Appendix C (AASB20_10-26)

An entity shall apply this Standard for annual reporting periods beginning on or after 1 January 2029. Earlier application is permitted. If an entity applies this Standard for an earlier period, it shall disclose that fact in the notes.

For the purposes of the transition requirements in paragraphs C3–C17:

(a)            the date of initial application is the beginning of the annual reporting period in which an entity first applies this Standard; and

(b)            the transition date is the beginning of the annual reporting period immediately preceding the date of initial application. If an entity presents adjusted comparative information for any earlier periods:

(i)              in its annual financial statements – the transition date is the beginning of the earliest adjusted comparative annual reporting period presented (see paragraph C7(a)); or

(ii)             in its interim financial statements – the transition date is the beginning of the earliest adjusted cumulative comparative interim reporting period presented (see paragraph C16(a)).

An entity shall apply this Standard to all regulatory assets and all regulatory liabilities either:

(a)            retrospectively in accordance with AASB 108 Basis of Preparation of Financial Statements; or

(b)            using the modified retrospective approach, as specified in paragraphs C9–C13.

An entity shall also apply paragraphs C6–C8, regardless of whether the entity elects to apply this Standard retrospectively or to use the modified retrospective approach.

At the transition date, an entity shall:

(a)            recognise and measure regulatory assets and regulatory liabilities as if the Standard had always been applied;

(b)            derecognise all regulatory balances that the entity would not have recognised as regulatory assets or regulatory liabilities if this Standard had always been applied;

(c)             recognise any deferred tax effects of the adjustments described in (a)–(b); and

(d)            recognise the net amount of the adjustments described in (a)–(c) in opening retained earnings (or other component of equity, as appropriate).

An entity shall:

(a)            present adjusted comparative information for the annual reporting period immediately preceding the date of initial application; and

(b)            disclose the quantitative information required by paragraph 28(f) of AASB 108 for the annual reporting period immediately preceding the date of initial application.

An entity is permitted, but not required:

(a)            to present adjusted comparative information for any earlier periods presented before the beginning of the annual reporting period immediately preceding the date of initial application;

(b)            to disclose the quantitative information required by paragraph 28(f) of AASB 108 for the current period or any earlier periods presented as described in (a); or

(c)             to disclose the information specified in paragraphs 68–83 of this Standard for any earlier periods presented as described in (a).

If an entity presents in its primary financial statements or discloses in the notes unadjusted comparative information for any earlier periods presented, the entity shall clearly identify the information that has not been adjusted, disclose that it has been prepared on a different basis, and explain that basis.

At the transition date, an entity electing to use the modified retrospective approach may use one or more of the transition reliefs in paragraphs C10–C12.

An entity may elect to apply the requirements for a regulatory return on assets not yet available for use in specific circumstances (see paragraphs B35–B40) only to assets that are not yet available for use at the transition date.

To apply the requirements for an implied regulatory interest rate (see paragraphs 48–50 and 56–57), an entity may elect to disregard any implied regulatory interest rates that would have been derived from the terms of the regulatory agreement before the transition date.

An entity may use hindsight at the transition date in applying the requirements in this Standard. For example, an entity may use hindsight when estimating the cash flows arising from a regulatory asset or a regulatory liability.

An entity electing to use the modified retrospective approach shall:

(a)            disclose which of the transition reliefs in paragraphs C10–C12 it has applied; and

(b)            describe, if appropriate, how it has applied those transition reliefs.

If an entity applies AASB 134 Interim Financial Reporting in preparing condensed interim financial statements in the first year of applying this Standard, the entity shall present in the condensed interim financial statements each heading and subtotal it expects to use in applying the Standard, despite the requirements in paragraph 10 of AASB 134. An entity shall apply the requirements in paragraph 10 of AASB 134 for headings and subtotals in condensed interim financial statements after it has issued its first set of annual financial statements prepared in accordance with this Standard.

If an entity applies AASB 134 in preparing interim financial statements in the first year of applying this Standard, the entity shall:

(a)            present adjusted comparative information for the comparative interim period and the cumulative comparative interim period of the immediately preceding financial year; and

(b)            disclose in the notes, as part of the information required by paragraph 16A(a) of AASB 134, the amounts previously presented for each line item affected in the financial statements for the comparative interim period and the cumulative comparative interim period of the immediately preceding financial year.

An entity is permitted, but not required:

(a)            to present adjusted comparative information for any earlier comparative interim periods and cumulative comparative interim periods presented before the beginning of the immediately preceding financial year; and

(b)            to disclose the information described in paragraph C15(b) for:

(i)              the current interim period and the cumulative current interim period; or

(ii)             any earlier interim periods presented as described in (a).

If an entity presents in its primary financial statements or discloses in the notes unadjusted comparative information for any earlier interim periods presented, the entity shall clearly identify the information that has not been adjusted, disclose that it has been prepared on a different basis, and explain that basis.

[Deleted by the AASB]

This Standard repeals AASB 14 Regulatory Deferral Accounts issued in June 2014. Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal had not occurred.

[Note: When this Standard applies under section 334 of the Corporations Act (either generally or in relation to an individual entity), it supersedes the application of the repealed Standard.]