Document ID: chunk:federal_register_of_legislation:F2025C00173:body:0:p17
Version: federal_register_of_legislation:F2025C00173
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Character Range: 41930–44764

those amendments for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
45E AASB 2017-1 Amendments to Australian Accounting Standards – Transfers of Investment Property, Annual Improvements 2014–2016 Cycle and Other Amendments, issued in February 2017, amended paragraphs 18 and 36A. A for-profit entity shall apply those amendments retrospectively in accordance with AASB 108 for annual periods beginning on or after 1 January 2018. A not-for-profit entity shall apply those amendments retrospectively in accordance with AASB 108 for annual periods beginning on or after 1 January 2019. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
45F AASB 17, issued in July 2017, amended paragraph 18. An entity shall apply that amendment when it applies AASB 17.
45G AASB 2017-7 Amendments to Australian Accounting Standards – Long-term Interests in Associates and Joint Ventures, issued in December 2017, added paragraph 14A and deleted paragraph 41. An entity shall apply those amendments retrospectively in accordance with AASB 108 for annual reporting periods beginning on or after 1 January 2019, except as specified in paragraphs 45H–45K. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact.
45H An entity that first applies the amendments in paragraph 45G at the same time it first applies AASB 9 shall apply the transition requirements in AASB 9 to the long-term interests described in paragraph 14A.
45I An entity that first applies the amendments in paragraph 45G after it first applies AASB 9 shall apply the transition requirements in AASB 9 necessary for applying the requirements set out in paragraph 14A to long-term interests. For that purpose, references to the date of initial application in AASB 9 shall be read as referring to the beginning of the annual reporting period in which the entity first applies the amendments (the date of initial application of the amendments). The entity is not required to restate prior periods to reflect the application of the amendments. The entity may restate prior periods only if it is possible without the use of hindsight.
45J When first applying the amendments in paragraph 45G, an entity that applies the temporary exemption from AASB 9 in accordance with AASB 4 Insurance Contracts is not required to restate prior periods to reflect the application of the amendments. The entity may restate prior periods only if it is possible without the use of hindsight.
45K If an entity does not restate prior periods applying paragraph 45I or paragraph 45J, at the date of initial application of the amendments it shall recognise in