Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements

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CONTENTS

Preface

Accounting Standard

AASB 2010-2 AmenDMENTS TO aUSTRALIAN aCCOUNTING sTANDARDS aRISING FROM Reduced Disclosure Requirements

Paragraphs

Objective 1

Application 2 – 11

Amendments to AASB 1 12 – 14

Amendments to AASB 2 15

Amendments to AASB 3 16

Amendments to AASB 5 17

Amendments to AASB 7 18

Amendments to AASB 8 19

Amendments to AASB 101 20 – 23

Amendments to AASB 102 24

Amendments to AASB 107 25

Amendments to AASB 108 26 – 27

Amendments to AASB 110 28

Amendments to AASB 111 29

Amendments to AASB 112 30

Amendments to AASB 116 31

Amendments to AASB 117 32

Amendments to AASB 119 33

Amendments to AASB 121 34

Amendments to AASB 123 35

Amendments to AASB 124 36

Amendments to AASB 127 37

Amendments to AASB 128 38

Amendments to AASB 131 39

Amendments to AASB 133 40

Amendments to AASB 134 41

Amendments to AASB 136 42

Amendments to AASB 137 43

Amendments to AASB 138 44

Amendments to AASB 140 45

Amendments to AASB 141 46

Amendments to AASB 1050 47

Amendments to AASB 1052 48

Amendments to Interpretation 2 49

Amendments to Interpretation 4 50

Amendments to Interpretation 5 51

Amendments to Interpretation 15 52

Amendments to Interpretation 17 53

Amendments to Interpretation 127 54

Amendments to Interpretation 129 55

Amendments to Interpretation 1052 56

Appendix:  Early Application of Australian Accounting Standards – Reduced Disclosure Requirements              Page 40

Australian Accounting Standard AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements is set out in paragraphs 1 – 56 and the Appendix.  All the paragraphs have equal authority.

Preface

Standards Amended by AASB 2010-2

This Standard makes amendments to many Australian Accounting Standards, including Interpretations, to introduce reduced disclosure requirements to the pronouncements for application by certain types of entities in preparing general purpose financial statements.   

Main Features of this Standard  

Application Date

This Standard applies to annual reporting periods beginning on or after 1 July 2013.  Earlier application is permitted for annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards is also applied for the period.

Main Requirements

This Standard gives effect to Australian Accounting Standards – Reduced Disclosure Requirements.  AASB 1053 provides further information regarding the differential reporting framework and the two tiers of reporting requirements for preparing general purpose financial statements.

aCCOUNTING STANDARD AASB 2010-2

The Australian Accounting Standards Board makes Accounting Standard AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements under section 334 of the Corporations Act 2001.

aCCOUNTING STANDARD AASB 2010-2

AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS ARISING FROM REDUCED DISCLOSURE REQUIREMENTS

Objective

1              The objective of this Standard is to make amendments to:

(a)          AASB 1 First-time Adoption of Australian Accounting Standards;

(b)         AASB 2 Share-based Payment;

(c)          AASB 3 Business Combinations;

(d)         AASB 5 Non-current Assets Held for Sale and Discontinued Operations;

(e)          AASB 7 Financial Instruments: Disclosures;

(f)          AASB 8 Operating Segments;

(g)         AASB 101 Presentation of Financial Statements;

(h)         AASB 102 Inventories;

(i)           AASB 107 Statement of Cash Flows;

(j)           AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors;

(k)         AASB 110 Events after the Reporting Period;

(l)           AASB 111 Construction Contracts;

(m)       AASB 112 Income Taxes;

(n)         AASB 116 Property, Plant and Equipment;

(o)         AASB 117 Leases;

(p)         AASB 119 Employee Benefits;

(q)         AASB 121 The Effects of Changes in Foreign Exchange Rates;

(r)          AASB 123 Borrowing Costs;

(s)          AASB 124 Related Party Disclosures;

(t)           AASB 127 Consolidated and Separate Financial Statements;

(u)         AASB 128 Investments in Associates;

(v)         AASB 131 Interests in Joint Ventures;

(w)        AASB 133 Earnings per Share;

(x)         AASB 134 Interim Financial Reporting;

(y)         AASB 136 Impairment of Assets;

