Amendments to AASB 9 Financial Instruments. 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 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. The AASB’s standards, exposure drafts and other research reports are listed in the tables below. The AASB Board of Directors voted to put forward one new resolution: New 5.31 Alaska Standards for Culturally Responsive Schools – AASB BOD. Optional concentration test The amendments include an election to use a concentration test. 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. 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 … The International Accounting Standards Board (IASB) has published 'Reference to the Conceptual Framework (Amendments to IFRS 3)' with amendments to IFRS 3 'Business Combinations' that update an outdated reference in IFRS 3 without significantly changing its requirements. Statement of Compatibility with Human Rights. Three Australian stakeholders made a submission directly to the IASB on ED/2019/2, including the one submitted to the AASB. 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. 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. Earlier application is permitted. An entity shall apply these amendments for annual periods beginning on or after 1 … These amendments arise from the issuance of International Financial Reporting Standard Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7) by the International Accounting Standards Board (IASB) in September 2019. This Standard makes amendments to Accounting Standard AASB 15 Revenue from Contracts with Customers. If an entity applies these amendments for an earlier period, it shall disclose that fact. AMENDMENTS TO AASB 9 5. 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. Amendments to AASB 110 12 . 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. All the paragraphs have equal authority. 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. Prepared in accordance with Part 3 of the The AASB did not make a submission to the IASB on ED/2017/4. 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. 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. 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. An entity shall apply that amendment for annual reporting periods beginning on or after 1 … 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 … In addition, the amendments require entities to provide additional information about their hedging relationships that are directly affected by these uncertainties. Paragraphs 24H and 44DE–44DF are added and a subheading is added before paragraph 24H. (b)            the timing or the amount of interest rate benchmark-based cash flows of the hedged item or of the hedging instrument. ED 287 incorporated IASB Exposure Draft ED/2018/2 Onerous Contracts – Cost of Fulfilling a Contract. 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; 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; 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; AASB 137 to specify the costs that an entity includes when assessing whether a contract will be loss-making; and. 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. These paragraphs apply only to such hedging relationships. Accounting Standard AASB 3 Business Combinations Objective 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. Amendments to AASB 137 17 . 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. 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 7 Financial Instruments: Disclosures. Paragraph 7.2.26 is amended. New subheadings are added before paragraphs 6.8.4, 6.8.5, 6.8.6, 6.8.7 and 6.8.9. These amendments arise from the issuance of International Financial Reporting Standard, This Standard applies to annual reporting periods, The Australian Accounting Standards Board makes Accounting Standard AASB, This Standard amends Australian Accounting Standards AASB 7, (Amendments to IFRS 9, IAS 39 and IFRS 7), by the International Accounting Standards Board in, 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, This Standard may be applied to annual reporting periods. The IASB has issued amendments to IFRS 3 Business Combinations that seek to clarify this matter. View Notes - aasb2011-9_09-11 from ACCT 5942 at University of New South Wales. Accounting Standard AASB 2017-2. 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. Transition for hedge accounting (Chapter 6). 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]. 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 AASB considered the comments it received in making its submission to the IASB and in finalising AASB 2014-3. This Standard is issued by the AASB in furtherance of the objective of facilitating the Australian economy. (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. 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. The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. AASB 2017-3 Amendments to Australian Accounting Standards - Clarifications to AASB 4. Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011. 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 Australian Accounting Standards – Interest Rate Benchmark Reform. 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. 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. 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. 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. COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 10 AVAILABLE ON THE AASB WEBSITE. the costs relating directly to a contract to provide goods or services would result in some viable contracts being treated as onerous contracts. Amendment to Interpretation 2 21 The Australian Accounting Standards Board (AASB) has launched a consultation on its proposals to amend the impairments of assets standard. 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. AASB Standard AASB 2011-3 May 2011 . 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. 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. 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. 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. Amendments to AASB 1023 19 . 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. 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. New subheadings are added before paragraphs 102D, 102E, 102F, 102H and 102J. Amendments to AASB 133 16 . New text in this paragraph is underlined. Amendment to AASB 1031 20 . An entity shall apply these amendments for annual periods beginning on or after 1 January 2020. If an entity applies that amendment for an earlier reporting period it shall disclose that fact. Optional concentration test The amendments include an election to use a concentration test. This Standard incorporates marked-up text to clearly identify some or all of the amendments made to the Standards. This AASB Standard contains IFRS Foundation copyright material. The AASB issued a number of Exposure Drafts contemporaneously with those issued by the IASB to propose the amendments now covered by this Standard. Amendment to AASB 108 11 . The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform. 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. 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. Earlier application is permitted. Preface Standards Amended by AASB 2005-3. This is a simplified assessment that results in an asset acquisition if substantially all of the 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. Amendment to AASB 139 18 . Temporary exceptions from applying specific hedge accounting requirements. 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. A new heading is added before paragraph 6.8.1. An entity shall apply that amendment for annual reporting periods beginning on or after 1 … Commencement of the legislative instrument, For legal purposes, this legislative instrument commences on. • Finance Position Paper of Implementation Options for AASB 16 Leases. This Standard applies to annual reporting periods beginning on or after 1 January 2020. ED 290 incorporated IASB Exposure Draft ED/2019/3 Reference to the Conceptual Framework. An entity shall apply that amendment for annual reporting periods beginning on or after 1 July 2014. 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. 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