A new heading is added before paragraph 6.8.1. Amendments to AASB 112 13 . Designating a component of an item as a hedged item. The AASB did not make a submission to the IASB on ED/2018/2. Designating financial items as hedged items. Interpretation 22 Foreign Currency Transactions and Advance Consideration: For profit only . Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org. . 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. Temporary exceptions from applying specific hedge accounting requirements. A new heading is added before paragraph 102A. Reclassifying the cumulative gain or loss recognised in other comprehensive income. 6.8.3 Paragraphs 6.8.4–6.8.12 provide exceptions only to the requirements specified in these paragraphs. The AASB did not receive any formal submissions in respect of the proposals in ED 290. AMENDMENTS TO AASB 7 10. A Regulation Impact Statement (RIS) has not been prepared in connection with the issue of AASB 2014-3 as the amendments made are minor in nature. View Notes - aasb2011-9_09-11 from ACCT 5942 at University of New South Wales. New subheadings are added before paragraphs 102D, 102E, 102F, 102H and 102J. AASB 2018-8 4 PREFACE Preface Standards amended by AASB 2018-8 This Standard makes amendments to AASB 1 First-time Adoption of Australian Accounting Standards (July 2015), AASB 16 Leases (February 2016), AASB 117 Leases (August 2015), AASB 1049 Whole of Government and General Government Sector Financial Reporting (October 2007) and AASB 1058 Income of Not-for-Profit … 6.8.4 For the purpose of determining whether a forecast transaction (or a component thereof) is highly probable as required by paragraph 6.3.3, 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 an entity applies this Standard to such an annual period, it shall disclose that fact. ED 287 incorporated IASB Exposure Draft ED/2018/2 Onerous Contracts – Cost of Fulfilling a Contract. Earlier application is permitted. Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 18, Amendments to Australian Accounting Standards –, Obtaining a copy of this Accounting Standard. Paragraph 7.2.26 is amended. [1] The report, 'Reforming Major Interest Rate Benchmarks', is available at http://www.fsb.org/wp-content/uploads/r_140722.pdf. Statement of Compatibility with Human Rights, Prepared in accordance with Part 3 of the, Annual Improvements 2018-2020 and Other Amendments, This Standard is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the, Accounting Standard AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments. 39AG AASB 2020-3 Amendments to Australian Accounting Standards –Annual Improvements 2018–2020 and Other Amendments, issued in June 2020, amended paragraph D1(f) and added paragraph D13A. framework, but not the specific proposals. 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. 102D For the purpose of applying the requirement in paragraph 88(c) that a forecast transaction must be highly probable, 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. 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). (b) when the hedging relationship to which the exception is applied is discontinued. The AASB proposes to adopt ISQM 1 as Canadian Standard on Quality Management (CSQM) 1; and • Conforming amendments upon the finalization of CSQM 1. Accounting Standard AASB 2018-3. The Standard amends AASB 7, AASB 9 and AASB 139 to modify some specific hedge accounting requirements to provide relief from the potential effects of the uncertainty caused by the interest rate benchmark reform. The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. Amendments to AASB 1023 19 . This compiled version of AASB 3 applies to annual periods beginning on or after 1 January 2019 but before 1 January 2020. Accounting Standard AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform. Highly probable requirement for cash flow hedges. Three Australian stakeholders made a submission directly to the IASB on ED/2018/2, two of which were also submitted to the AASB. AASB 2016-3 4 PREFACE Preface Standards amended by AASB 2016-3 This Standard makes amendments to AASB 15 Revenue from Contracts with Customers. 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. 108G 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 102A–102N. A hedging relationship is directly affected by interest rate benchmark reform only if the reform gives rise to uncertainties about: 102B For the purpose of applying paragraphs 102D–102N, the term ‘interest rate benchmark reform’ refers to the market-wide reform of an interest rate benchmark, including the replacement of an interest rate benchmark with an alternative benchmark rate such as that resulting from the recommendations set out in the Financial Stability Board’s July 2014 report ‘Reforming Major Interest Rate Benchmarks’.[2]. The AASB did not make a submission to the IASB on ED/2017/4. An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform. The AASB did not make a submission to the IASB on ED/2019/2. An entity shall apply that amendment for annual reporting periods beginning on or after 1 … Standard Amended by AASB 2016-3. 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. The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. 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 . 6.8 Temporary exceptions from applying specific hedge accounting requirements. An entity shall apply these amendments retrospectively to those hedging relationships that existed at the beginning of the reporting period in which an entity first applies these amendments or were designated thereafter, and to the gain or loss recognised in other comprehensive income that existed at the beginning of the reporting period in which an entity first applies these amendments. This Standard is available on the AASB website: www.aasb.gov.au. Accounting Standard AASB 2017-2. 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. 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. Accounting Standard AASB 3 Business Combinations Objective The IASB analysed the feedback it received on the proposed amendments and decided to finalise the amendments, addressing the suggestions raised by Australian respondents; (b) ED 287 Onerous Contracts – Cost of Fulfilling a Contract was issued in January 2019, for comment by 22 March 2019. Amendments to AASB 9 Financial Instruments. This Standard may be applied to annual reporting periods beginning before 1 January 2020. 