A hedging relationship is directly affected by interest rate benchmark reform only if the reform gives rise to uncertainties about: (a)            the interest rate benchmark (contractually or non-contractually specified) designated as a hedged risk; and/or. 6.8.9        An entity shall prospectively cease applying paragraph 6.8.4 to a hedged item at the earlier of: (a)            when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedged item; and. 102D       For the purpose of applying the requirement in paragraph 88(c) that a forecast transaction must be highly probable, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform. ED 280 incorporated IASB Exposure Draft ED/2017/4 Property, Plant and Equipment – Proceeds before Intended Use. This is a simplified assessment that results in an asset acquisition if substantially all of the The AASB issued a number of Exposure Drafts contemporaneously with those issued by the IASB to propose the amendments now covered by this Standard. COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 10 AVAILABLE ON THE AASB WEBSITE. A hedged item that has been assessed at the time of its initial designation in the hedging relationship, whether it was at the time of the hedge inception or subsequently, is not reassessed at any subsequent redesignation in the same hedging relationship. An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform. View Notes - aasb2011-9_09-11 from ACCT 5942 at University of New South Wales. These paragraphs have not been underlined for ease of reading. One submission was not supportive of the amendments and was of the view that including allocated costs in the costs relating directly to a contract to provide goods or services would result in some viable contracts being treated as onerous contracts. 3.15 – Conceptual Framework – Consequential Amendments (Kala Kandiah, AASB Technical Director) 6.15 – Effective Date of AASB 1059 Service Concession Arrangements: Grantors (Patricia Au, AASB Project Manager) (b)            the timing or the amount of interest rate benchmark-based cash flows of the hedged item or of the hedging instrument. Amendments to AASB 5 9 . The Australian Accounting Standards Board (AASB) has launched a consultation on its proposals to amend the impairments of assets standard. 24H         For hedging relationships to which an entity applies the exceptions set out in paragraphs 6.8.4–6.8.12 of AASB 9 or paragraphs 102D–102N of AASB 139, an entity shall disclose: (a)            the significant interest rate benchmarks to which the entity’s hedging relationships are exposed; (b)            the extent of the risk exposure the entity manages that is directly affected by the interest rate benchmark reform; (c)             how the entity is managing the process to transition to alternative benchmark rates; (d)            a description of significant assumptions or judgements the entity made in applying these paragraphs (for example, assumptions or judgements about when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows); and. An entity shall apply these amendments for annual periods beginning on or after 1 January 2020. The amendments in this Standard arise from the AASB’s reconsideration of commentary and guidance relating to actuarial assumptions used to determine the defined benefit … A Regulation Impact Statement (RIS) has not been prepared in connection with the issue of AASB 2020-3 as the amendments made do not have a substantial direct or indirect impact on business or competition. The AASB Board of Directors voted to put forward one new resolution: New 5.31 Alaska Standards for Culturally Responsive Schools – AASB BOD. This Standard makes amendments to Accounting Standard AASB 15 Revenue from Contracts with Customers. These paragraphs apply only to such hedging relationships. Amendments to AASB 9 Financial Instruments. Earlier application of the amendments to individual Standards is permitted. 6.8.5        For the purpose of applying the requirement in paragraph 6.5.12 in order to determine whether the hedged future cash flows are expected to occur, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform. Interpretation 22 Foreign Currency Transactions and Advance Consideration: For profit only . If the hedging relationship that the hedged item and the hedging instrument are part of is discontinued earlier than the date specified in paragraph 6.8.11(a) or the date specified in paragraph 6.8.11(b), the entity shall prospectively cease applying paragraph 6.8.6 to that hedging relationship at the date of discontinuation. AASB 2017-3 Amendments to Australian Accounting Standards - Clarifications to AASB 4. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. An entity shall apply that amendment for annual reporting periods beginning on or after 1 … Standards AASB 2018-3 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements (August 2018) Accordingly, the AASB has the power to amend the Accounting Standards that are made by the AASB as legislative instruments under the Corporations Act 2001. 102N       When designating a group of items as the hedged item, or a combination of financial instruments as the hedging instrument, an entity shall prospectively cease applying paragraphs 102D–102G to an individual item or financial instrument in accordance with paragraphs 102J, 102K, 102L, or 102M, as relevant, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk and/or the timing and the amount of the interest rate benchmark-based cash flows of that item or financial instrument. . Kris Peach Dated 11 May 2016 Chair – AASB Accounting Standard AASB 2016-3 Amendments to Australian Accounting Standards – Clarifications to AASB 15 … 39AG AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments, issued in June 2020, amended paragraph D1(f) and added paragraph D13A. In addition, the amendments require entities to provide additional information about their hedging relationships that are directly affected by these uncertainties. Australian Accounting Standard AASB 2015-3 Amendments to Australian Accounting Standards arising from the Withdrawal of AASB 1031 Materiality is set out in paragraphs 1 –15 and the Appendix. This Standard makes amendments to AASB 7 Financial Instruments: Disclosures (August 2015), AASB 9 Financial Instruments (August 2015) and AASB 139 Financial Instruments: Recognition and Measurement (August 2015). 