Document ID: chunk:federal_register_of_legislation:F2025C00207:front:0:p14
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October 2023).

Withdrawal of IFRS 1 (issued 2003)
40 [Deleted by the AASB]

Commencement of the legislative instrument
Aus40.1 [Repealed]

Withdrawal of AASB pronouncements
Aus40.2 This Standard repeals AASB 1 First-time Adoption of Australian Accounting Standards issued in May 2009.  Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.
[Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]

Appendix A
Defined terms
This appendix is an integral part of the Standard.
date of transition to Australian Accounting Standards                                                                                                                                                      The beginning of the earliest period for which an entity presents full comparative information under Australian Accounting Standards in its first Australian-Accounting-Standards financial statements.
deemed cost                                                                                                                                                                                                An amount used as a surrogate for cost or depreciated cost at a given date. Subsequent depreciation or amortisation assumes that the entity had initially recognised the asset or liability at the given date and that its cost was equal to the deemed cost.
fair value                                                                                                                                                                                                 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See AASB 13.)
first Australian-Accounting-Standards financial statements                                                                                                                                                 The first annual financial statements in which an entity adopts Australian Accounting Standards, by an explicit and unreserved statement of compliance with Australian Accounting Standards.
first Australian-Accounting-Standards reporting period                                                                                                                                                     The latest reporting period covered by an entity's first Australian-Accounting-Standards financial statements.
first-time adopter                                                                                                                                                                                         An entity that presents its first Australian-Accounting-Standards financial statements.
International Financial Reporting Standards (IFRSs)                                                                                                                                                        Standards and Interpretations issued by the International Accounting Standards Board (IASB). They comprise:
                                                                                                                                                                                                           (a) International Financial Reporting Standards;
                                                                                                                                                                                                           (b) International Accounting Standards;
                                                                                                                                                                                                           (c) IFRIC Interpretations; and
                                                                                                                                                                                                           (d) SIC Interpretations.(a)
opening Australian-Accounting-Standards statement of financial position                                                                                                                                    An entity's statement of financial position at the date of transition to Australian Accounting Standards.
previous GAAP                                                                                                                                                                                              The basis of accounting that a first-time adopter used immediately before adopting Australian Accounting Standards.
   (a) Definition of IFRSs amended after the name changes introduced by the revised Constitution of the IFRS Foundation in 2010. Interpretations are identified in AASB 1048 Interpretation of Standards.

Appendix B
Exceptions to the retrospective application of other Australian Accounting Standards
This appendix is an integral part of the Standard.
B1 An entity shall apply the following exceptions:
(a) derecognition of financial assets and financial liabilities (paragraphs B2 and B3);
(b) hedge accounting (paragraphs B4–B6);
(c) non-controlling interests (paragraph