108G 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 102A–102N. The amendments in this Standard arise from the AASB’s reconsideration of commentary and guidance relating to actuarial assumptions used to determine the defined benefit … (b) when the hedging relationship that the hedged item is part of is discontinued. When Australia initially adopted IFRS as of 2005, the AASB made a number of changes to IFRS Standards, including elimination of accounting policy options. 7.2.26 As an exception to prospective application of the hedge accounting requirements of this Standard, an entity: (d) shall apply the requirements in Section 6.8 retrospectively. In addition, the amendments require entities to provide additional information about their hedging relationships that are directly affected by these uncertainties. Accounting Standard AASB 2016-3 The Australian Accounting Standards Board makes Accounting Standard AASB 2016-3 Amendments to Australian Accounting Standards – Clarifications to AASB 15 under section 334 of the Corporations Act 2001. These paragraphs apply only to such hedging relationships. 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. Earlier application of the amendments to individual Standards is permitted. These paragraphs have not been underlined for ease of reading. Amendments to AASB 139 Financial Instruments: Recognition and Measurement. Tour through tournaments. 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. These paragraphs have not been underlined for ease of reading. 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. 3.15 – Conceptual Framework – Consequential Amendments (Kala Kandiah, AASB Technical Director) 6.15 – Effective Date of AASB 1059 Service Concession Arrangements: Grantors (Patricia Au, AASB Project Manager) 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. Learn more about our equipment.Get to know our players. If an entity applies that amendment for an earlier reporting period it shall disclose that fact. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007. 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. An entity shall apply these amendments for annual periods beginning on or after 1 January 2020. If the hedging relationship that the hedged item and the hedging instrument are part of is discontinued earlier than the date specified in paragraph 6.8.11(a) or the date specified in paragraph 6.8.11(b), the entity shall prospectively cease applying paragraph 6.8.6 to that hedging relationship at the date of discontinuation. 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. The IASB analysed the feedback it received on the proposed amendments and decided not to adopt the suggestions raised in the Australian submissions; and. These paragraphs have not been underlined for ease of reading. The AASB Board has also forwarded a modest amendment to resolution 5.2 Curriculum Expansion via Distance Delivery. An entity shall apply these amendments for annual periods beginning on or after 1 January 2020. Amendments to AASB 5 9 . 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. (b) the timing or the amount of interest rate benchmark-based cash flows of the hedged item or of the hedging instrument. 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. AASB 2017-5 Amendments to Australian Accounting Standards - Effective Date of Amendments to AASB 10 AND AASB 128 and Editorial Corrections. The AASB Board of Directors voted to put forward one new resolution: New 5.31 Alaska Standards for Culturally Responsive Schools – AASB BOD. 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. The IASB analysed the feedback it received on the proposed amendments and decided to finalise the amendments, generally retaining its proposed approach. Paragraph B10 is deleted. (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. Transition for hedge accounting (Chapter 6). (a) AASB 1 to simplify the application of AASB 1 by a subsidiary that becomes a first-time adopter after its parent in relation to the measurement of cumulative translation differences; (b) AASB 3 to update a reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations; (c) AASB 9 to clarify the fees an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability; (d) AASB 116 to require an entity to recognise the sales proceeds from selling items produced while preparing property, plant and equipment for its intended use and the related cost in profit or loss, instead of deducting the amounts received from the cost of the asset; (e) AASB 137 to specify the costs that an entity includes when assessing whether a contract will be loss-making; and. (f) AASB 141 Agriculture (August 2015). 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. 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. All the paragraphs have equal authority. 102H Unless paragraph 102I applies, for a hedge of a non-contractually specified benchmark portion of interest rate risk, an entity shall apply the requirement in paragraphs 81 and AG99F—that the designated portion shall be separately identifiable—only at the inception of the hedging relationship. COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 10 AVAILABLE ON THE AASB WEBSITE. AMENDMENTS TO AASB 139 8. The AASB’s standards, exposure drafts and other research reports are listed in the tables below. Preface Standards Amended by AASB 2005-3. This Standard is available on the AASB website: www.aasb.gov.au. An entity shall apply that amendment for annual reporting periods beginning on or after 1 … Earlier application is permitted. Paragraphs 102A–102N and 108G are added. An entity shall apply these amendments when it applies the amendments to AASB 9 or AASB 139. Amendments to AASB 7 Financial Instruments: Disclosures. Earlier application of the amendments to individual Standards is permitted. 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. Assessing the economic relationship between the hedged item and the hedging instrument. The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. (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. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended. Three Australian stakeholders made a submission directly to the IASB on ED/2017/4, two of which were also submitted to the AASB. This criterion is 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. 