(z)          AASB 137 Provisions, Contingent Liabilities and Contingent Assets;

(aa)       AASB 138 Intangible Assets;

(bb)      AASB 140 Investment Property;

(cc)       AASB 141 Agriculture;

(dd)      AASB 1050 Administered Items;

(ee)       AASB 1052 Disaggregated Disclosures;

(ff)        Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments;

(gg)      Interpretation 4 Determining whether an Arrangement contains a Lease;

(hh)      Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds;

(ii)         Interpretation 15 Agreements for the Construction of Real Estate;

(jj)         Interpretation 17 Distributions of Non-cash Assets to Owners;

(kk)      Interpretation 127 Evaluating the Substance of Transactions Involving the Legal Form of a Lease;

(ll)         Interpretation 129 Service Concession Arrangements: Disclosures; and

(mm)  Interpretation 1052 Tax Consolidation Accounting;

as a consequence of the adoption of a revised differential financial reporting framework.

Application

2              Subject to paragraphs 3-8, this Standard applies to:

(a)         each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;

(b)         general purpose financial statements of each other reporting entity; and

(c)          financial statements that are, or are held out to be, general purpose financial statements.

3              In respect of AASB 8, this Standard applies to:

(a)         each for-profit entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;

(b)         general purpose financial statements of each other for-profit reporting entity other than for-profit government departments; and

(c)          financial statements of a for-profit entity other than for-profit government departments that are, or are held out to be, general purpose financial statements;

in respect of:

(d) the separate or individual financial statements of an entity:

(i) whose debt or equity instruments are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets); or

(ii) that files, or is in the process of filing, its financial statements with a securities commission or other regulatory organisation for the purpose of issuing any class of instruments in a public market; and

(e) the consolidated financial statements of a group with a parent:

(i) whose debt or equity instruments are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets); or

(ii) that files, or is in the process of filing, the consolidated financial statements with a securities commission or other regulatory organisation for the purpose of issuing any class of instruments in a public market.

4              In respect of AASB 101, AASB 107 and AASB 108, this Standard applies to:

(a)         each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act;

(b)         general purpose financial statements of each reporting entity; and

(c)          financial statements that are, or are held out to be, general purpose financial statements.

5              In respect of AASB 133, this Standard applies to each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is:

(a)         a reporting entity whose ordinary shares or potential ordinary shares are publicly traded; or

(b)         a reporting entity that is in the process of issuing ordinary shares or potential ordinary shares in public markets; or

(c)          an entity that discloses earnings per share.

6              In respect of AASB 134, this Standard applies to:

(a)         each disclosing entity required to prepare half-year financial reports in accordance with Part 2M.3 of the Corporations Act;

(b)         interim financial reports that are general purpose financial statements of each other reporting entity; and

(c)          interim financial reports that are, or are held out to be, general purpose financial statements.

7              In respect of AASB 1050, this Standard applies to general purpose financial statements of government departments.

8              In respect of AASB 1052, this Standard applies to general purpose financial statements of local governments and government departments.

9              This Standard applies to annual reporting periods beginning on or after 1 July 2013.

10           This Standard shall be applied when AASB 1053 Application of Tiers of Australian Accounting Standards is applied.  This Standard may be applied to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013 provided AASB 1053 is also adopted early for the same period.  When an entity applies this Standard to such an annual reporting period, it shall disclose that fact.

11           This Standard uses underlining, striking out and other typographical material to identify some of the amendments to a Standard, in order to make the amendments more understandable.  However, the amendments made by this Standard do not include that underlining, striking out or other typographical material.

Amendments to AASB 1

12           The following subheading and paragraphs are added to AASB 1:

Reduced Disclosure Requirements

Aus1.6 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 21-23, 24(b), 24(c) and 25-33; and

(b)         in paragraph 24, the text “To comply with paragraph 23,”.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.7 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text. 

Aus1.8 The RDR paragraph in this Standard applies only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR21.1 In respect of entities applying Australian Accounting Standards – Reduced Disclosure Requirements, to comply with AASB 101, an entity’s first Australian-Accounting-Standards-Reduced-Disclosure-Requirements financial statements shall include at least two statements of financial position, two statements of comprehensive income, two separate income statements (if presented), two statements of cash flows and two statements of changes in equity and related notes, including comparative information.

