The AASB Exposure Drafts were as follows: (a)          ED 280 Property, Plant and Equipment – Proceeds before Intended Use was issued in June 2017, for comment by 18 September 2017. The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. Tour through tournaments. Since all the amendments have the same effective date, the AASB combined the four separate IFRS Standards into one Australian Accounting Standard, while maintaining the ability of entities to apply early the amendments to individual Standards. Peppercorn leases, as defined by AASB 16, are leases that have significantly below-market terms and conditions principally to enable the entity to further its objectives. (d)          ED 290 Reference to the Conceptual Framework was issued in June 2019, for comment by 30 August 2019. (f)           AASB 141 to remove the requirement to exclude cash flows from taxation when measuring fair value, thereby aligning the fair value measurement requirements in AASB 141 with those in other Australian Accounting Standards. If an entity applies these amendments for an earlier period, it shall disclose that fact. Two of the submissions expressed general support for the proposed amendments while commenting on the meaning of “economic benefits” for not-for-profit entities, an issue beyond the scope of this topic. AASB 2012-1 Amendments to Australian Accounting Standards - Fair Value Measurement - Reduced Disclosure Requirements [AASB 3, AASB 7, AASB 13, AASB 140 and AASB 141] 1586 AASB is a one pit stop for all your snooker needs. Under subsection 33(3) of the Acts Interpretation Act 1901, where an Act confers a power to make, grant or issue any instrument of a legislative or administrative character (including rules, regulations or by-laws), the power shall be construed as including a power exercisable in the like manner and subject to the like conditions (if any) to repeal, rescind, revoke, amend, or vary any such instrument. Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 18, Amendments to Australian Accounting Standards –, Obtaining a copy of this Accounting Standard. These amendments arise from the issuance by the International Accounting Standards Board (IASB) in May 2020 of the following International Financial Reporting Standards: (a)          Annual Improvements to IFRS Standards 2018–2020; (b)          Reference to the Conceptual Framework (Amendments to IFRS 3); (c)          Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16); and. 6.8.8        When an entity, consistent with its hedge documentation, frequently resets (ie discontinues and restarts) a hedging relationship because both the hedging instrument and the hedged item frequently change (ie the entity uses a dynamic process in which both the hedged items and the hedging instruments used to manage that exposure do not remain the same for long), the entity shall apply the requirement in paragraphs 6.3.7(a) and B6.3.8—that the risk component is separately identifiable—only when it initially designates a hedged item in that hedging relationship. When an entity applies this Standard to such an annual period, it shall disclose that fact. Three Australian stakeholders made a submission directly to the IASB on ED/2019/2, including the one submitted to the AASB. This Standard makes amendments to AASB 119 Employee Benefits (issued in July 2004) and AASB 119 Employee Benefits (revised in December 2004).. Consultation Prior to Issuing this Standard. Paragraphs 24H and 44DE–44DF are added and a subheading is added before paragraph 24H. 6.8.10      An entity shall prospectively cease applying paragraph 6.8.5 at the earlier of: (a)            when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item; and. Prepared in accordance with Part 3 of the All existing rights in this material are reserved outside Australia. (b)            when the hedging relationship to which the exception is applied is discontinued. The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. A hedged item that has been assessed at the time of its initial designation in the hedging relationship, whether it was at the time of the hedge inception or subsequently, is not reassessed at any subsequent redesignation in the same hedging relationship. This Standard is available on the AASB website: www.aasb.gov.au. Amendments to Australian Accounting Standards – Further Annual Improvements 2014–2016 Cycle. This instrument amends a number of Australian Accounting Standards to make minor improvements. Designating financial items as hedged items. The amendments set out in this Standard apply to entities and financial statements in accordance with the application of AASB 7, AASB 9 and AASB 139 set out in AASB 1057 Application of Australian Accounting Standards. A Regulation Impact Statement (RIS) has not been prepared in connection with the issue of AASB 2020-3 as the amendments made do not have a substantial direct or indirect impact on business or competition. Know about club membership, tournaments, products and much more. [2]      The report, 'Reforming Major Interest Rate Benchmarks', is available at http://www.fsb.org/wp-content/uploads/r_140722.pdf. The AASB Board has also forwarded a modest amendment to resolution 5.2 Curriculum Expansion via Distance Delivery. 