Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p117
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 323867–326822

through.

Use of a presentation currency other than the functional currency
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Disposal or partial disposal of a foreign operation
48 On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation, recognised in other comprehensive income and accumulated in the separate component of equity, shall be reclassified from equity to profit or loss (as a reclassification adjustment) when the gain or loss on disposal is recognised (see AASB 18 Presentation and Disclosure in Financial StatementsAASB 101 Presentation of Financial Statements).
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Effective date and transition
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60N AASB 18 issued in June 2024 amended paragraph 48. An entity shall apply those amendments when it applies AASB 18.

AASB 124 Related Party Disclosures (July 2015)
Paragraphs 20 and IG11 are amended and paragraph 28D is added. New text is underlined and deleted text is struck through.

Disclosures

All entities
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20 The classification of amounts payable to, and receivable from, related parties in the different categories as required in paragraph 19 is an extension of the disclosure requirement in AASB 18 Presentation and Disclosure in Financial Statements AASB 101 Presentation of Financial Statements for information to be either presented either in the statement of financial position or disclosed in the notes. The categories are extended to provide a more comprehensive analysis of related party balances and apply to related party transactions.
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Effective date and transition
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28D AASB 18 issued in June 2024 amended paragraphs 20 and IG11. An entity shall apply those amendments when it applies AASB 18.
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Australian implementation guidance for not-for-profit public sector entities
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Related party transactions
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IG11 A related party transaction is a transfer of resources, services or obligations between an entity and its related party, regardless of whether a price is charged.  In the not-for-profit public sector, many entities are likely to engage frequently with persons who are a related party of that entity in the course of delivering the entity's public service objectives, including the raising of funds (for example, rates and taxes) to meet those objectives.  These related party transactions often occur on terms and conditions no different to those applying to the general public (for example, the Medicare rebate or public school fees).  A not-for-profit public sector entity may determine that information about related party transactions occurring during the course of delivering its public service objectives and which occur on no different terms to that of the general public is not material for disclosure in its general purpose financial statements and accordingly need not be disclosed.  Guidance relevant to an entity's assessment of the materiality of a disclosure to its general purpose financial statements is included in AASB 18 Presentation