13           Footnote 1 to paragraph 1 is amended as follows (new text is underlined):

1 The term ‘Australian Accounting Standards’ refers to Standards (including Interpretations) made by the AASB that apply to any reporting period beginning on or after 1 January 2005.  In this context, the term encompasses Australian Accounting Standards – Reduced Disclosure Requirements, which some entities are permitted to apply in accordance with AASB 1053 Application of Tiers of Australian Accounting Standards in preparing general purpose financial statements.

14           Paragraph Aus3.1 is amended as follows (new text is underlined and deleted text is struck through):

Aus3.1 The conditions specified in paragraph 3 for the application of this Standard are satisfied when the first financial statements after this Standard becomes effective contain a statement that the financial statements comply with Australian Accounting Standards, in accordance with paragraph Aus15.2 Aus15.1 of AASB 101.

Amendments to AASB 2

15           The following subheading and paragraphs are added to AASB 2:

Reduced Disclosure Requirements

Aus1.6 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 45(c), 45(d), 46, 47(a), 47(b), 47(c)(ii), 47(c)(iii) and 48-52; and

(b)         in paragraph 47, the text “to give effect to the principle in paragraph 46,”.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.7 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text. 

Aus1.8 RDR paragraphs in this Standard apply only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR46.1 For equity-settled share-based payment arrangements, an entity applying Australian Accounting Standards – Reduced Disclosure Requirements shall disclose information about how it measured the fair value of goods or services received or the fair value of the equity instruments granted.  If a valuation methodology was used, the entity shall disclose the method and its reason for choosing it.

RDR46.2 For cash-settled share-based payment arrangements, an entity applying Australian Accounting Standards – Reduced Disclosure Requirements shall disclose information about how the liability was measured.

RDR50.1 An entity applying Australian Accounting Standards – Reduced Disclosure Requirements shall disclose the following information about the effect of share-based payment transactions on the entity’s profit or loss for the period and on its financial position:

(a)         the total expense recognised in profit or loss for the period; and

(b)         the total carrying amount at the end of the period of liabilities arising from share-based payment transactions.

Amendments to AASB 3

16           The following subheading and paragraphs are added to AASB 3:

Reduced Disclosure Requirements

Aus1.7 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 59-63, Aus63.6-Aus63.9, B64(d), B64(e), B64(h), B64(k), B64(l), B64(m), B64(n)(ii), B64(o)(ii), B64(q), B65, B66,
B67(a)-(c) and B67(e);

(b)         in the heading before paragraph B64, the text “(application of paragraphs 59 and 61)”;

(c)          in paragraph B64, the text “To meet the objective in paragraph 59,”;

(d)         in paragraph B64(j), the sentence “If a contingent liability … liability cannot be measured reliably.”; and

(e)          in paragraph B67, the text “To meet the objective in paragraph 61,”.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.8 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text, except for comparative disclosures subject to RDR paragraphs.

Aus1.9 RDR paragraphs in this Standard apply only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDRB65.1 For individually immaterial business combinations occurring during the reporting period that are material collectively, an acquirer applying Australian Accounting Standards – Reduced Disclosure Requirements shall disclose in aggregate the information required by paragraphs B64(f), B64(g), B64(i), B64(n)(i), B64(o)(i) and B64(p) and the first sentence of paragraph B64(j).

RDRB67.1  An entity applying Australian Accounting Standards – Reduced Disclosure Requirements is not required to disclose the reconciliation specified in paragraph B67(d) for prior periods.

Amendments to AASB 5

17           The following subheading and paragraphs are added to AASB 5:

Reduced Disclosure Requirements

Aus1.9 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 33(b), 33(d), 41(d) and 42; and

(b)         the second and third sentence in paragraph 35, including paragraphs 35(a)-(c).

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.10 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text. 