102N       When designating a group of items as the hedged item, or a combination of financial instruments as the hedging instrument, an entity shall prospectively cease applying paragraphs 102D–102G to an individual item or financial instrument in accordance with paragraphs 102J, 102K, 102L, or 102M, as relevant, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk and/or the timing and the amount of the interest rate benchmark-based cash flows of that item or financial instrument. Assessing the economic relationship between the hedged item and the hedging instrument. Those amendments are incorporated using clean text into the compilations of those Standards when they are prepared, based on the legal commencement date of the amendments. Amendments to AASB 1023 19 . An entity shall apply these amendments for annual periods beginning on or after 1 … This Standard uses underlining, striking out and other typographical material to identify some of the amendments to a Standard, in order to make the amendments more understandable. AASB 2017-3 Amendments to Australian Accounting Standards - Clarifications to AASB 4. AMENDMENTS TO AASB 139 8. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. The amendments note that IFRS 3 is the result of a joint project between the IASB and the Financial Accounting Standards Board (FASB) and the business combinations requirements under IFRS ® Standards and US GAAP are substantially converged. Australian Accounting Standard AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform is set out on pages 5 – 10. The AASB received one formal submission in respect of the proposals in ED 289, which supported the amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards and IAS 41 Agriculture, but suggested extending the amendment in IFRS 9 Financial Instruments and clarifying (rather than removing) the treatment of lease incentives under IFRS 16 Leases. Accounting Standard AASB 2017-2. 6.8.11      An entity shall prospectively cease applying paragraph 6.8.6: (a)            to a hedged item, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk or the timing and the amount of the interest rate benchmark-based cash flows of the hedged item; and. These paragraphs apply only to such hedging relationships. Earlier application is permitted. The AASB Board has also forwarded a modest amendment to resolution 5.2 Curriculum Expansion via Distance Delivery. 102M      An entity shall prospectively cease applying paragraph 102G to a hedging relationship at the earlier of: (a)            when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk and the timing and the amount of the interest rate benchmark-based cash flows of the hedged item or of the hedging instrument; and. Accordingly, the AASB has the power to amend the Accounting Standards that are made by the AASB as legislative instruments under the Corporations Act 2001. Amendments to AASB 139 Financial Instruments: Recognition and Measurement. 6.8.5        For the purpose of applying the requirement in paragraph 6.5.12 in order to determine whether the hedged future cash flows are expected to occur, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform. When Australia initially adopted IFRS as of 2005, the AASB made a number of changes to IFRS Standards, including elimination of accounting policy options. ED 289 incorporated IASB Exposure Draft ED/2019/2 Annual Improvements to IFRS Standards 2018–2020. An entity shall apply these amendments when it applies the amendments to AASB 9 or AASB 139. Amendment to AASB 108 11 . Earlier application of the amendments to individual Standards is permitted. The IASB analysed the feedback it received on the proposed amendments and decided to finalise the amendments, generally retaining its proposed approach. References in this Standard to the titles of other AASB Standards that are legislative instruments are to be construed as references to those other Standards as originally made and as amended from time to time and incorporate provisions of those Standards as in force from time to time. When an entity applies this Standard to such an annual period, it shall disclose that fact. Timi Tullis, AASB. An entity shall apply these amendments for annual periods beginning on or after 1 January 2020. A new heading is added before paragraph 6.8.1. 