6.8.10      An entity shall prospectively cease applying paragraph 6.8.5 at the earlier of: (a)            when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item; and. (f)           AASB 141 Agriculture to remove the requirement to exclude cash flows from taxation when measuring fair value, thereby aligning the fair value measurement requirements in AASB 141 with those in other Australian Accounting Standards. Interpretation 22 Foreign Currency Transactions and Advance Consideration: For profit only . The AASB proposes to adopt ISQM 1 as Canadian Standard on Quality Management (CSQM) 1; and • Conforming amendments upon the finalization of CSQM 1. These paragraphs apply only to such hedging relationships. Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011. The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. An entity shall apply that amendment for annual reporting periods beginning on or after 1 … Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform. Amendments to AASB 7 Financial Instruments: Disclosures. Commencement of the legislative instrument, For legal purposes, this legislative instrument commences on. Parliamentary Procedure is designed to facilitate business, she said, not complicate it. An entity shall apply these amendments for annual periods beginning on or after 1 January 2020. When Australia initially adopted IFRS as of 2005, the AASB made a number of changes to IFRS Standards, including elimination of accounting policy options. The Australian Accounting Standards Board makes Accounting Standard AASB 2018-3 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements under section 334 of the Corporations Act 2001. AASB 2012-1 Amendments to Australian Accounting Standards - Fair Value Measurement - Reduced Disclosure Requirements [AASB 3, AASB 7, AASB 13, AASB 140 and AASB 141] 1586 Earlier application of the amendments to individual Standards is permitted. Designating financial items as hedged items. 6.8.3        Paragraphs 6.8.4–6.8.12 provide exceptions only to the requirements specified in these paragraphs. An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform. All the paragraphs have equal authority. If an entity applies these amendments for an earlier period, it shall disclose that fact. AASB approves IASB amendments to IFRS 9, IAS 28 and annual improvements (2015-2017 cycle) The Australian Accounting Standards Board (AASB) recently approved some amendments to standards by the International Accounting Standards Board (IASB), meaning that these are now available for early adoption in Australia: This AASB Standard contains IFRS Foundation copyright material. This retrospective application applies only to those hedging relationships that existed at the beginning of the reporting period in which an entity first applies those requirements or were designated thereafter, and to the amount accumulated in the cash flow hedge reserve that existed at the beginning of the reporting period in which an entity first applies those requirements. References in this Standard to the titles of other AASB Standards that are legislative instruments are to be construed as references to those other Standards as originally made and as amended from time to time and incorporate provisions of those Standards as in force from time to time. AASB 2017-3 Amendments to Australian Accounting Standards - Clarifications to AASB 4. Transition for hedge accounting (Chapter 6). Reclassifying the cumulative gain or loss recognised in other comprehensive income. Uncertainty arising from interest rate benchmark reform. All the paragraphs have equal authority. is set out on pages 5 – 10. These amendments arise from the issuance of International Financial Reporting Standard Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7) by the International Accounting Standards Board (IASB) in September 2019. These amendments arise from the issuance by the International Accounting Standards Board (IASB) in May 2020 of the following International Financial Reporting Standards: (a)          Annual Improvements to IFRS Standards 2018–2020; (b)          Reference to the Conceptual Framework (Amendments to IFRS 3); (c)          Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16); and. Objective. For legal purposes, this legislative instrument commences on 31 December 2019. AASB 2013-2 3 CONTENTS CONTENTS PREFACE ACCOUNTING STANDARD AASB 2013-2 AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS – REGULATORY CAPITAL Paragraphs Objective 1 Application 2 – 5 Amendments to AASB 1038 6 Those amendments were effective 1 July 2007. Learn more about our equipment.Get to know our players. Assessing the economic relationship between the hedged item and the hedging instrument. The post-im­ple­men­ta­tion review of IFRS 3 Business Com­bi­na­tionsrevealed that entities have dif­fi­cul­ties when de­ter­min­ing whether they have acquired a business or a group of assets. The Standard amends AASB 7, AASB 9 and AASB 139 to modify some specific hedge accounting requirements to provide relief from the potential effects of the uncertainty caused by the interest rate benchmark reform. ED 290 incorporated IASB Exposure Draft ED/2019/3 Reference to the Conceptual Framework. AASB Standard AASB 2011-3 May 2011 . The IASB set an effective date for each set of amendments of annual periods beginning on or after 1 January 2022. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended. Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 18, Annual Improvements to IFRS Standards 2018–2020, Property, Plant and Equipment: Proceeds before Intended Use, Onerous Contracts—Cost of Fulfilling a Contract. Since all the amendments have the same effective date, the AASB combined the four separate IFRS Standards into one Australian Accounting Standard, while maintaining the ability of entities to apply early the amendments to individual Standards. The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. Australian Accounting Standard AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform is set out on pages 5 – 10. Temporary exceptions from applying specific hedge accounting requirements. (b)            when the entire amount accumulated in the cash flow hedge reserve with respect to that discontinued hedging relationship has been reclassified to profit or loss. AMENDMENTS TO AASB 139 8. The important thing with the new standard is to be proactive and to be prepared. Download our AASB … Under subsection 33(3) of the Acts Interpretation Act 1901, where an Act confers a power to make, grant or issue any instrument of a legislative or administrative character (including rules, regulations or by-laws), the power shall be construed as including a power exercisable in the like manner and subject to the like conditions (if any) to repeal, rescind, revoke, amend, or vary any such instrument. These paragraphs have not been underlined for ease of reading. 