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Standards/Accounting & Auditing as made
This instrument defers the mandatory application date of certain amendments to AASB 10 and AASB 128 so that they apply to annual periods beginning on or after 1 January 2025 instead of 1 January 2022. The Standard also makes editorial corrections to other Standards and pronouncements.
Administered by: Treasury
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 18
Registered 22 Dec 2021
Tabling HistoryDate
Tabled HR08-Feb-2022
Tabled Senate08-Feb-2022

AASB Standard

AASB 2021-7

December 2021

Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections

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© Commonwealth of Australia 2021

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ISSN 1036-4803


Contents

Preface

Accounting Standard

AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections

from paragraph

Objective                                                                                                                                                                              1

Application                                                                                                                                                                         3

DEFERRAL OF Amendments RE THE SALE OR CONTRIBUTION OF ASSETS                                        7

editorial corrections FROM 1 JANUARY 2022                                                                                           13

editorial corrections FROM 1 JANUARY 2023                                                                                           62

Commencement of the legislative instrument                                                                               71

 

 

Australian Accounting Standard AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections is set out in paragraphs 1 – 71. All the paragraphs have equal authority.

 


Preface

Standards amended by AASB 2021-7

This Standard makes amendments to AASB 10 Consolidated Financial Statements (July 2015), AASB 128 Investments in Associates and Joint Ventures (August 2015) and the other Standards, Interpretations and pronouncements listed in paragraph 2 of the Standard.

These amendments relate to International Financial Reporting Standard Effective Date of Amendments to IFRS 10 and IAS 28, issued by the International Accounting Standards Board (IASB) in December 2015, as well as a range of editorial corrections.

Main features of this Standard

Main requirements

This Standard defers the mandatory effective date (application date) of amendments to AASB 10 and AASB 128 that were originally made in AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture so that the amendments are required to be applied for annual reporting periods beginning on or after 1 January 2025 instead of 1 January 2022.

The amendments in AASB 2014-10 originally applied to annual reporting periods beginning on or after 1 January 2016, but were later deferred by the IASB indefinitely. Due to legal requirements, the AASB is unable to defer the amendments indefinitely, and instead deferred the amendments to apply to annual reporting periods beginning on or after 1 January 2018 through AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128. The amendments were further deferred to apply to annual periods beginning on or after 1 January 2022 through AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections.

As the IASB’s amendments continue to be deferred indefinitely, this Standard further defers the amendments to annual reporting periods beginning on or after 1 January 2025. Consistent with the IASB’s approach, the amendments can still be applied by an entity in advance of this new mandatory application date.

This Standard also makes editorial corrections to various Australian Accounting Standards, including Interpretations, and other pronouncements. The corrections include corrections made by the IASB to IFRS Standards since December 2017.

Application date

This Standard applies to annual periods beginning on or after 1 January 2022, being the date from which the amendments to AASB 10 and AASB 128 were previously to apply mandatorily. Some of the editorial corrections apply to annual periods beginning on or after 1 January 2023. Earlier application of this Standard is permitted.

 


Accounting Standard AASB 2021-7

The Australian Accounting Standards Board makes Accounting Standard AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections under section 334 of the Corporations Act 2001.

 

Keith Kendall

Dated 20 December 2021

Chair – AASB

Accounting Standard AASB 2021-7

Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections

Objective

1                       This Standard amends:

(a)                   AASB 10 Consolidated Financial Statements (July 2015); and

(b)                   AASB 128 Investments in Associates and Joint Ventures (August 2015);

to defer the application of previous amendments relating to the sale or contribution of assets between an investor and its associate or joint venture as the continuing consequence of International Financial Reporting Standard Effective Date of Amendments to IFRS 10 and IAS 28, issued by the International Accounting Standards Board in December 2015.

2                       This Standard also amends the following pronouncements to make editorial corrections:

(a)                   AASB 1 First-time Adoption of Australian Accounting Standards (July 2015);

(b)                   AASB 2 Share-based Payment (July 2015);

(c)                   AASB 5 Non-current Assets Held for Sale and Discontinued Operations (August 2015);

(d)                   AASB 7 Financial Instruments: Disclosures (August 2015);

(e)                   AASB 9 Financial Instruments (December 2014);

(f)                    AASB 14 Regulatory Deferral Accounts (June 2014);

(g)                   AASB 15 Revenue from Contracts with Customers (December 2014);

(h)                   AASB 16 Leases (February 2016);

