When an entity applies this Standard to such an annual period, it shall disclose that fact. In addition, the amendments require entities to provide additional information about their hedging relationships that are directly affected by these uncertainties. This Standard is issued by the AASB in furtherance of the objective of facilitating the Australian economy. (d)          ED 290 Reference to the Conceptual Framework was issued in June 2019, for comment by 30 August 2019. 24H         For hedging relationships to which an entity applies the exceptions set out in paragraphs 6.8.4–6.8.12 of AASB 9 or paragraphs 102D–102N of AASB 139, an entity shall disclose: (a)            the significant interest rate benchmarks to which the entity’s hedging relationships are exposed; (b)            the extent of the risk exposure the entity manages that is directly affected by the interest rate benchmark reform; (c)             how the entity is managing the process to transition to alternative benchmark rates; (d)            a description of significant assumptions or judgements the entity made in applying these paragraphs (for example, assumptions or judgements about 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); and. Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 18, Annual Improvements to IFRS Standards 2018–2020, Property, Plant and Equipment: Proceeds before Intended Use, Onerous Contracts—Cost of Fulfilling a Contract. Australian Accounting Standard AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform is set out on pages 5 – 10. 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]. 4. 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 … Engage with professionals to acquire coaching tips. An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform. 3 AASB 1058, paragraph 12. 7. An entity shall apply that amendment for annual reporting periods beginning on or after 1 July 2014. The report, 'Reforming Major Interest Rate Benchmarks', is available at http://www.fsb.org/wp-content/uploads/r_140722.pdf. 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. Amendments to AASB 1023 19 . An entity shall apply these amendments for annual periods beginning on or after 1 January 2020. (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. The AASB Board has also forwarded a modest amendment to resolution 5.2 Curriculum Expansion via Distance Delivery. In 2007, the AASB approved an 'Amending Standard' that rescinded the changes that the AASB had made to IFRS Standards when it initially adopted them. These paragraphs have not been underlined for ease of reading. 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. Paragraphs 24H and 44DE–44DF are added and a subheading is added before paragraph 24H. An entity shall apply these amendments when it applies the amendments to AASB 9 or AASB 139. 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. 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. Amendments to AASB 139 Financial Instruments: Recognition and Measurement. 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. 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. 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. Amendments to Australian Accounting Standards – Deferral of AASB … 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. These paragraphs apply only to such hedging relationships. 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. When an entity applies this Standard to such an annual period, it shall disclose that fact. The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. Earlier application is permitted. ED 280 incorporated IASB Exposure Draft ED/2017/4 Property, Plant and Equipment – Proceeds before Intended Use. 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). 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. AASB 2011-12 Amendments to Australian Accounting Standards arising from Interpretation 20 1583. 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. Interpretation 22 Foreign Currency Transactions and Advance Consideration: For profit only . 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 Paragraphs 64P, B7A–B7C, B8A and B12A–B12D, and headings above paragraphs B7A, B8 and B12, are added. An entity shall apply these amendments for annual periods beginning on or after 1 … 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. 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. All the paragraphs have equal authority. Amendments to Australian Accounting Standards arising from AASB 15: Extra: Dec 2014: 1 … Assessing the economic relationship between the hedged item and the hedging instrument. 130H AASB 2014-1 Amendments to Australian Accounting Standards, issued in June 2014, amended paragraph 80. 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 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. framework, but not the specific proposals. 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. One submission was not supportive of the amendments and was of the view that including allocated costs in the costs relating directly to a contract to provide goods or services would result in some viable contracts being treated as onerous contracts. This Standard makes amendments to AASB 119 Employee Benefits (issued in July 2004) and AASB 119 Employee Benefits (revised in December 2004).. AMENDMENTS TO AASB 139 8. The AASB Board of Directors voted to put forward one new resolution: New 5.31 Alaska Standards for Culturally Responsive Schools – AASB BOD. 6.8.6        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. 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. For the avoidance of doubt, an entity shall apply the other conditions in paragraph 88, including the prospective assessment in paragraph 88(b), to assess whether the hedging relationship must be discontinued. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended. Kris Peach Dated 11 May 2016 Chair – AASB Accounting Standard AASB 2016-3 Amendments to Australian Accounting Standards – Clarifications to AASB 15 … Paragraphs 6.8.1–6.8.12 and 7.1.8 are added. Accounting Standard AASB 2018-3. [1]      The report, 'Reforming Major Interest Rate Benchmarks', is available at http://www.fsb.org/wp-content/uploads/r_140722.pdf. 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, 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. 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. 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. 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. In her presentation on Robert’s Rules survival tips, Timi Tullis covered a few basics of parliamentary procedure, as well as some mistakes commonly made when using it. 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. This Standard incorporates marked-up text to clearly identify some or all of the amendments made to the Standards. (b)            when the hedging relationship that the hedged item is part of is discontinued. Amendments to AASB 137 17 . Amendments to AASB 110 12 . 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. All the paragraphs have equal authority. AASB 2017-5 Amendments to Australian Accounting Standards - Effective Date of Amendments to AASB 10 AND AASB 128 and Editorial Corrections. AASB 2013-2 3 CONTENTS CONTENTS PREFACE ACCOUNTING STANDARD AASB 2013-2 AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS – REGULATORY CAPITAL Paragraphs Objective 1 Application 2 – 5 Amendments to AASB 1038 6 (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. These paragraphs have not been underlined for ease of reading. 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. Amendments to AASB 7 Financial Instruments: Disclosures. Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform. Earlier application is permitted. (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. (b)            the timing or the amount of interest rate benchmark-based cash flows of the hedged item or of the hedging instrument. 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. Amendments to Australian Accounting Standards – Orderly Adoption of Changes to the ABS GFS Manual and Related Amendments [AASB 1049] AASB 2011-3 2 COPYRIGHT Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. This Standard applies to annual reporting periods beginning on or after 1 January 2020. 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. Timi Tullis, AASB. 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. If an entity applies these amendments for an earlier period, it shall disclose that fact. AASB is a one pit stop for all your snooker needs. The IASB analysed the feedback it received on the proposed amendments and decided not to adopt the suggestions raised in the Australian submissions; and. 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. Paragraphs 102A–102N and 108G are added. Interpretation 22 Foreign Currency Transactions and Advance Consideration: For profit only . Amendments to AASB 119 14 – 15 . This Standard applies to annual reporting periods beginning on or after 1 January 2020. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 14 February 2018 (see Compilation Details). To help highlight the fact that Canadian amendments to references to ISQC 1 may be updated upon the finalization of CSQM 1 and related conforming amendments, in addition to identifying the amended Preface Standards Amended by AASB 2005-3. 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 2020-3 a Contract any human rights or freedoms, and headings above aasb 3 amendments... Reform is set out on pages 5 – 10 1 January 2019 before. 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