102F        For the purpose of applying the requirements in paragraphs 88(b) and AG105(a), an entity shall assume that the interest rate benchmark on which the hedged cash flows and/or the hedged risk (contractually or non-contractually specified) are based, or the interest rate benchmark on which the cash flows of the hedging instrument are based, is not altered as a result of interest rate benchmark reform. 44DE       AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform, which amended AASB 9, AASB 139 and AASB 7, issued in October 2019, added paragraphs 24H and 44DF. Amendments to AASB 3 Paragraph 3, the definition of the term ‘business’ in Appendix A and paragraphs B7–B9, B11 and B12 are amended. This Standard applies to annual reporting periods beginning on or after 1 January 2020. On 30 June 2010, the Australian Accounting Standards Board published AASB 1053 Application of Tiers of Australian Accounting Standards (and AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements) which established a differential reporting framework, This compiled version of AASB 3 applies to annual periods beginning on or after 1 January 2019 but before 1 January 2020. Earlier application of the amendments to individual Standards is permitted. In addition, the amendments require entities to provide additional information about their hedging relationships that are directly affected by these uncertainties. The AASB did not receive any formal submissions in respect of the proposals in ED 290. The Australian Accounting Standards Board makes Accounting Standard AASB 2018-3 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements under section 334 of the Corporations Act 2001. 130H AASB 2014-1 Amendments to Australian Accounting Standards, issued in June 2014, amended paragraph 80. This Standard makes amendments to AASB 7 Financial Instruments: Disclosures (August 2015), AASB 9 Financial Instruments (August 2015) and AASB 139 Financial Instruments: Recognition and Measurement (August 2015). This retrospective application applies only to those hedging relationships that existed at the beginning of the reporting period in which an entity first applies those requirements or were designated thereafter, and to the amount accumulated in the cash flow hedge reserve that existed at the beginning of the reporting period in which an entity first applies those requirements. This Standard is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011. These paragraphs apply only to such hedging relationships. Accounting Standard AASB 2018-3. 102E        For the purpose of applying the requirement in paragraph 101(c) in order to determine whether the forecast transaction is no longer expected to occur, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform. [1]      The report, 'Reforming Major Interest Rate Benchmarks', is available at http://www.fsb.org/wp-content/uploads/r_140722.pdf. Amendments to AASB 110 12 . This Standard makes amendments to Accounting Standard AASB 15 Revenue from Contracts with Customers. Objective. These amendments arise from the issuance of International Financial Reporting Standard Clarifications to IFRS 15 Revenue from Contracts with Customers by the International Accounting Standards Board (IASB) in April 2016. An entity shall apply that amendment for annual reporting periods beginning on or after 1 July 2014. AASB Standard AASB 2011-3 May 2011 . (b)            when the entire amount accumulated in the cash flow hedge reserve with respect to that discontinued hedging relationship has been reclassified to profit or loss. This Standard may be applied to annual reporting periods beginning before 1 January 2020. This Standard applies to annual reporting periods beginning on or after 1 January 2020. Paragraph 7.2.26 is amended. One Australian stakeholder made a submission directly to the IASB on ED/2019/3, supporting the IASB’s intention to remove a residual reference to the old conceptual framework, but not the specific proposals. AASB 2011-12 Amendments to Australian Accounting Standards arising from Interpretation 20 1583. New subheadings are added before paragraphs 6.8.4, 6.8.5, 6.8.6, 6.8.7 and 6.8.9. 6.8.1        An entity shall apply paragraphs 6.8.4–6.8.12 and paragraphs 7.1.8 and 7.2.26(d) to all hedging relationships directly affected by interest rate benchmark reform. 