Interpretations
4
This Standard refers to all Australian Interpretations currently approved by the AASB and applicable to any period[1] specified in paragraph 2 (by either mandatory or early application), classified according to whether they correspond to Interpretations adopted by the International Accounting Standards Board (IASB).
Periods no longer than 18 months.
5
For ease of presentation, the Australian Interpretations are set out in two separate tables: in paragraph 6, Table 1 lists those corresponding to IASB Interpretations and, in paragraph 8, Table 2 lists the other Interpretations. Each reference to an Interpretation in a row in each of the Tables 1 and 2 is to be treated as a separate provision of this Standard.
Australian Interpretations corresponding to IASB Interpretations
6
An entity shall apply each relevant Australian Interpretation listed in Table 1 below.
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Table 1: Australian Interpretations corresponding to IASB Interpretations |
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Interpretation Issue Date |
Title |
Application Date (annual reporting periods) |
IFRIC or SIC Interp’n |
|
February 2016 [as amended to] |
Changes in Existing Decommissioning, Restoration and Similar Liabilities |
(beginning) 1 January 2019 |
IFRIC 1 |
|
March 2020 [as amended to] |
Members’ Shares in Co-operative Entities and Similar Instruments |
(beginning) 1 July 2021 |
IFRIC 2 |
|
2 July 2015 |
Members’ Shares in Co-operative Entities and Similar Instruments |
(beginning) 1 January 2018 |
IFRIC 2 |
|
March 2020 [as amended to] |
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds |
(beginning) 1 July 2021 |
IFRIC 5 |
|
5 August 2015 |
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds |
(beginning) 1 January 2018 |
IFRIC 5 |
|
August 2015 |
Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment |
(beginning) 1 January 2016 |
IFRIC 6 |
|
August 2015 |
Applying the Restatement Approach under AASB 129 Financial Reporting in Hyperinflationary Economies |
(beginning) 1 January 2016 |
IFRIC 7 |
|
August 2015 |
Interim Financial Reporting and Impairment |
(beginning) 1 January 2018 |
IFRIC 10 |
|
12 [as amended to] |
Service Concession Arrangements |
(beginning) 1 January 2020 |
IFRIC 12 |
|
12 [as amended to] |
Service Concession Arrangements |
(beginning) 1 January 2019 |
IFRIC 12 |
|
August 2015 |
AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction |
(beginning) 1 January 2016 |
IFRIC 14 |
|
May 2019 [as amended to] |
Hedges of a Net Investment in a Foreign Operation |
(beginning) 1 January 2020 |
IFRIC 16 |
|
16 August 2015 |
Hedges of a Net Investment in a Foreign Operation |
(beginning) 1 January 2018 |
IFRIC 16 |
|
March 2020 [as amended to] |
Distributions of Non-cash Assets to Owners |
(beginning) 1 July 2021 |
IFRIC 17 |
|
17 August 2015 |
Distributions of Non-cash Assets to Owners |
(beginning) 1 January 2016 |
IFRIC 17 |
|
May 2019 [as amended to] |
Extinguishing Financial Liabilities with Equity Instruments |
(beginning) 1 January 2020 |
IFRIC 19 |
|
19 August 2015 |
Extinguishing Financial Liabilities with Equity Instruments |
(beginning) 1 January 2018 |
IFRIC 19 |
|
May 2019 [as amended to] |
Stripping Costs in the Production Phase of a Surface Mine |
(beginning) 1 January 2020 |
IFRIC 20 |
|
20 August 2015 |
Stripping Costs in the Production Phase of a Surface Mine |
(beginning) 1 January 2016 |
IFRIC 20 |
|
August 2015 |
Levies |
(beginning) 1 January 2016 |
IFRIC 21 |
|
May 2019 [as amended to] |
Foreign Currency Transactions and Advance Consideration |
(beginning) 1 January 2020 |
IFRIC 22 |
|
22 February 2017 |
Foreign Currency Transactions and Advance Consideration |
(beginning) 1 January 2018 |
IFRIC 22 |
|
March 2020 [as amended to] |
Uncertainty over Income Tax Treatments |
(beginning) 1 July 2021 |
IFRIC 23 |
