Document ID: chunk:federal_register_of_legislation:F2024L01194:body:0:p5
Version: federal_register_of_legislation:F2024L01194
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Character Range: 11498–14307

amendments for annual reporting periods beginning on or after 1 January 2026.  Earlier application is permitted.  If an entity applies those amendments for an earlier period, it shall disclose that fact.

7.2 Transition
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Transition for Annual Improvements Volume 11
7.2.50 An entity shall apply the amendment to paragraph 2.1(b)(ii) made by AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11 to lease liabilities that are extinguished on or after the beginning of the annual reporting period in which the entity first applies that amendment.

Appendix A
Defined terms
The last paragraph of Appendix A is amended.  New text is underlined and deleted text is struck through.  Footnotes to the text are not reproduced.

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The following terms are defined in paragraph 11 of AASB 132, Appendix A of AASB 7, or Appendix A of AASB 13 or Appendix A of AASB 15 and are used in this Standard with the meanings specified in AASB 132, AASB 7, or AASB 13 or AASB 15:

(a) credit risk;4

(b) equity instrument;

(c) fair value;

(d) financial asset;

(e) financial instrument; and

(f) financial liability.;

(g) transaction price.

Amendments to AASB 10
Paragraph B74 is amended. New text is underlined and deleted text is struck through.

Assessing control
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Relationship with other parties
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B74 Such a relationship need not involve a contractual arrangement.  A party is a de facto agent when the investor has, or those that direct the activities of the investor have, the ability to direct that party to act on the investor's behalf.  A party might also be a de facto agent when those that direct the activities of the investor have the ability to direct that party to act on the investor's behalf.  In these circumstances, the The investor shall consider its de facto agent's decision‑making rights and its indirect exposure, or rights, to variable returns through the de facto agent together with its own when assessing control of an investee.

Appendix C
Effective date and transition
Paragraph C1E is added.  For ease of reading, this paragraph has not been underlined.

Effective date
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C1E AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11, issued in September 2024, amended paragraph B74.  An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2026.  Earlier application is permitted.  If an entity applies those amendments for an earlier period, it shall disclose that fact.

Amendments to AASB 107
Paragraph 37 is amended.  New text is underlined and deleted text is struck through.

Investments in subsidiaries, associates and joint ventures
37 When accounting for an investment in an associate, a joint venture or a subsidiary accounted for by use