102A       An entity shall apply paragraphs 102D–102N and 108G to all hedging relationships directly affected by interest rate benchmark reform. (f)           AASB 141 Agriculture (August 2015). An entity shall apply that amendment for annual reporting periods beginning on or after 1 … Amendments to Australian Accounting Standards arising from AASB 15: Extra: Dec 2014: 1 … The IASB has issued amendments to IFRS 3 Business Combinations that seek to clarify this matter. New text is underlined and deleted text is struck through. The IASB has issued amendments to IFRS 3 Business Combinations that seek to clarify this matter. A hedging relationship is directly affected by interest rate benchmark reform only if the reform gives rise to uncertainties about: (a)            the interest rate benchmark (contractually or non-contractually specified) designated as a hedged risk; and/or. The AASB Board of Directors voted to put forward one new resolution: New 5.31 Alaska Standards for Culturally Responsive Schools – AASB BOD. New text in this paragraph is underlined. Interpretation 22 Foreign Currency Transactions and Advance Consideration: For profit only . The AASB proposes to amend its standard AASB 136 Impairment of Assets regarding the International Accounting Standards Board's (IASB) intention to require only the disclosure of the recoverable amount of assets, including goodwill, for which there … statements (AASB 2018-7 Amendments to Australia Accounting Standards – Definition of Material (amendments to AASB 101.7)) Note: agencies will need to tailor the content in this pro-forma disclosure to suit their specific circumstances. The new leasing standard is likely to affect almost every business to some extent. AASB 2016-3 4 PREFACE Preface Standards amended by AASB 2016-3 This Standard makes amendments to AASB 15 Revenue from Contracts with Customers. An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform. Amendments to AASB 7 Financial Instruments: Disclosures. Paragraph B10 is deleted. AASB 2020-3 is applicable to annual periods beginning on or after 1 January 2022. • Finance Position Paper of Implementation Options for AASB 16 Leases. 102L        An entity shall prospectively cease applying paragraph 102F: If the hedging relationship that the hedged item and the hedging instrument are part of is discontinued earlier than the date specified in paragraph 102L(a) or the date specified in paragraph 102L(b), the entity shall prospectively cease applying paragraph 102F to that hedging relationship at the date of discontinuation. 102G       For the purpose of applying the requirement in paragraph 88(e), an entity is not required to discontinue a hedging relationship because the actual results of the hedge do not meet the requirements in paragraph AG105(b). AASB 2020-3 Amendments to AASs – Annual Improvements 2018–2020 and Other Amendments Amendment to AASB 1, Subsidiary as a First-time Adopter Amendments to AASB 3, Reference to the Conceptual Framework Amendment to AASB 9, Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities Earlier application is permitted. 4. Amendments to AASB 137 17 . Accounting Standard AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform. A hedged item that has been assessed at the time of its initial designation in the hedging relationship, whether it was at the time of the hedge inception or subsequently, is not reassessed at any subsequent redesignation in the same hedging relationship. All the paragraphs have equal authority. 5 IFRB 2020/08 IASB ISSUES AMENDMENTS TO IFRS 16: COVID-19 RELATED RENT CONCESSIONS CRITERION #3: AFFECTS LEASE PAYMENTS ORIGINALLY DUE ON OR BEFORE 30 JUNE 2021 The rent concession must reduce lease payments originally due on or before 30 June 2021. These paragraphs have not been underlined for ease of reading. The Australian Accounting Standards Board (AASB) has launched a consultation on its proposals to amend the impairments of assets standard. Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org. Earlier application of the amendments to individual Standards is permitted. The post-im­ple­men­ta­tion review of IFRS 3 Business Com­bi­na­tionsrevealed that entities have dif­fi­cul­ties when de­ter­min­ing whether they have acquired a business or a group of assets. The important thing with the new standard is to be proactive and to be prepared. New subheadings are added before paragraphs 102D, 102E, 102F, 102H and 102J. The Australian Accounting Standards Board makes Accounting Standard AASB 2019-3 Amendments to Australian Accounting Standards –  Interest Rate Benchmark Reform under section 334 of the Corporations Act 2001. Amendments to AASB 112 13 . These paragraphs have not been underlined for ease of reading. Designating a component of an item as a hedged item. Parliamentary Procedure is designed to facilitate business, she said, not complicate it. 6.8 Temporary exceptions from applying specific hedge accounting requirements. 