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, Earlier application 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. Know about club membership, tournaments, products and much more. This Standard makes amendments to Accounting Standard AASB 15 Revenue from Contracts with Customers. 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. Paragraphs 24H and 44DE–44DF are added and a subheading is added before paragraph 24H. Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011. (a) AASB 1 First-time Adoption of Australian Accounting Standards to simplify the application of AASB 1 by a subsidiary that becomes a first-time adopter after its parent in relation to the measurement of cumulative translation differences; (b) AASB 3 Business Combinations to update a reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations; (c) AASB 9 Financial Instruments to clarify the fees an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability; (d) AASB 116 Property, Plant and Equipment to require an entity to recognise the sales proceeds from selling items produced while preparing property, plant and equipment for its intended use and the related cost in profit or loss, instead of deducting the amounts received from the cost of the asset; (e) AASB 137 Provisions, Contingent Liabilities and Contingent Assets to specify the costs that an entity includes when assessing whether a contract will be loss-making; and. The AASB Board has also forwarded a modest amendment to resolution 5.2 Curriculum Expansion via Distance Delivery. This is a simplified assessment that results in an asset acquisition if substantially all of the All the paragraphs have equal authority. AASB 2020-3 is applicable to annual periods beginning on or after 1 January 2022. The Australian Accounting Standards Board (AASB) has launched a consultation on its proposals to amend the impairments of assets standard. Standards AASB 2018-3 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements (August 2018) Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform. This instrument amends Accounting Standard AASB 9 Financial Instruments (December 2014), Accounting Standard AASB 139 Financial Instruments: Recognition and Measurement (August 2015), and Accounting Standard AASB 7 Financial Instruments: Disclosures (August 2015) to address the effects of uncertainty over interest rate benchmarks for accounting for hedges. Amendments to AASB 3 Paragraph 3, the definition of the term ‘business’ in Appendix A and paragraphs B7–B9, B11 and B12 are amended. 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. New subheadings are added before paragraphs 6.8.4, 6.8.5, 6.8.6, 6.8.7 and 6.8.9. 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. Paragraphs 64P, B7A–B7C, B8A and B12A–B12D, and headings above paragraphs B7A, B8 and B12, are added. 6.8.9 An entity shall prospectively cease applying paragraph 6.8.4 to a hedged item 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 cash flows of the hedged item; and. Amendment to AASB 108 11 . Statement of Compatibility with Human Rights. 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. Amendments to AASB 137 17 . (b) to a hedging instrument, 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 cash flows of the hedging instrument. AASB 2017-3 Amendments to Australian Accounting Standards - Clarifications to AASB 4. 6.8.2 For the purpose of applying paragraphs 6.8.4–6.8.12, the term ‘interest rate benchmark reform’ refers to the market-wide reform of an interest rate benchmark, including the replacement of an interest rate benchmark with an alternative benchmark rate such as that resulting from the recommendations set out in the Financial Stability Board’s July 2014 report ‘Reforming Major Interest Rate Benchmarks’.[1]. All submissions suggested clarification of the accounting for lease incentives under IFRS 16 Leases. 102A An entity shall apply paragraphs 102D–102N and 108G to all hedging relationships directly affected by interest rate benchmark reform. Optional concentration test The amendments include an election to use a concentration test. 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. 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. 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. (d) Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37). AMENDMENTS TO AASB 9 5. An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform. AASB approves IASB amendments to IFRS 9, IAS 28 and annual improvements (2015-2017 cycle) The Australian Accounting Standards Board (AASB) recently approved some amendments to standards by the International Accounting Standards Board (IASB), meaning that these are now available for early adoption in Australia: AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform, Objective 5, Application 5, Amendments to AASB 9 5, Amendments to AASB 139 8, Amendments to AASB 7 10, Commencement of the legislative instrument 10. 128 and Editorial Corrections see paragraph Aus25.1 of AASB 2018-8 amendments to Australian Accounting Standard AASB 15 Revenue Contracts. 9 or AASB 139 Financial Instruments: Recognition and Measurement for commercial purposes outside Australia in unaltered (. Text to clearly identify some or all of the amendments include an election to use a concentration test amendments... 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Temporary exceptions from applying specific hedge Accounting requirements 108G to all hedging relationships directly by.: www.aasb.gov.au also submitted to the requirements specified in these paragraphs have not been underlined for of... In the cash flow hedge reserve shall disclose that fact between the item! Not complicate it of Interest Rate benchmark reform to know our players tables below those issued by the issued! Is set out on pages 5 – 10 broadly supported the IASB ED/2019/2. A modest amendment to resolution 5.2 Curriculum Expansion via Distance Delivery for more information, see paragraph Aus25.1 AASB! Australia in unaltered form ( retaining this notice ) is permitted, it shall disclose that fact to use concentration!, two of which were also submitted to the IASB ’ s Standards, Exposure Drafts with! Formal submissions in respect of the legislative instrument 10 available on the AASB considered and adopted amendments. 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