Amendments to AASB 7

18           The following subheading and paragraphs are added to AASB 7:

Reduced Disclosure Requirements

Aus2.9 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 6, 9-11B, 12C, 15, 18, 19, 20(c), 20(d), 20A, 25-27, 27A, 27B, 30(b)-(e), 31-42,
B1-B4 and B7-B28;

(b)         in paragraph 8(a), the text “, showing separately … AASB 9”;

(c)          in paragraph 8(e), the text “, showing separately … AASB 139”;

(d)         in paragraph 20(a)(i), the text “, showing separately … AASB 9”;

(e)          in paragraph 20(a)(v), the text “, showing separately … AASB 139”;

(f)           in paragraph 23(d), the text “, showing
the … income”; and

(g)         the fourth sentence in paragraph 28, including paragraphs 28(a) and (b).

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus2.10 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Aus2.11 RDR paragraphs in this Standard apply only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR18.1 For loans payable recognised at the end of the reporting period for which there is a breach of terms or default of principal, interest, sinking fund, or redemption terms that has not been remedied by the end of the reporting period, an entity applying Australian Accounting Standards – Reduced Disclosure Requirements shall disclose the following:

(a) details of that breach or default;

(b) the carrying amount of the related loans payable at the end of the reporting period; and

(c) whether the breach or default was remedied, or the terms of the loans payable were renegotiated, before the financial statements were authorised for issue.

RDR27.1 An entity applying Australian Accounting Standards – Reduced Disclosure Requirements shall disclose, for all financial assets and financial liabilities that are measured at fair value, the basis for determining fair value, for example quoted market price in an active market or a valuation technique.  When a valuation technique is used, the entity shall disclose the assumptions applied in determining fair value for each class of financial assets or financial liabilities.  For example, if applicable, an entity discloses information about the assumptions relating to prepayment rates, rates of estimated credit losses, and interest rates or discount rates.

Amendments to AASB 8

19           The following subheading and paragraphs are added to AASB 8:

Reduced Disclosure Requirements

Aus2.6 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.  By virtue of paragraph Aus2.1 this Standard applies to Tier 1 entities preparing general purpose financial statements in accordance with Australian Accounting Standards.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of the excluded requirements.

Amendments to AASB 101

20           The following subheading and paragraphs are added to AASB 101:

Reduced Disclosure Requirements

Aus1.8 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 10(f), 15, 16, Aus16.1, Aus16.3, 39(c), 42(b), 61, 65, 80A, 90-92, 94, 104, 131 and 134-Aus138.6;

(b)         the second sentence in paragraph 39; and

(c)          in paragraph 107, the text “, and the related amount per share”.   

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Aus1.10 RDR paragraphs in this Standard apply only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR15.1  Financial statements shall present fairly the financial position, financial performance and cash flows of an entity applying Australian Accounting Standards – Reduced Disclosure Requirements.  Fair presentation requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the Framework.  The application of Australian Accounting Standards – Reduced Disclosure Requirements, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation.

RDR16.1 An entity whose financial statements comply with Australian Accounting Standards – Reduced Disclosure Requirements shall make an explicit and unreserved statement of such compliance in the notes.  An entity shall not describe financial statements as complying with Australian Accounting Standards – Reduced Disclosure Requirements unless they comply with all the requirements of Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements would not be able to state compliance with IFRSs.

21           Paragraph Aus15.1 is renumbered as Aus15.3 and amended as follows (new text is underlined and deleted text is struck through):

Aus15.3 The Corporations Act requires an entity’s financial report to comply with Australian Accounting Standards accounting standards made by the AASB and, if necessary to give a true and fair view, to disclose further information to be disclosed in the notes.

22           Paragraph Aus15.2 is renumbered as Aus15.1 and amended as follows (new text is underlined):

Aus15.1 An entity shall disclose in the notes a statement whether the financial statements have been prepared in accordance with Australian Accounting Standards or Australian Accounting Standards – Reduced Disclosure Requirements.

23           Paragraph Aus15.3 is renumbered as Aus15.2 and amended as follows (new text is underlined and deleted text is struck through):

Aus15.2 The financial reporting framework applied in the preparation of the financial statements is identified in the summary of accounting policies so that users understand the basis on which the financial statements has have been prepared.  In addition to stating whether the financial statements have been prepared in accordance with Australian Accounting Standards or Australian Accounting Standards – Reduced Disclosure Requirements, it may also be appropriate to indicate the relevant statutory and other requirements adopted in the preparation of the financial statements.