6.8.6        For the purpose of applying the requirements in paragraphs 6.4.1(c)(i) and B6.4.4–B6.4.6, an entity shall assume that the interest rate benchmark on which the hedged cash flows and/or the hedged risk (contractually or non-contractually specified) are based, or the interest rate benchmark on which the cash flows of the hedging instrument are based, is not altered as a result of interest rate benchmark reform. This Standard makes amendments to the following Australian Accounting Standards: (a)          AASB 1 First-time Adoption of Australian Accounting Standards (July 2015); (b)          AASB 3 Business Combinations (August 2015); (c)          AASB 9 Financial Instruments (December 2014); (d)          AASB 116 Property, Plant and Equipment (August 2015); (e)          AASB 137 Provisions, Contingent Liabilities and Contingent Assets (August 2015); and. 102J         An entity shall prospectively cease applying paragraph 102D to a hedged item at the earlier of: 102K       An entity shall prospectively cease applying paragraph 102E at the earlier of: (b)            when the entire cumulative gain or loss recognised in other comprehensive income with respect to that discontinued hedging relationship has been reclassified to profit or loss. The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy.Also, the AASB contributes to the development of global financial reporting standards and facilitates the participation of the Australian community in global standard setting. If an entity applies that amendment for an earlier reporting period it shall disclose that fact. View Notes - aasb2011-9_09-11 from ACCT 5942 at University of New South Wales. Highly probable requirement for cash flow hedges. Conforming Amendments to the IAASB’s International Auditing Standards as a Result of the Revised IESBA Code – AASB Date recorded: Dec 02, 2019 At its meeting on December 2-3, 2019, the AASB received a presentation explaining the IAASB Exposure Draft, including the … It does not diminish or limit any of the applicable human rights or freedoms, and thus does not raise any human rights issues. Kris Peach Dated 11 May 2016 Chair – AASB Accounting Standard AASB 2016-3 Amendments to Australian Accounting Standards – Clarifications to AASB 15 … An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform. Statement of Compatibility with Human Rights. 44DF       In the reporting period in which an entity first applies AASB 2019-3, issued in October 2019, an entity is not required to present the quantitative information required by paragraph 28(f) of AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors. Uncertainty arising from interest rate benchmark reform. Amendment to AASB 1031 20 . Standards AASB 2018-3 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements (August 2018) The IASB analysed the feedback it received on the proposed amendments and decided to finalise the amendments, including narrowing the reference to allocated costs; (c)          ED 289 Annual Improvements to Australian Accounting Standards 2018–2020 was issued in May 2019, for comment by 31 July 2019. AASB 2017-5 Amendments to Australian Accounting Standards - Effective Date of Amendments to AASB 10 AND AASB 128 and Editorial Corrections. A new heading is added before paragraph 102A. 3 AASB 1058, paragraph 12. For legal purposes, this legislative instrument commences on 31 December 2019. Amendments to Australian Accounting Standards – Deferral of AASB … (f)           AASB 141 Agriculture to remove the requirement to exclude cash flows from taxation when measuring fair value, thereby aligning the fair value measurement requirements in AASB 141 with those in other Australian Accounting Standards. Amendments to Australian Accounting Standards – Definition of Material [AASB 2, AASB 101, AASB 108, AASB 110, AASB 134, AASB 137, the Framework and AASB Practice Statement 2]Obtaining a copy of this Accounting Standard. 102I         When an entity, consistent with its hedge documentation, frequently resets (ie discontinues and restarts) a hedging relationship because both the hedging instrument and the hedged item frequently change (ie the entity uses a dynamic process in which both the hedged items and the hedging instruments used to manage that exposure do not remain the same for long), the entity shall apply the requirement in paragraphs 81 and AG99F—that the designated portion is separately identifiable—only when it initially designates a hedged item in that hedging relationship. In accordance with part 3 of the Accounting for lease incentives under IFRS 16 Leases reports are in! 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