102A       An entity shall apply paragraphs 102D–102N and 108G to all hedging relationships directly affected by interest rate benchmark reform. Optional concentration test The amendments include an election to use a concentration test. If an entity applies these amendments for an earlier period, it shall disclose that fact. The AASB did not make a submission to the IASB on ED/2019/3. As the accounting re­quire­ments for goodwill, ac­qui­si­tion costs and deferred tax differ on the ac­qui­si­tion of a business and on the ac­qui­si­tion of a group of assets, the IASB decided to issue narrow scope amend­ments aimed at resolving the dif­fi­cul­ties that arise when an entity is de­ter­min­ing whether it has acquired a business or … New subheadings are added before paragraphs 6.8.4, 6.8.5, 6.8.6, 6.8.7 and 6.8.9. Tour through tournaments. Three Australian stakeholders made a submission directly to the IASB on ED/2018/2, two of which were also submitted to the AASB. 6.8.7        Unless paragraph 6.8.8 applies, for a hedge of a non-contractually specified benchmark component of interest rate risk, an entity shall apply the requirement in paragraphs 6.3.7(a) and B6.3.8—that the risk component shall be separately identifiable—only at the inception of the hedging relationship. This Standard applies to annual reporting periods beginning on or after 1 January 2020. 44DF       In the reporting period in which an entity first applies AASB 2019-3, issued in October 2019, an entity is not required to present the quantitative information required by paragraph 28(f) of AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors. AASB 2016-3 4 PREFACE Preface Standards amended by AASB 2016-3 This Standard makes amendments to AASB 15 Revenue from Contracts with Customers. 6.8.2        For the purpose of applying paragraphs 6.8.4–6.8.12, the term ‘interest rate benchmark reform’ refers to the market-wide reform of an interest rate benchmark, including the replacement of an interest rate benchmark with an alternative benchmark rate such as that resulting from the recommendations set out in the Financial Stability Board’s July 2014 report ‘Reforming Major Interest Rate Benchmarks’.[1]. (a)          AASB 1 to simplify the application of AASB 1 by a subsidiary that becomes a first-time adopter after its parent in relation to the measurement of cumulative translation differences; (b)          AASB 3 to update a reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations; (c)          AASB 9 to clarify the fees an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability; (d)          AASB 116 to require an entity to recognise the sales proceeds from selling items produced while preparing property, plant and equipment for its intended use and the related cost in profit or loss, instead of deducting the amounts received from the cost of the asset; (e)          AASB 137 to specify the costs that an entity includes when assessing whether a contract will be loss-making; and. In 2007, the AASB approved an 'Amending Standard' that rescinded the changes that the AASB had made to IFRS Standards when it initially adopted them. 102F        For the purpose of applying the requirements in paragraphs 88(b) and AG105(a), an entity shall assume that the interest rate benchmark on which the hedged cash flows and/or the hedged risk (contractually or non-contractually specified) are based, or the interest rate benchmark on which the cash flows of the hedging instrument are based, is not altered as a result of interest rate benchmark reform. All the paragraphs have equal authority. AASB 2017-5 Amendments to Australian Accounting Standards - Effective Date of Amendments to AASB 10 AND AASB 128 and Editorial Corrections. To help highlight the fact that Canadian amendments to references to ISQC 1 may be updated upon the finalization of CSQM 1 and related conforming amendments, in addition to identifying the amended (d)          ED 290 Reference to the Conceptual Framework was issued in June 2019, for comment by 30 August 2019. 6.8.1        An entity shall apply paragraphs 6.8.4–6.8.12 and paragraphs 7.1.8 and 7.2.26(d) to all hedging relationships directly affected by interest rate benchmark reform. The AASB did not make a submission to the IASB on ED/2018/2. For the avoidance of doubt, an entity shall apply the other conditions in paragraph 88, including the prospective assessment in paragraph 88(b), to assess whether the hedging relationship must be discontinued. 6.8.11      An entity shall prospectively cease applying paragraph 6.8.6: (a)            to a hedged item, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk or the timing and the amount of the interest rate benchmark-based cash flows of the hedged item; and. Paragraph B10 is deleted. It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 14 February 2018 (see Compilation Details). AASB 2016-7 . 6.8.4        For the purpose of determining whether a forecast transaction (or a component thereof) is highly probable as required by paragraph 6.3.3, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform. 102H       Unless paragraph 102I applies, for a hedge of a non-contractually specified benchmark portion of interest rate risk, an entity shall apply the requirement in paragraphs 81 and AG99F—that the designated portion shall be separately identifiable—only at the inception of the hedging relationship. the costs relating directly to a contract to provide goods or services would result in some viable contracts being treated as onerous contracts. Do not include that underlining, striking out or other typographical material 5.31 Alaska Standards for Culturally Responsive Schools AASB... 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