An entity shall apply these amendments when it applies the amendments to AASB 9 or AASB 139. 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. Amendment to AASB 108 11 . The AASB Board has also forwarded a modest amendment to resolution 5.2 Curriculum Expansion via Distance Delivery. 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. Standards AASB 2018-3 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements (August 2018) 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. In addition, the amendments require entities to provide additional information about their hedging relationships that are directly affected by these uncertainties. The AASB did not receive any formal submissions in respect of the proposals in ED 290. 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. [2]      The report, 'Reforming Major Interest Rate Benchmarks', is available at http://www.fsb.org/wp-content/uploads/r_140722.pdf. 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. Learn more about our equipment.Get to know our players. 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. Paragraphs 102A–102N and 108G are added. Commencement of the legislative instrument, For legal purposes, this legislative instrument commences on. The AASB Board of Directors voted to put forward one new resolution: New 5.31 Alaska Standards for Culturally Responsive Schools – AASB BOD. Assessing the economic relationship between the hedged item and the hedging instrument. Amendments to AASB 119 14 – 15 . 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. When an entity applies this Standard to such an annual period, it shall disclose that fact. All submissions broadly supported the IASB’s proposed amendments. The Australian Accounting Standards Board (AASB) has launched a consultation on its proposals to amend the impairments of assets standard. The AASB proposes to adopt ISQM 1 as Canadian Standard on Quality Management (CSQM) 1; and • Conforming amendments upon the finalization of CSQM 1. The IASB analysed the feedback it received on the proposed amendments and decided to finalise the amendments, generally retaining its proposed approach. 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. This is a simplified assessment that results in an asset acquisition if substantially all of the Parliamentary Procedure is designed to facilitate business, she said, not complicate it. Three Australian stakeholders made a submission directly to the IASB on ED/2018/2, two of which were also submitted to the AASB. The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. Timi Tullis, AASB. 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 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. 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]. This Standard amends Australian Accounting Standards AASB 7 Financial Instruments: Disclosures (August 2015), AASB 9 Financial Instruments (August 2015) and AASB 139 Financial Instruments: Recognition and Measurement (August 2015) as a consequence of 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 in September 2019. 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. Earlier application is permitted. New text is underlined and deleted text is struck through. (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 Standard AASB 2011-3 May 2011 . The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. AASB is a one pit stop for all your snooker needs. The important thing with the new standard is to be proactive and to be prepared. All the paragraphs have equal authority. Conforming Amendments to the IAASB’s International Auditing Standards as a Result of the Revised IESBA Code – AASB Date recorded: Dec 02, 2019 At its meeting on December 2-3, 2019, the AASB received a presentation explaining the IAASB Exposure Draft, including the … 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. When an entity applies this Standard to such an annual period, it shall disclose that fact. 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. 130H AASB 2014-1 Amendments to Australian Accounting Standards, issued in June 2014, amended paragraph 80. AASB 2016-7 . Preface Standards Amended by AASB 2005-3. An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform. AASB 2017-5 Amendments to Australian Accounting Standards - Effective Date of Amendments to AASB 10 AND AASB 128 and Editorial Corrections. 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. AASB 16 will potentially have significant impacts on entities which may not always be immediately obvious at first sight. 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 … 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. All existing rights in this material are reserved outside Australia. 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. 6.8.3        Paragraphs 6.8.4–6.8.12 provide exceptions only to the requirements specified in these paragraphs. 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 7. All submissions suggested clarification of the accounting for lease incentives under IFRS 16 Leases. . 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. 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. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 14 February 2018 (see Compilation Details). Specified in these paragraphs have not been underlined for ease of reading – Proceeds before Intended use its proposed.! Http: //www.fsb.org/wp-content/uploads/r_140722.pdf to use a concentration test the amendments include an election to use a concentration test research are... For comment by 30 August 2019 important thing with the new Standard to... 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