|
23 July 2017 |
Uncertainty over Income Tax Treatments |
(beginning) 1 January 2019 |
IFRIC 23 |
|
August 2015 |
Introduction of the Euro |
(beginning) 1 January 2018 |
SIC-7 |
|
August 2015 |
Government Assistance – No Specific Relation to Operating Activities |
(beginning) 1 January 2016 |
SIC-10 |
|
August 2015 |
Income Taxes – Changes in the Tax Status of an Entity or its Shareholders |
(beginning) 1 January 2016 |
SIC-25 |
|
March 2020 [as amended to] |
Service Concession Arrangements: Disclosures |
(beginning) 1 July 2021 |
SIC-29 |
|
129 July 2017 [as amended to] |
Service Concession Arrangements: Disclosures |
(beginning) 1 January 2019 |
SIC-29 |
|
May 2019 [as amended to] |
Intangible Assets – Web Site Costs |
(beginning) 1 January 2020 |
SIC-32 |
|
132 February 2016 [as amended to] |
Intangible Assets – Web Site Costs |
(beginning) 1 January 2019 |
SIC-32 |
7
The principal application date listed in Table 1 for each Interpretation is a reference to annual reporting periods beginning or ending (as indicated) on or after the date specified. An entity may elect to apply an individual Interpretation to annual reporting periods in advance of that stated for the Interpretation in Table 1, subject to the early application requirements of the Interpretation.
Other Australian Interpretations
8
An entity shall apply each relevant Australian Interpretation listed in Table 2 below.
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Table 2: Other Australian Interpretations |
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|
Interpretation Issue Date |
Title |
Application Date (annual reporting periods) |
|
May 2019 [as amended to] |
Australian Petroleum Resource Rent Tax |
(beginning) 1 January 2020 |
|
1003 December 2013 [as amended to] |
Australian Petroleum Resource Rent Tax |
(beginning) 1 January 2014 |
|
May 2019 [as amended to] |
The Superannuation Contributions Surcharge |
(beginning) 1 January 2020 |
|
1019 December 2013 [as amended to] |
The Superannuation Contributions Surcharge |
(beginning) 1 January 2014 |
|
December 2013 [as amended to] |
Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods |
(beginning) 1 January 2014 |
|
May 2019 [as amended to] |
Accounting for the Goods and Services Tax (GST) |
(beginning) 1 January 2020 |
|
1031 December 2016 [as amended to] |
Accounting for the Goods and Services Tax (GST) |
(beginning) 1 January 2018 |
|
May 2019 [as amended to] |
Contributions by Owners Made to Wholly-Owned Public Sector Entities |
(beginning) 1 January 2020 |
|
1038 December 2016 [as amended to] |
Contributions by Owners Made to Wholly-Owned Public Sector Entities |
(beginning) 1 January 2019 |
|
1047 July 2020 [as amended to] |
Professional Indemnity Claims Liabilities in Medical Defence Organisations |
(beginning) 1 January 2023 |
|
May 2019 [as amended to] |
Professional Indemnity Claims Liabilities in Medical Defence Organisations |
(beginning) 1 January 2020 |
|
1047 December 2013 [as amended to] |
Professional Indemnity Claims Liabilities in Medical Defence Organisations |
(beginning) 1 January 2014 |
|
March 2020 [as amended to] |
Tax Consolidation Accounting |
(beginning) 1 July 2021 |
|
1052 May 2019 [as amended to] |
Tax Consolidation Accounting |
(beginning) 1 January 2020 |
|
1052 December 2016 [as amended to] |
Tax Consolidation Accounting |
(beginning) 1 January 2018 |
|
December 2013 [as amended to] |
Accounting for Road Earthworks |
(beginning) 1 January 2014 |
9
The principal application date listed in Table 2 for each Interpretation is a reference to annual reporting periods beginning or ending (as indicated) on or after the date specified. An entity may elect to apply an individual Interpretation to annual reporting periods in advance of that stated for the Interpretation in Table 2, subject to the early application requirements of the Interpretation.