(i)                     AASB 17 Insurance Contracts (July 2017);

(j)                    AASB 101 Presentation of Financial Statements (July 2015);

(k)                   AASB 102 Inventories (July 2015);

(l)                     AASB 116 Property, Plant and Equipment (August 2015);

(m)                 AASB 119 Employee Benefits (August 2015);

(n)                   AASB 127 Separate Financial Statements (August 2015);

(o)                   AASB 128 Investments in Associates and Joint Ventures (August 2015);

(p)                   AASB 132 Financial Instruments: Presentation (August 2015);

(q)                   AASB 134 Interim Financial Reporting (August 2015);

(r)                    AASB 137 Provisions, Contingent Liabilities and Contingent Assets (August 2015);

(s)                    AASB 140 Investment Property (August 2015);

(t)                    AASB 1023 General Insurance Contracts (July 2004);

(u)                   AASB 1038 Life Insurance Contracts (July 2004);

(v)                   AASB 1039 Concise Financial Reports (August 2008);

(w)                  AASB 1052 Disaggregated Disclosures (December 2007);

(x)                   AASB 1057 Application of Australian Accounting Standards (July 2015);

(y)                   AASB 1058 Income of Not-for-Profit Entities (December 2016);

(z)                   AASB 1059 Service Concession Arrangements: Grantors (July 2017);

(aa)               AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (March 2020);

(bb)               Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments (July 2015);

(cc)                Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (August 2015);

(dd)               Interpretation 16 Hedges of a Net Investment in a Foreign Operation (August 2015);

(ee)                Interpretation 17 Distributions of Non-cash Assets to Owners (August 2015);

(ff)                 Interpretation 23 Uncertainty over Income Tax Treatments (July 2017);

(gg)                Interpretation 129 Service Concession Arrangements: Disclosures (August 2015);

(hh)               Interpretation 132 Intangible Assets – Web Site Costs (August 2015);

(ii)                   Interpretation 1052 Tax Consolidation Accounting (June 2005);

(jj)                  Conceptual Framework for Financial Reporting (May 2019); and

(kk)               AASB Practice Statement 2 Making Materiality Judgements (December 2017).

Application

3                       The amendments set out in this Standard apply to entities and financial statements in accordance with the application of the other Standards and Interpretations set out in AASB 1057 Application of Australian Accounting Standards.

4                       This Standard applies to annual periods beginning on or after 1 January 2022.  Some of the editorial corrections apply to annual periods beginning on or after 1 January 2023.

5                       This Standard may be applied to annual periods beginning before 1 January 2022.  When an entity applies this Standard to such an annual period, it shall disclose that fact.

6                       This Standard uses underlining, striking out and other typographical material to identify some of the amendments to a pronouncement, in order to make the amendments more understandable.  However, the amendments made by this Standard do not include that underlining, striking out or other typographical material.  Amended paragraphs are shown with deleted text struck through and new text underlined.  Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.

Deferral of amendments re the sale or contribution of assets

Amendments to AASB 10 Consolidated Financial Statements

7                       The amendments originally set out in paragraphs 8–10 of AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture are reversed from AASB 10 (July 2015) for annual periods beginning on or after 1 January 2022 but before 1 January 2025. However, the amendments may be applied to annual periods beginning on or after 1 January 2014 but before 1 January 2025 when applying AASB 10 (July 2015).

8                       The following amendment to AASB 10 (July 2015) applies to annual periods beginning on or after 1 January 2022, with earlier application permitted.

9                       In Appendix C, paragraph C1C is amended as follows:

C1C         AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, issued in December 2014, in conjunction with AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128, and AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections and AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections, amended paragraphs 25–26 and added paragraph B99A.  An entity shall apply those amendments prospectively to transactions occurring in annual periods beginning on or after 1 January 2022 2025.  Earlier application is permitted.  If an entity applies those amendments earlier, it shall disclose that fact.

Amendments to AASB 128 Investments in Associates and Joint Ventures

10                   The amendments originally set out in paragraph 11 of AASB 2014‑10 are reversed from AASB 128 (August 2015) for annual periods beginning on or after 1 January 2022 but before 1 January 2025. However, the amendments may be applied to annual periods beginning on or after 1 January 2014 but before 1 January 2025 when applying AASB 128 (August 2015).

11                   The following amendment to AASB 128 (August 2015) applies to annual periods beginning on or after 1 January 2022, with earlier application permitted.