Amendments to AASB 102

24           The following subheading and paragraphs are added to AASB 102:

Reduced Disclosure Requirements

Aus1.8 Paragraphs 36(c), 36(g) and Aus36.1(f) of this Standard do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 107

25           The following subheading and paragraphs are added to AASB 107:

Reduced Disclosure Requirements

Aus1.8 Paragraphs Aus20.1, Aus20.2, 40, 41, 46, 50(d) and 52 of this Standard do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 108

26           The following subheading and paragraphs are added to AASB 108:

Reduced Disclosure Requirements

Aus2.9 Paragraphs 28(b), 28(d), 28(e), 28(h), 30, 31 and 40 of this Standard do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus2.10 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Aus2.11 The RDR paragraph in this Standard applies only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR28.1  An entity applying Australian Accounting Standards – Reduced Disclosure Requirements shall disclose an explanation if it is impracticable to determine the amounts required to be disclosed by paragraph 28(f)(i) or 28(g).

27           Paragraph 7 is amended as follows (new text is underlined):

7 When an Australian Accounting Standard1 specifically applies to a transaction, other event or condition, the accounting policy or policies applied to that item shall be determined by applying the Standard.

____________________

1   The term ‘Australian Accounting Standards’ refers to Standards (including Interpretations) made by the AASB that apply to any reporting period beginning on or after 1 January 2005.  In this context, the term encompasses Australian Accounting Standards – Reduced Disclosure Requirements, which some entities are permitted to apply in accordance with AASB 1053 Application of Tiers of Australian Accounting Standards in preparing general purpose financial statements.

Amendments to AASB 110

28           The following subheading and paragraphs are added to AASB 110:

Reduced Disclosure Requirements

Aus1.8 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 13, 19 and 20; and

(b)         in paragraph 22(a), the text “(AASB 3 … in such cases)”.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 111

29           The following subheading and paragraphs are added to AASB 111:

Reduced Disclosure Requirements

Aus1.8 Paragraphs 40, 41 and 45 of this Standard do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 112

30           The following subheading and paragraphs are added to AASB 112:

Reduced Disclosure Requirements

Aus1.8 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 81(ab), 81(f), 81(i)-(k), 82
and 87-87C; and

(b)         the second sentence in paragraph 82A.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Aus1.10 The RDR paragraph in this Standard applies only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR81.1  An entity applying Australian Accounting Standards – Reduced Disclosure Requirements shall disclose the aggregate amount of current and deferred income tax relating to items recognised in other comprehensive income.

Amendments to AASB 116

31           The following subheading and paragraphs are added to AASB 116:

Reduced Disclosure Requirements

Aus1.8 Paragraphs 73(e)(viii), 74(b), 74(d), 77(e), Aus77.1
and 79 of this Standard do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text, except for comparative disclosures subject to RDR paragraphs.

Aus1.10 The RDR paragraph in this Standard applies only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR73.1 An entity applying Australian Accounting Standards – Reduced Disclosure Requirements is not required to disclose the reconciliation specified in paragraph 73(e) for prior periods.

Amendments to AASB 117

32           The following subheading and paragraphs are added to AASB 117:

Reduced Disclosure Requirements

Aus1.8 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 31(c), 31(d), 35(b) and 48;

(b)         in paragraph 31(b), the text “a reconciliation … present value.” and, in the second sentence, the text “In addition, an entity shall disclose” and “and their present value,”;

(c)          in paragraph 35(c), the text “, with separate amounts … sublease payments”; and

(d)         in paragraph 56(a), the words “in the aggregate and”.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 119

33           The following subheading and paragraphs are added to AASB 119:

Reduced Disclosure Requirements

Aus1.7 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 30(c)(ii), 34B, 47, 120, 120A(c), 120A(d), 120A(e)(i)-(iii), 120A(e)(vii), 120A(e)(viii), 120A(l), 120A(n)(iii), 120A(o)-(q), 124(b) and 143;

(b)         the third sentence in paragraph 23;

(c)          in paragraph 120A(g), the text “for each of … in paragraph 58(b)”;

(d)         in paragraph 120A(m), the text “, as well as … paragraph 104A”; and

(e)          the second sentence in paragraph 131.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.8 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text, except for comparative disclosures subject to RDR paragraphs.

