Appendix B -- Effective date and transition
This appendix is an integral part of Interpretation 23 and has the same authority as the other parts of Interpretation 23.
Effective date
B1
An entity shall apply this Interpretation for annual reporting periods beginning on or after 1 January 2019. Earlier application is permitted. If an entity applies this Interpretation for an earlier period, it shall disclose that fact.
Transition
B2
On initial application, an entity shall apply this Interpretation either:
(a) retrospectively applying AASB 108, if that is possible without the use of hindsight; or
(b) retrospectively with the cumulative effect of initially applying the Interpretation recognised at the date of initial application. If an entity selects this transition approach, it shall not restate comparative information. Instead, the entity shall recognise the cumulative effect of initially applying the Interpretation as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate). The date of initial application is the beginning of the annual reporting period in which an entity first applies this Interpretation.