215 paragraphs found in AASB 1059
The objective of this Standard is to prescribe the accounting for a service concession arrangement by a grantor that is a public sector …
This Standard shall be applied to service concession arrangements, which involve an operator : (a) providing public services related to a service concession asset on behalf of a grantor; and (b) managing at least some of those services under its own …
Arrangements outside the scope of this Standard include those that do not involve the delivery of a public service, those where the operator manages the public services merely as an agent of the grantor, and those that involve service and management …
This Standard does not specify the accounting by operators. Guidance on accounting for service concession arrangements by private sector operators can be found in AASB Interpretation 12 Service Concession Arrangements …
The grantor shall recognise an asset provided by the operator and an upgrade to or a major component replacement for an existing asset of the grantor as a service concession asset if the grantor controls the asset. The grantor controls the asset if, and …
The grantor shall recognise an asset that will be used in a service concession arrangement for its entire economic life (a ‘whole-of-life’ asset) if the conditions in paragraph 5(a) are met. In this case, the condition in paragraph 5(b) is not relevant …
The grantor shall initially measure the service concession asset recognised in accordance with paragraph 5 (or paragraph 6 for a whole-of-life asset) at current replacement cost in accordance with the cost approach to fair value in AASB 13 Fair Value …
Where an existing asset of the grantor meets the conditions specified in paragraph 5 (or paragraph 6 for a whole-of-life asset), the grantor shall reclassify the existing asset as a service concession asset and shall measure the asset at current …
After initial recognition or reclassification, the grantor shall account for a service concession asset during the term of the service concession arrangement as follows: (a) depreciate or amortise the depreciable amount of the asset over the useful life …
The grantor shall account for a service concession asset after the end of the term of the service concession arrangement in accordance with other Accounting Standards and as specified below. In particular: (a) the grantor reclassifies the asset based on …