Aus1.9 RDR paragraphs in this Standard apply only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR120A.1 An entity applying Australian Accounting Standards – Reduced Disclosure Requirements shall disclose a reconciliation of opening and closing balances of the defined benefit obligation showing separately benefits paid and all other changes.  These disclosures may be made in total, separately for each plan, or in such groupings as are considered to be the most useful.

RDR120A.2 An entity applying Australian Accounting Standards – Reduced Disclosure Requirements is not required to disclose the reconciliations specified in paragraphs 120A(e) and RDR120A.1 for prior periods.

Amendments to AASB 121

34           The following subheading and paragraphs are added to AASB 121:

Reduced Disclosure Requirements

Aus2.8 Paragraphs 55-57 of this Standard do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus2.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 123

35           The following subheading and paragraphs are added to AASB 123:

Reduced Disclosure Requirements

Aus1.6 Paragraph 26(b) of this Standard does not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with this excluded requirement.

Aus1.7 The requirement that does not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 124

36           The following subheading and paragraphs are added to AASB 124:

Reduced Disclosure Requirements

Aus1.11 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs Aus13.1, 26, 27 and Aus29.1-Aus29.9.3;

(b)         in paragraph 17, the text “and for each of …
(e) share-based payment”; and

(c)          in paragraph 22, the text “(see paragraph 34B of AASB 119)”.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.12 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 127

37           The following subheading and paragraphs are added to AASB 127:

Reduced Disclosure Requirements

Aus1.6 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 41(b), 41(e), 41(f), 42, 43(b), 43(c) and Aus43.1; and

(b)         in paragraph 43, the text “(other than a parent covered by paragraph 42)”.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.7 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Aus1.8 The RDR paragraph in this Standard applies only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR43.1 A parent, venturer with an interest in a jointly controlled entity or an investor in an associate, that prepares separate financial statements applying Australian Accounting Standards – Reduced Disclosure Requirements, shall disclose a description of the methods used to account for the investments in subsidiaries, jointly controlled entities and associates.

Amendments to AASB 128

38           The following subheading and paragraphs are added to AASB 128:

Reduced Disclosure Requirements

Aus1.9 Paragraphs 37(b)-(i) of this Standard do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.10 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 131

39           The following subheading and paragraphs are added to AASB 131:

Reduced Disclosure Requirements

Aus1.8 Paragraph 56 of this Standard does not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with this excluded requirement.

Aus1.9 The requirement that does not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements is identified in this Standard by shading of the relevant text.

Amendments to AASB 133

40           The following subheading and paragraphs are added to AASB 133:

Reduced Disclosure Requirements

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.  By virtue of paragraph Aus1.1 this Standard applies to Tier 1 entities preparing general purpose financial statements in accordance with Australian Accounting Standards.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of the excluded requirements.

Amendments to AASB 134

41           The following subheading and paragraphs are added to AASB 134:

Reduced Disclosure Requirements

Aus1.10 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 5(f), 16(g), 19 and 21; and

(b)         in paragraph 16(i), the sentence “.  In the case
of … required by AASB 3 Business Combinations”.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.11 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Aus1.12 The RDR paragraph in this Standard applies only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR19.1 If an entity’s interim financial report is in compliance with this Standard as it applies to entities applying the Australian Accounting Standards – Reduced Disclosure Requirements, that fact shall be disclosed.  An interim financial report shall not be described as complying with Australian Accounting Standards – Reduced Disclosure Requirements unless it complies with all of the requirements of Australian Accounting Standards – Reduced Disclosure Requirements.

Amendments to AASB 136

42           The following subheading and paragraphs are added to AASB 136:

Reduced Disclosure Requirements

Aus1.8 Paragraphs 129-137 of this Standard do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 137

43           The following subheading and paragraphs are added to AASB 137:

Reduced Disclosure Requirements

Aus1.8 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 84(b), 84(e) and 85(c);

(b)         in paragraph 75, the text “If an entity starts
to … of the financial statements.”; and

(c)          in paragraph 85(b), the text “.  Where
necessary … paragraph 48”.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 138

44           The following subheading and paragraphs are added to AASB 138:

Reduced Disclosure Requirements

Aus1.8 Paragraphs 118(e)(vii), 120, 124(a)(iii), Aus124.1
and 128 of this Standard do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text, except for comparative disclosures subject to RDR paragraphs.

