporting Standards (IFRS Standards or IFRSs); and
          (ii)                   an entity that becomes a first-time adopter of Australian Accounting Standards in its consolidated financial statements later than its subsidiary (or associate or joint venture) to use the amounts included in the subsidiary's (or associate's or joint venture's) separate financial statements where the subsidiary (or associate or joint venture) has already adopted either Australian Accounting Standards or IFRSs; and
     (b)                   AASB 1053 – to allow for-profit private sector entities transitioning from unconsolidated Tier 2 – Reduced Disclosure Requirements general purpose financial statements to consolidated Tier 2 – Simplified Disclosures general purpose financial statements to apply AASB 1 when preparing consolidated financial statements for the first time.

Application date
This Standard applies to annual periods ending on or after 30 June 2022, with earlier application permitted.

Accounting Standard AASB 2022-2
The Australian Accounting Standards Board makes Accounting Standard