12                   Paragraph 45C is amended as follows:

45C          AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, issued in December 2014, in conjunction with AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128, and AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections and AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections, amended paragraphs 28 and 30 and added paragraphs 31A–31B.  An entity shall apply those amendments prospectively to the sale or contribution of assets occurring in annual periods beginning on or after 1 January 2022 2025.  Earlier application is permitted.  If an entity applies those amendments earlier, it shall disclose that fact.

Editorial corrections from 1 January 2022

Amendments to AASB 1 First-time Adoption of Australian Accounting Standards

13                   In paragraph 39AD, the text “deleted paragraph 39AA” is amended to read “deleted paragraphs 39AA and E3–E7”.

14                   In Appendix A, footnote (a) to the definition of ‘International Financial Reporting Standards (IFRSs)’ is amended as follows:

(a)            Definition of IFRSs amended after the name changes introduced by the revised Constitution of the IFRS Foundation in 2010. Interpretations are identified in AASB 1048 Interpretation of Standards.

15                   Paragraph D1(o) is deleted and a note “[deleted]” added.

16                   The text “A similar election is available to an associate … or joint control over it.” is not part of paragraph D16(b). It is a continuation of the main text of paragraph D16 and is moved to align with that text.

17                   Paragraph E8 is amended as follows:

E8            A first-time adopter … in comparative information in its first IFRS Australian-Accounting-Standards financial statements. An entity that makes that election … at the beginning of its first IFRS Australian-Accounting-Standards reporting period.

Amendments to AASB 2 Share-based Payment

18                   In paragraph IG17 of the Implementation Guidance accompanying AASB 2, the title of AASB 108 in the final paragraph of IG Example 11 is amended to read “Accounting Policies, Changes in Accounting Estimates and Errors”.

19                   In paragraph IG19B, the text “paragraphs B44A of AASB 2” is amended to read “paragraph B44A of AASB 2”.

Amendments to AASB 5 Non-current Assets Held for Sale and Discontinued Operations

20                   In Appendix A, the definition of ‘recoverable amount’ is amended as follows:

The higher of an asset’s fair value less costs to sell costs of disposal and its value in use.

Amendments to AASB 7 Financial Instruments: Disclosures

21                   Paragraphs 44DE and 44DF are renumbered as 44EE and 44FF respectively. In addition, the cross-reference in paragraph 44DE to paragraph 44DF is amended to refer to paragraph 44FF.

Amendments to AASB 9 Financial Instruments

22                   The paragraph 7.1.9 that starts with the text “AASB 2020-8” is renumbered as paragraph 7.1.10.

Amendments to AASB 14 Regulatory Deferral Accounts

23                   Paragraph 31 is added as follows:

31             The disclosures required by paragraph 30 shall be given in the financial statements either directly in the notes or incorporated by cross-reference from the financial statements to some other statement, such as a management commentary or risk report, that is available to users of the financial statements on the same terms as the financial statements and at the same time. If the information is not included in the financial statements directly or incorporated by cross-reference, the financial statements are incomplete.

Amendments to AASB 15 Revenue from Contracts with Customers

24                   In paragraph AusE1, the text “Paragraphs 110–129 and B87B89” is amended to read “Paragraphs 110–129 and B87–B89”.

Amendments to AASB 16 Leases

25                   Paragraph 3 is amended as follows:

3               An entity shall apply this Standard to all leases, including leases of right-of-use assets in a sublease, except for:

(a)            …

(c)             service concession arrangements within the scope of Interpretation 12 Service Concession Arrangements as identified in AASB 1048 Interpretation of Standards;

26                   The paragraph Aus3.1 that starts with the text “Notwithstanding paragraph 3” is renumbered as paragraph Aus3.2.

27                   The heading “Lease term (paragraphs B34–B41)” before paragraph 18 is amended so that it is not indented.

28                   Appendix D Amendments to other Standards is deleted.

Amendments to AASB 101 Presentation of Financial Statements

29                   In paragraph 7, footnote 1 to the definition of ‘International Financial Reporting Standards (IFRSs)’ is amended as follows:

1               Definition of IFRSs amended after the name changes introduced by the revised Constitution of the IFRS Foundation in 2010. Interpretations are identified in AASB 1048 Interpretation of Standards.

Amendments to AASB 102 Inventories

30                   In paragraph Aus36.1(e), the text “recognised as expense in the period” is amended to read “recognised as an expense in the period”.