Aus1.10 The RDR paragraph in this Standard applies only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR118.1 An entity applying Australian Accounting Standards – Reduced Disclosure Requirements is not required to disclose the reconciliations specified in
paragraph 118(e) for prior periods.

Amendments to AASB 140

45           The following subheading and paragraphs are added to AASB 140:

Reduced Disclosure Requirements

Aus1.6 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 75(b), 75(c), 75(f), 76(e), 77, 79(d)(vi), 79(d)(vii) and 79(e);

(b)         in paragraph 75(d), the text “, including a statement … market data”;

(c)          in paragraph 76(a), the text “, disclosing separately … an asset”; and

(d)         in paragraph 79(d)(i), the text “, disclosing separately … an asset”. 

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.7 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text, except for comparative disclosures subject to RDR paragraphs.

Aus1.8 The RDR paragraph in this Standard applies only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR76.1 An entity applying Australian Accounting Standards – Reduced Disclosure Requirements is not required to disclose the reconciliation specified in paragraph 76 for prior periods.

Amendments to AASB 141

46           The following subheading and paragraphs are added to AASB 141:

Reduced Disclosure Requirements

Aus1.8 Paragraphs 40, 43-46, 48, 49, 51-53, 54(c), 55, 56
and 57(c) of this Standard do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.9 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Aus1.10 The RDR paragraph in this Standard applies only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

RDR50.1 An entity applying Australian Accounting Standards – Reduced Disclosure Requirements is not required to disclose the reconciliation specified in paragraph 50 for prior periods.

Amendments to AASB 1050

47           The following subheading and paragraphs are added to AASB 1050:

Reduced Disclosure Requirements

6A The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a) paragraphs 7(a)(ii), 7(b)(ii) and 8; and

(b) in paragraph 14, the words “and by activity” in the third sentence.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

6B The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to AASB 1052

48           The following subheading and paragraphs are added to AASB 1052:

Reduced Disclosure Requirements

10A Paragraphs 11-21 of this Standard do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

10B The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

Amendments to Interpretation 2

49           The following subheading and paragraphs are added to
Interpretation 2:

Reduced Disclosure Requirements

Aus13.5 Paragraph 13 of this Interpretation does not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with this excluded requirement.

Aus13.6 The requirement that does not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements is identified in this Interpretation by shading of the relevant text.

Amendments to Interpretation 4

50           The following subheading and paragraphs are added to
Interpretation 4:

Reduced Disclosure Requirements

Aus15.6 The text “, but: … elements in the arrangement” in paragraph 15(b) of this Interpretation does not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with this excluded requirement.

Aus15.7 The requirement that does not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements is identified in this Interpretation by shading of the relevant text.

Amendments to Interpretation 5

51           The following subheading and paragraphs are added to
Interpretation 5:

Reduced Disclosure Requirements

Aus13.5 Paragraphs 11 and 13 of this Interpretation do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with one or both of these excluded requirements.

Aus13.6 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Interpretation by shading of the relevant text.

Amendments to Interpretation 15

52           The following subheading and paragraphs are added to
Interpretation 15:

Reduced Disclosure Requirements

Aus23.5 Paragraphs 20 and 21 of this Interpretation do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with one or both of these excluded requirements.

Aus23.6 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Interpretation by shading of the relevant text.

Amendments to Interpretation 17

53           The following subheading and paragraphs are added to
Interpretation 17:

Reduced Disclosure Requirements

Aus17.5 Paragraphs 16 and 17 of this Interpretation do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with one or both of these excluded requirements.

Aus17.6 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Interpretation by shading of the relevant text.

Amendments to Interpretation 127

54           The following subheading and paragraphs are added to
Interpretation 127:

Reduced Disclosure Requirements

Aus11.7 Paragraphs 10 and 11 of this Interpretation do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with one or both of these excluded requirements.

Aus11.8 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Interpretation by shading of the relevant text.

Amendments to Interpretation 129

55           The following subheading and paragraphs are added to
Interpretation 129:

Reduced Disclosure Requirements

Aus7.6 Paragraphs 6, 6A and 7 of this Interpretation do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.  Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus7.7 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Interpretation by shading of the relevant text.

