Federal Register of Legislation - Australian Government

Primary content

AASB 2012-1 Standards/Accounting & Auditing as made
This accounting standard amends AASB 3 - Business Combinations - March 2008, AASB 7 - Financial Instruments: Disclosures - August 2005, AASB 13 - Fair Value Measurement - September 2011, AASB 140 - Investment Property - July 2004 and AASB 141 - Agriculture - July 2004.
Administered by: Treasury
Made 21 Mar 2012
Registered 26 Apr 2012
Tabled HR 08 May 2012
Tabled Senate 10 May 2012
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

AASB Standard

AASB 2012-1

March 2012

Amendments to Australian Accounting Standards – Fair Value Measurement – Reduced Disclosure Requirements

[AASB 3, AASB 7, AASB 13, AASB 140 & AASB 141]

 

Australian crest, with text naming the Australian Government and the Australian Accounting Standards Board



Obtaining a Copy of this Accounting Standard

This Standard is available on the AASB website: www.aasb.gov.au.

Alternatively, printed copies of this Standard are available for purchase by contacting:

 

The Customer Service Officer

Australian Accounting Standards Board

Level 7

600 Bourke Street

Melbourne   Victoria

AUSTRALIA

 

 

Postal address:

PO Box 204

Collins Street West

Victoria   8007

AUSTRALIA

Phone:       (03) 9617 7637

Fax:            (03) 9617 7608

E-mail:       publications@aasb.gov.au

Website:    www.aasb.gov.au

 

 

 

Other Enquiries

Phone:       (03) 9617 7600

Fax:            (03) 9617 7608

E-mail:       standard@aasb.gov.au

COPYRIGHT

 

© Commonwealth of Australia 2012

 

This AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Director of Finance and Administration, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

All existing rights in this material are reserved outside Australia.

Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use 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.

 

ISSN 1036-4803


CONTENTS

Preface

Accounting Standard

AASB 2012-1 AmenDMENTS TO aUSTRALIAN aCCOUNTING sTANDARDS − Fair Value Measurement – Reduced Disclosure Requirements

 

Paragraphs

Objective                                                                                                                       1

Application                                                                                                             2 − 4

Amendment to AASB 3                                                                                             5

Amendments to AASB 7                                                                                     6 − 7

Amendments to AASB 13                                                                                         8

Amendments to AASB 140                                                                                       9

Amendment to AASB 141                                                                                      10

 

Australian Accounting Standard AASB 2012-1 Amendments to Australian Accounting Standards – Fair Value Measurement – Reduced Disclosure Requirements is set out in paragraphs 1 − 10. All the paragraphs have equal authority.

 


Preface

Introduction

This Standard makes amendments to the Australian Accounting Standards (including some amended by AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements) listed in paragraph 1 of the Standard.

These amendments arise from the proposals that were included in Exposure Draft ED 219 AASB 13 Fair Value Measurement and AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13: Tier 2 Proposals and result from the application of the AASB’s ‘Tier 2 Disclosure Principles’.

Main Features of this Standard 

Application Date

This Standard applies to annual reporting periods beginning on or after 1 July 2013.  Earlier application is permitted for annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that the following are also adopted for the same period:

(a)          AASB 1053 Application of Tiers of Australian Accounting Standards;

(b)          AASB 13 Fair Value Measurement; and

(c)          AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13.

Main Requirements

This Standard establishes and amends reduced disclosure requirements for entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements for additional and amended disclosures arising from AASB 13 and the consequential amendments implemented through AASB 2011-8.

 


aCCOUNTING STANDARD AASB 2012-1

The Australian Accounting Standards Board makes Accounting Standard AASB 2012-1 Amendments to Australian Accounting Standards – Fair Value Measurement – Reduced Disclosure Requirements under section 334 of the Corporations Act 2001.

 

 

 

Kevin M. Stevenson

Dated 21 March 2012

Chair – AASB

 

 

aCCOUNTING STANDARD AASB 2012-1

AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS – Fair value measurement – reduced disclosure requirements

Objective

1              The objective of this Standard is to make amendments to:

(a)          AASB 3 Business Combinations;

(b)          AASB 7 Financial Instruments: Disclosures;

(c)          AASB 13 Fair Value Measurement;

(d)          AASB 140 Investment Property; and

(e)          AASB 141 Agriculture;

to establish reduced disclosure requirements for entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements for additional and amended disclosures arising from AASB 13 and the consequential amendments implemented through AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13.

Application

2              This Standard applies to:

(a)          each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;

(b)          general purpose financial statements of each other reporting entity; and

(c)          financial statements that are, or are held out to be, general purpose financial statements.

3              This Standard applies to annual reporting periods beginning on or after 1 July 2013.

4              This Standard shall be applied when AASB 1053 Application of Tiers of Australian Accounting Standards is applied.  This Standard may be applied to annual reporting periods beginning on or after July 2009 but before 1 July 2013, provided the following are also adopted for the same period:

(a)          AASB 1053;

(b)          AASB 13; and

(c)          AASB 2011-8.

When an entity applies this Standard to such an annual reporting period, it shall disclose that fact.

Amendment to AASB 3

5              In paragraph Aus1.7(a), the reference to paragraph B64(o)(ii) is deleted.

Amendments to AASB 7

6              In paragraph Aus2.9(a), the reference to paragraphs 25-27 is amended to paragraphs 25-28, and the references to paragraphs 27A and 27B are deleted.

7              Paragraphs Aus2.9(g) and RDR27.1 are deleted.  Consequently, the word “and” is added at the end of paragraph Aus2.9(e) and in paragraph Aus2.9(f) the text “; and” is replaced by a full stop.

Amendments to AASB 13

8              The following subheading and paragraphs are added:

Reduced Disclosure Requirements

Aus4.5          The text “both of” in the lead in of paragraph 91 and paragraphs 91(b), 93(b)-(i), 95 and 97-99 of this Standard do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus4.6          The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 140

9              Paragraph Aus1.6(b) is deleted, and paragraphs Aus1.6(c) and (d) are renumbered as paragraphs Aus1.6(b) and (c) respectively.

Amendment to AASB 141

10          In paragraph Aus1.8, the reference to paragraph 48 is deleted.