Amendments to AASB 116 Property, Plant and Equipment

31                   In paragraph 6, the definition of ‘recoverable amount’ is amended as follows:

Recoverable amount is the higher of an asset’s fair value less costs to sell costs of disposal and its value in use.

Amendments to AASB 119 Employee Benefits

32                   Paragraph 3 is amended as follows:

3               This Standard does not deal with reporting by employee benefit plans (see AAS 25 Financial Reporting by Superannuation Plans or AASB 1056 Superannuation Entities, as appropriate).

Amendments to AASB 127 Separate Financial Reporting

33                   In the second sentence of paragraph 18, the text “periods beginning after 1 January 2014” is amended to read “periods beginning on or after 1 January 2014”.

Amendments to AASB 128 Investments in Associates and Joint Ventures

34                   Paragraph 42 is amended as follows:

42             Because goodwill … by comparing its recoverable amount (higher of value in use and fair value less costs to sell costs of disposal) with its carrying amount …

Amendments to AASB 132 Financial Instruments: Presentation

35                   In paragraph AG38A, the text “right of set off” (twice occurring) is amended to read “right of set-off”.

Amendments to AASB 134 Interim Financial Reporting

36                   The paragraph 58 that starts with the text “AASB 2018-7” is renumbered as paragraph 59.

Amendments to AASB 137 Provisions, Contingent Liabilities and Contingent Assets

37                   Paragraph AusA1 is amended as follows:

AusA1     The following do not apply to entities preparing general purpose financial statements that apply AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities:

(a)            …

(b)            in paragraph 75 the text “If an entity starts to implement a restructuring plan … of the financial statements about a specific reporting entity.”

Amendments to AASB 140 Investment Property

38                   In paragraph 7, the title of AASB 16, “Leases”, is added after the reference to AASB 16.

Amendments to AASB 1023 General Insurance Contracts

39                   Paragraph 1.1 is deleted and a note “[Deleted by the AASB]” added. (The application of the Standard to entities and financial statements is set out in AASB 1057 Application of Australian Accounting Standards.)

40                   In paragraph 19.1, the definition of ‘separate financial statements’ is amended as follows:

separate financial statements are those presented by a parent, an investor in an associate or a venturer in a jointly controlled entity joint venture, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investees.

Amendments to AASB 1038 Life Insurance Contracts

41                   Paragraph 1.1 is deleted and the note “[Deleted by the AASB]” added. (The application of the Standard to entities and financial statements is set out in AASB 1057 Application of Australian Accounting Standards.)

42                   In paragraph 10.2.1(b), the text “other comprehensive income, or” is amended to read “other comprehensive income; or”.

43                   In paragraph 20.1, the definition of ‘separate financial statements’ is amended as follows:

separate financial statements are those presented by a parent, an investor in an associate or a venturer in a jointly controlled entity joint venture, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investees.

Amendments to AASB 1039 Concise Financial Reports

44                   In paragraph 32, the text “first adopts Australian equivalents to IFRSs” is amended to read “first adopts Australian Accounting Standards”.

Amendments to AASB 1052 Disaggregated Disclosures

45                   Paragraph 20 is amended as follows:

20             Judgement is required to identify those activities of a government department that warrant separate disclosure in the complete set of financial statements.  Exercising this judgement involves a consideration of the following:

(a)            …

(d)            the concept of materiality.  AASB 101 Presentation of Financial Statements and AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors define an item as material if its omission or misstatement could influence the economic decisions of users of the financial statements defines information as material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.

Amendments to AASB 1057 Application of Australian Accounting Standards

46                   Paragraph 21 regarding the application of AAS 25 Financial Reporting by Superannuation Plans is deleted and a note “[Deleted]” added.

Amendments to AASB 1058 Income of Not-for-Profit Entities

47                   Appendix D Amendments to other Standards is deleted.

48                   In Examples 6–8 of the Illustrative Examples accompanying AASB 1058, the sentence “Each example is considered in isolation.” is deleted from the following:

(a)            the third paragraph in both Example 6 and Example 7; and

(b)            the second paragraph in Example 8.

49                   In Examples 7C and 7D of the Illustrative Examples, all references to “Charity B” are amended to read “Charity C”.