Amendments to Interpretation 1052

56           The following subheading and paragraphs are added to
Interpretation 1052:

Reduced Disclosure Requirements

23A The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a) paragraph 16; and

(b) the first and second sentence in paragraph 59.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

23B The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Interpretation by shading of the relevant text.

Appendix

early application of Australian Accounting Standards – reduced disclosure requirements

This Appendix is an integral part of this Standard.

A1 The Australian Accounting Standards – Reduced Disclosure Requirements may be applied early to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013.  The amendments set out in paragraphs 12-56 of this Standard also apply to all the versions of pronouncements applicable to such periods when the Australian Accounting Standards – Reduced Disclosure Requirements are applied early, with the exception of AASB 7 Financial Instruments: Disclosures and AASB 124 Related Party Disclosures.  The amendments to those Standards are set out below.

Amendments Applying from 1 July 2009

Amendments to AASB 7

A2 The following subheading and paragraphs are added to the versions of AASB 7 that apply to annual reporting periods beginning on or after
1 July 2009 but before 1 January 2013:

Reduced Disclosure Requirements

Aus2.9 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs 6, 9-11, 12A(b), 12A(e), 15, 18, 19, 20(c), 20(d), 25-27, 27A, 27B, 30(b)-(e), 31-42, B1-B4 and B7-B28;

(b)         in paragraph 8(a), the text “, showing separately … AASB 139”;

(c)          in paragraph 8(e), the text “, showing separately … AASB 139”;

(d)         in paragraph 20(a)(i), the text “, showing separately … AASB 139”;

(e)          in paragraph 23(d), the text “, showing
the … income”; and

(f)           the fourth sentence in paragraph 28, including paragraphs 28(a) and (b).

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus2.10 RDR paragraphs in this Standard apply only to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

Aus2.11 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

RDR18.1 For loans payable recognised at the end of the reporting period for which there is a breach of terms or default of principal, interest, sinking fund, or redemption of terms that has not been remedied by the end of the reporting period, an entity preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements shall disclose the following:

(a) details of that breach or default;

(b) the carrying amount of the related loans payable at the end of the reporting period; and

(c) whether the breach or default was remedied, or the terms of the loans payable were renegotiated, before the financial statements were authorised for issue.

RDR27.1 An entity applying Australian Accounting Standards – Reduced Disclosure Requirements shall disclose, for all financial assets and financial liabilities that are measured at fair value, the basis for determining fair value, for example quoted market price in an active market or a valuation technique.  When a valuation technique is used, the entity shall disclose the assumptions applied in determining fair value for each class of financial assets or financial liabilities.  For example, if applicable, an entity discloses information about the assumptions relating to prepayment rates, rates of estimated credit losses, and interest rates or discount rates.

A3 The version of AASB 7 that applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013 is also the version that applies to periods beginning on or after 1 July 2013.  Therefore, the amendments set out in paragraph 18 of this Standard also apply to that version of AASB 7 when Australian Accounting Standards – Reduced Disclosure Requirements are applied early to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013.

Amendments to AASB 124

A4 The following subheading and paragraphs are added to the version of AASB 124 that applies to annual reporting periods beginning on or after 1 July 2009 that begin before 1 January 2011:

Reduced Disclosure Requirements

Aus1.12 The following do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements:

(a)         paragraphs Aus12.1 and Aus25.1-Aus25.9.3;

(b)         in paragraph 16, the text “and for each
of … (e) share-based payment”; and

(c)          in paragraph 20, the text “(see paragraph 34B … December 2004)”.

Entities applying Australian Accounting Standards – Reduced Disclosure Requirements may elect to comply with some or all of these excluded requirements.

Aus1.13 The requirements that do not apply to entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements are identified in this Standard by shading of the relevant text.

A5 The version of AASB 124 that applies to annual reporting periods beginning on or after 1 January 2011 but before 1 July 2013 is also the version that applies to periods beginning on or after 1 July 2013.  Therefore, the amendments set out in paragraph 36 of this Standard also apply to that version of AASB 124 when Australian Accounting Standards – Reduced Disclosure Requirements are applied early to annual reporting periods beginning on or after 1 January 2011 but before 1 July 2013.