Effective date

23

An entity shall apply this Standard for annual periods beginning on or after 1 January 2018. Earlier application is encouraged for periods beginning after 24 July 2014 but before 1 January 2018. If an entity applies this Standard for a period beginning before 1 January 2018, it shall disclose that fact.

23A

[Deleted by the AASB]

23B

AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014) issued in December 2014 amended paragraph 9 in the previous version of this Standard. An entity shall apply that amendment when it applies AASB 9.

23C

AASB 2018-7 Amendments to Australian Accounting Standards – Definition of Material, issued in December 2018, amended paragraph 21. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2020. 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 when it applies the amendments to the definition of material in paragraph 7 of AASB 101[1] and paragraphs 5 and 6 of AASB 108.

23D

AASB 18 issued in June 2024 amended paragraphs 13, 16 and 23C. An entity shall apply those amendments when it applies AASB 18.

1

In June 2024 the AASB issued AASB 18 Presentation and Disclosure in Financial Statements and carried over the definition of ‘material’ in AASB 101 Presentation of Financial Statements to AASB 18.