Scope (AASB139_08-15_COMPsep20_01-21)

AusCF entities are:

(a)            not-for-profit entities; and;

(b)            for-profit entities that are not applying the Conceptual Framework for Financial Reporting (as identified in AASB 1048 Interpretation of Standards).

For AusCF entities, the term ‘reporting entity’ is defined in AASB 1057 Application of Australian Accounting Standards and Statement of Accounting Concepts SAC 1 Definition of the Reporting Entity also applies. For-profit entities applying the Conceptual Framework for Financial Reporting are set out in paragraph Aus1.1 of the Conceptual Framework.

This Standard shall be applied by all entities to all financial instruments within the scope of AASB 9 Financial Instruments if, and to the extent that:

(a)            AASB 9 permits the hedge accounting requirements of this Standard to be applied; and

(b)            the financial instrument is part of a hedging relationship that qualifies for hedge accounting in accordance with this Standard.

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