Effective date and transition
45
An entity shall apply this Standard for annual periods beginning on or after 1 January 2018. Earlier application is permitted for periods beginning after 24 July 2014 but before 1 January 2018. If an entity applies this Standard earlier, it shall disclose that fact and apply AASB 10, AASB 11 Joint Arrangements, AASB 12 Disclosure of Interests in Other Entities and AASB 127 at the same time.
45A
AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014), issued in December 2014, amended the previous version of this Standard as follows: amended paragraphs 40–42 and added paragraphs 41A–41C. An entity shall apply those amendments when it applies AASB 9.
45B
AASB 2014-9 Amendments to Australian Accounting Standards – Equity Method in Separate Financial Statements, issued in December 2014, amended paragraph 25 in the previous version of this Standard. An entity shall apply that amendment for annual periods beginning on or after 1 January 2016 retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors. Earlier application is permitted. If an entity applies that amendment for an earlier period, it shall disclose that fact.
45D
AASB 2015-5 Amendments to Australian Accounting Standards – Investment Entities: Applying the Consolidation Exception, issued in January 2015, amended the previous version of this Standard as follows: amended paragraphs 17, Aus17.1, Aus17.2, 27 and 36 and added paragraph 36A. 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.
45E
AASB 2017-1 Amendments to Australian Accounting Standards – Transfers of Investment Property, Annual Improvements 2014–2016 Cycle and Other Amendments, issued in February 2017, amended paragraphs 18 and 36A. A for-profit entity shall apply those amendments retrospectively in accordance with AASB 108 for annual periods beginning on or after 1 January 2018. A not-for-profit entity shall apply those amendments retrospectively in accordance with AASB 108 for annual periods beginning on or after 1 January 2019. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.
45G
AASB 2017-7 Amendments to Australian Accounting Standards – Long-term Interests in Associates and Joint Ventures, issued in December 2017, added paragraph 14A and deleted paragraph 41. An entity shall apply those amendments retrospectively in accordance with AASB 108 for annual reporting periods beginning on or after 1 January 2019, except as specified in paragraphs 45H–45K. Earlier application is permitted. If an entity applies those amendments earlier, it shall disclose that fact.
45H
An entity that first applies the amendments in paragraph 45G at the same time it first applies AASB 9 shall apply the transition requirements in AASB 9 to the long-term interests described in paragraph 14A.
45I
An entity that first applies the amendments in paragraph 45G after it first applies AASB 9 shall apply the transition requirements in AASB 9 necessary for applying the requirements set out in paragraph 14A to long-term interests. For that purpose, references to the date of initial application in AASB 9 shall be read as referring to the beginning of the annual reporting period in which the entity first applies the amendments (the date of initial application of the amendments). The entity is not required to restate prior periods to reflect the application of the amendments. The entity may restate prior periods only if it is possible without the use of hindsight.
45J
When first applying the amendments in paragraph 45G, an entity that applies the temporary exemption from AASB 9 in accordance with AASB 4 Insurance Contracts is not required to restate prior periods to reflect the application of the amendments. The entity may restate prior periods only if it is possible without the use of hindsight.
45K
If an entity does not restate prior periods applying paragraph 45I or paragraph 45J, at the date of initial application of the amendments it shall recognise in the opening retained earnings (or other component of equity, as appropriate) any difference between:
(a) the previous carrying amount of long-term interests described in paragraph 14A at that date; and
(b) the carrying amount of those long-term interests at that date.