Effective date and transition (AASB141_08-15_COMPjun20_01-22)

This Standard becomes operative for annual financial statements covering periods beginning on or after 1 January 2016. Earlier application is encouraged for periods beginning on or after 1 January 2014 but before 1 January 2016. If an entity applies this Standard for periods beginning before 1 January 2016, it shall disclose that fact.

This Standard does not establish any specific transitional provisions. The adoption of this Standard is accounted for in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.

In the previous version of this Standard, paragraphs 5, 6, 17, 20 and 21 were amended and paragraph 14 deleted by AASB 2008-5 Amendments to Australian Accounting Standards arising from the Annual Improvements Project issued in July 2008. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.

[Deleted by the AASB]

AASB 2014-6 Amendments to Australian Accounting Standards – Agriculture: Bearer Plants, issued in December 2014, amended the previous version of this Standard as follows: amended paragraphs 1–5, 8, 24 and 44 and added paragraphs 5A–5C and 63. An entity shall apply those amendments for annual periods beginning on or after 1 January 2016. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact. An entity shall apply those amendments retrospectively in accordance with AASB 108.

In the reporting period when AASB 2014-6 is first applied an entity need not disclose the quantitative information required by paragraph 28(f) of AASB 108 for the current period. However, an entity shall present the quantitative information required by paragraph 28(f) of AASB 108 for each prior period presented.

AASB 16, issued in February 2016, amended paragraph 2. An entity shall apply that amendment when it applies AASB 16.

AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments, issued in June 2020, amended paragraph 22. An entity shall apply that amendment to fair value measurements on or after the beginning of the first annual reporting period beginning on or after 1 January 2022. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.