AASB 2009-7 - Amendments to Australian Accounting Standards - June 2009

AASB Standard AASB 2009-7 June 2009 Amendments to Australian Accounting Standard s [ AASB 5, 7 , 107, 112, 136 & 139 and Interpretation 1 7 ] Obtaining a Copy of this Accounting Standard This Standard is available o n the AASB website: www.aasb.gov .au. Alternatively, printed copies of this Standard are available for purchase by contacting: The Customer Service Officer Australian Accounting Standards Board Level 7 600 Bourke Street Melbourne Victoria AUSTRALIA Postal address: PO Box 204 Collins St reet West Vic toria 8007 AUSTRALIA Phone: (03) 9617 7637 Fax: (03) 9617 7608 E-mail: [email protected] .au Website: www.aasb.gov .au COPYRIGHT © Commonwealth of Australia 2009 This AASB Standard contains International Accounting Standards Committee Foundation copyright material. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Director of Finance and Administration , Australian Accounting Standards Board, PO Box 204 , Collins Street West , Victoria 8007. All existing rights in this material are reserved outside Australia . Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the International Accounting Standards Committee Foundation at www.iasb.org ISSN 1036-4803 Other Enquiries Phone: (03) 9617 7600 Fax: (03) 9617 7608 E-mail: [email protected] .au CONTENTS Preface Accounting Standard AASB 2009-7 AmenDMENTS TO aUSTRALIAN aCCOUNTING sTANDARDS Paragraphs Objective 1 Application 2 – 6 Amendment s to AASB 5 7 – 8 Amendment s to AASB 7 9 – 10 Amendment to AASB 107 11 Amendment to AASB 112 12 Amendment to AASB 136 13 Amendment s to AASB 139 14 – 15 Amendment to Interpretation 17 16 Australian Accounting Standard AASB 2009-7 Amendments to Australian Accounting Standards is set out in paragraphs 1 – 16 . All the pa ragraphs have equal authority. Preface Standards Amended by AASB 2009-7 Th is Standard makes amendments to the following Australian Accounting Standards and Interpretation : AASB 5 Non-current Assets Held for Sale and Discontinued Operations ; AASB 7 Financial Instruments: Disclosures ; AASB 107 Statement of Cash Flows ; AASB 112 Income Taxes ; AASB 136 Impairment of Assets ; AASB 139 Financial Instruments: Recognition and Measurement ; and Interpretation 17 Distributions of Non-cash Assets to Owners . These a mendments arise from editorial corrections by the AASB and by the International Accounting Standards Board (IASB). Main Features of this Standard Application Date This Standard is applicable to annual reporting periods beginning on or after 1 July 2009 . Early adoption is permitted for annual reporting periods beginning before 1 July 2009 that end on or after 1 July 2008 . Main Requirements The amendments to AASB 5, AASB 7, AASB 139 and Interpretation 17 correct errors that occurred in AASB 2008-12 Amendments to Australian Accounting Standards – Reclassification of Financial Assets – Effective Date and Transiti on , AASB 2008-13 Amendments to Australian Accounting Standards arising from AASB Interpretation 17 – Distributions of Non-cash Assets to Owners and Interpretation 17 itself . T he other amendments reflect changes made by the IASB to its pronouncements . These editorial amendments have no major impact on the requirements of the amended pronouncements. aCCOUNTING STANDARD AASB 2009-7 The Australian Accounting Standards Board makes Accounting Standard AASB 2009-7 Amendments to Australian Accounting Standards under section 334 of the Corporations Act 2001 . Bruce Porter Dated 25 June 2009 Acting Chair – AASB aCCOUNTING STANDARD AASB 2009-7 AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARD S Objective 1 The o bjective of this Standard is to make editorial amendments to: (a) AASB 5 Non-current Assets Held for Sale and Discontinued Operations ; (b) AASB 7 Financial Instruments: Disclosures ; (c) AASB 107 Statement of Cash Flows ; (d) AASB 112 Income Taxes ; (e) AASB 136 Impairment of Assets ; (f) AASB 139 Financial Instruments: Recognition and Measurement ; and (g) Interpretation 17 Distributions of Non-cash Assets to Owners . Application 2 In respect of AASB 107 , this Standard applies to: (a) each entity that is required to prepare financial reports in accordance with Par t 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, genera l purpose financial statements. 3 Subject to paragraph 2 , 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 enti ty; and (c) financial statements that are, or are held out to be, genera l purpose financial statements. 4 This Standard applies to annual reporting periods beginning on or after 1 July 2009 . 