Document ID: chunk:federal_register_of_legislation:F2024C00049:body:0:p49
Version: federal_register_of_legislation:F2024C00049
Segment Type: other
Provision Reference: 
Character Range: 124191–128324

may elect to apply this Standard to annual periods beginning before 1 January 2024.

Table of amendments
Paragraph affected        How affected          By … [paragraph/page]
 3                        amended               AASB 2021-7 [25]
 Aus3.1                   added                 AASB 1059 [page 26]
 Aus3.1                   added                 AASB 2018-4 [8]
                          renumbered as Aus3.2  AASB 2021-7 [26]
 18 (preceding heading)   amended               AASB 2021-7 [27]
 Aus25.1                  added                 AASB 1058 [page 22]
                          amended               AASB 2018-8 [page 6]
 Aus25.2                  added                 AASB 2019-8 [5]
 Aus35.1                  added                 AASB 2019-8 [5]
 46A-46B                  added                 AASB 2020-4 [page 5]
 46B                      amended               AASB 2021-3 [page 6]
 Aus59.1                  added                 AASB 2018-8 [page 6]
 Aus59.2                  added                 AASB 2018-8 [page 6]
 60A                      added                 AASB 2020-4 [page 6]
 Aus103.1                 repealed              Legislation Act 2003, s. 48D
 102A                     added                 AASB 2022-5 [page 5]
 104-106 (and heading)    added                 AASB 2020-8 [page 11]
 C1A                      added                 AASB 2020-4 [page 6]
 C1B                      added                 AASB 2020-8 [page 11]
 C1C                      added                 AASB 2021-3 [page 6]
 C1D                      added                 AASB 2022-5 [page 6]
 C2                       amended               AASB 2022-5 [page 6]
 AusC4.1                  added                 AASB 2019-2 [5]
 AusC5.1                  added                 AASB 1058 [page 22]
                          amended               AASB 2018-8 [page 7]
 AusC5.2                  added                 AASB 1058 [page 22]
 AusC8.1                  added                 AASB 1058 [page 22]
                          amended               AASB 2018-8 [page 7]
 AusC11.1                 added                 AASB 1058 [page 22]
                          amended               AASB 2018-8 [page 7]
 C20A-C20B (and heading)  added                 AASB 2020-4 [page 6]
 C20BA-C20BC              added                 AASB 2021-3 [page 6]
 C20C-C20D (and heading)  added                 AASB 2020-8 [page 11]
 C20E (and heading)       added                 AASB 2022-5 [page 6]
 Appendix D               deleted               AASB 2021-7 [28]
 Appendix E               added                 AASB 2018-3 [5]
                          replaced              AASB 1060 [page 60]
 AusE1                    amended               AASB 2020-7 [5]

Deleted IFRS 16 text
Deleted IFRS 16 text is not part of AASB 16.
C21 This Standard supersedes the following Standards and Interpretations:
(a) IAS 17 Leases;
(b) IFRIC 4 Determining whether an Arrangement contains a Lease;
(c) SIC-15 Operating Leases—Incentives; and
(d) SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease.

Basis for Conclusions on AASB 2018-8

This Basis for Conclusions accompanies, but is not part of, AASB 16.  The Basis for Conclusions was originally published with AASB 2018-8 Amendments to Australian Accounting Standards – Right-of-Use Assets of Not-for-Profit Entities.

Introduction
     BC1               This Basis for Conclusions summarises the Australian Accounting Standards Board's considerations in reaching the conclusions in this Standard.  It sets out the reasons why the Board developed the Standard, the approach taken to developing the Standard and the key decisions made.  In making decisions, individual Board members gave greater weight to some factors than to others.

Reasons for issuing this Standard

     BC2              AASB 1058 Income of Not-for-Profit Entities and AASB 16 Leases are effective for annual reporting periods beginning on or after 1 January 2019. These Standards require not-for-profit entities to measure right-of-use assets at initial recognition at fair value for leases