Amendments to AASB 1059 Service Concession Arrangements: Grantors

50                   Appendix D Amendments to other Standards is deleted.

Amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities

51                   Appendix C Amendments to other Standards is deleted.

Amendments to various Interpretations

52                   AASB 1060 added appendices titled Australian simplified disclosures for Tier 2 entities to various Interpretations to identify their disclosure requirements that do not apply to entities preparing general purpose financial statements (Tier 2) in accordance with AASB 1060. The preamble in each of the following appendices stated “This appendix is an integral part of the Standard” and is amended to read “This appendix is an integral part of the Interpretation”:

(a)            Appendix B of Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments;

(b)            Appendix A of Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds;

(c)             Appendix A of Interpretation 17 Distributions of Non-cash Assets to Owners;

(d)            Appendix C of Interpretation 23 Uncertainty over Income Tax Treatments; and

(e)             Appendix A of Interpretation 129 Service Concession Arrangements: Disclosures.

Amendments to Interpretation 16 Hedges of a Net Investment in a Foreign Operation

53                   In the diagram in paragraph AG2, the functional currency of Subsidiary B of ‘USD’ (US dollars) is amended to ‘GBP’ (i.e. pounds sterling).

Amendments to Interpretation 132 Intangible Assets – Web Site Costs

54                   Paragraph AusCF1 is amended as follows:

AusCF1   AusCF paragraphs and footnotes included in this Standard Interpretation apply only to:

(a)            …

55                   The third paragraph under the ‘Effective date’ heading is numbered as paragraph Aus10.4.

Amendments to Interpretation 1052 Tax Consolidation Accounting

56                   In paragraph 45, the reference to AASB 139 Financial Instruments: Recognition and Measurement is replaced by a reference to AASB 9 Financial Instruments.

57                   In Appendix A, the preamble “This appendix is an integral part of the Standard” is amended to read “This appendix is an integral part of the Interpretation”.

58                   Below the heading “References”, the reference to AASB 139 Financial Instruments: Recognition and Measurement is deleted.

Amendments to the Conceptual Framework for Financial Reporting

59                   In the Appendix of defined terms accompanying the Conceptual Framework, the definition of ‘material information’ is amended as follows:

                 Information whose omission or misstatement could is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial reports make on the basis of those reports, which provide financial information about a specific reporting entity.

Amendments to AASB Practice Statement 2 Making Materiality Judgements

60                   In footnote 8 to paragraph 8, and also in paragraph 73, the title of AASB 108, “Accounting Policies, Changes in Accounting Estimates and Errors”, is added after the reference to AASB 108.

61                   In footnote 35 to paragraph 67, the text “Australian Accounting Standards – Reduced Disclosure Requirements” is amended to read “Australian Accounting Standards – Simplified Disclosures”.

Editorial corrections from 1 January 2023

62                   The following editorial corrections apply to annual periods beginning on or after 1 January 2023. Earlier application is permitted.

Amendments to AASB 17 Insurance Contracts

63                   The defined term “insurance risk” is italicised in paragraph 7(h) instead of paragraph 8(c).

64                   The defined term “insured event” is italicised in paragraph 8A (as “insured events”) instead of in paragraph 127.

65                   In paragraph 14, the text “portfolios of insurance contracts” is amended to remove the italics, as the defined term appears in italics in an earlier paragraph.

66                   In paragraph 28E, the text “If entity identifies an impairment loss” is amended to read “If an entity identifies an impairment loss”.

67                   In paragraph C5B(a), the text “paragraphs C14B–C14D” is amended to read “paragraphs C14B–C14D and C17A”.

68                   Paragraph C24A is amended as follows:

C24A       In applying the fair value approach for an asset for insurance acquisition cash flows … at the transition date for the rights to obtain:

(a)            recoveries of insurance acquisition cash flows from premiums of insurance contracts issued before the transition date but not recognised at the transition date;

(b)            future insurance contracts that are renewals of insurance contracts recognised at the date of the transaction transition date and insurance contracts described in (a); and

(c)             future insurance contracts, other than those in (b), after the date of the transaction transition date without paying again insurance acquisition cash flows the acquiree entity has already paid that are directly attributable to the related portfolio of insurance contracts.

69                   In the amendments to AASB 3 Business Combinations in Appendix D, the heading “Insurance contracts” before paragraph 31A is demoted to the same level as the heading “Assets held for sale” before paragraph 31 of AASB 3. This applies to both sets of amendments to AASB 3 as set out in Appendix D, that is, whether or not AASB 17 is applied in conjunction with AASB 16 Leases.

70                   In the amendments to paragraph 32B of AASB 140 Investment Property in Appendix D, a struck-through full stop is added after the struck-through text “held by the entity”.

Commencement of the legislative instrument

71                   For legal purposes, this legislative instrument commences on 31 December 2021.