5 This Standard may be applied to annual reporting periods beginning before 1 July 2009 that end on or after 1 July 2008 . If an entity applies this Standard to such an annual reporting period, it shall disclose that fact. 6 This Standard uses underlining, striking out and other typographical material to identify some of the amendments to a Standard or an Interpretation, 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 5 7 Paragraph 5A is amended as follows (new text is underlined and deleted text is struck through) : 5A The classification, presentation and measurement requirements in this IFRS Standard applicable to a non-current asset (or disposal group) … 8 Paragraph Aus44D is renumbered as 44D and amended as follows (new text is underlined and deleted text is struck through): 44D Paragraphs 5A, 12A and 15A were added and paragraph 8 was amended by this Standard which arose from AASB Interpretation 17 Distributions of Non-cash Assets to Owners AASB 2008-13 Amendments to Australian Accounting Standards arising from AASB Interpretation 17 – Distributions of Non-cash Assets to Owners in December 2008. Those amendments shall be applied prospectively to non-current assets (or disposal groups) that are classified as held for distribution to owners in annual reporting periods beginning on or after 1 July 2009. Retrospective application is not permitted. Earlier application is permitted. If an entity applies the amendments for a period beginning on or after 1 January 2005 but before 1 July 2009 it shall disclose that fact and also apply AASB 3 (March 2008, as amended), AASB 127 Consolidated and Separate Financial Statements (as amended in May July 2008) and AASB Interpretation 17 Distributions of Non-cash Assets to Owners . Amendments to AASB 7 9 Paragraph Aus44E is renumbered as 44E and amended as follows (new text is underlined and deleted text is struck through): 44E AASB 2008-10 Amendments to Australian Accounting Standards – Reclassification of Financial Assets , issued in November October 2008, amended paragraph 12 and added paragraph 12A. An entity shall apply those amendments on or after 1 July 2008. 10 Paragraph Aus44F is renumbered as 44F and amended as follows (new text is underlined and deleted text is struck through): 44F AASB 2008-12 Amendments to Australian Accounting Standards – Reclassification of Financial Assets – Effective Date and Transition , issued in Decem ber 2008, amended added paragraph Aus 44E. An entity shall apply that amendment on or after 1 July 2008. Amendment to AASB 107 11 Paragraph 20(b) is amended as follows (new text is underlined and deleted text is struck through): 20 Under the indirect method, the net cash flow from operating activities is determined by adjusting profit or loss for the effects of: (a) … (b) non ‑ cash items such as depreciation, provisions, deferred taxes, unrealised foreign currency gains and losses, and undistributed profits of associates , and non-controlling interests ; and (c) … Amendment to AASB 112 12 In Appendix B accompanying AASB 112, in the penultimate paragraph of Example 6 – Replacement Awards in a Business Combination , ‘tax deductible’ is amended to ‘tax-deductible’. Amendment to AASB 136 13 In the Illustrative Examples accompanying AASB 136, in paragraph IE65, ‘non-controlling interest’ (wherever occurring) is amended to ‘non-controlling interests’. Amendments to AASB 139 14 Paragraph Aus103H is renumbered as 103H and amended as follows (new text is underlined and deleted text is struck through): 103H AASB 2008-10 Amendments to Australian Accounting Standards – Reclassification of Financial Assets , issued in November October 2008, amended paragraphs 50 and AG8, and added paragraphs 50B - 50F. An entity shall apply thos e amendments on or after 1 July 2008. … 15 Paragraph Aus103I is renumbered as 103I and amended as follows (new text is underlined and deleted text is struck through): 103I AASB 2008-12 Amendments to Australian Accounting Standards – Reclassification of Financial Assets – Effective Date and Transition , issued in December 2008, amended added paragraph Aus 103H. An entity shall apply that ame ndment on or after 1 July 2008. Amendment to Interpretation 1 7 16 Paragraph Aus17.3 is amended as follows (new text is underlined and deleted text is struck through): Aus17.3 Earlier application is permitted. If an entity applies this Interpretation for a period beginning on or after 1 January 2005 but before 1 July 2009, it shall disclose that fact and also apply AASB 3 (March 2008, as amended), AASB 127 (as amended in May July 2008) and AASB 5 (as amended by this Interpretation AASB 2008-13 Amendments to Australian Accounting Standards arising from AASB Interpretation 17 – Distributions of Non-cash Assets to Owners ).