AASB 2009-13 - Amendments to Australian Accounting Standards arising from Interpretation 19 - December 2009

AASB Standard AASB 2009-13 December 2009 Amendment s to Australian Accounting Standards arising from Interpretation 19 [ AASB 1 ] 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 2009-13 AmenDMENT s TO aUSTRALIAN aCCOUNTING sTANDARDS arising FROM Interpretation 19 Paragraphs Objective 1 Application 2 – 4 Amendment s to AASB 1 5 Australian Accounting Standard AASB 2009-13 Amendment s to Australian Accounting Standard s arising from Interpretation 19 is set out in paragraphs 1 – 5 . All the pa ragraphs have equal authority. Preface Standard Amended by AASB 2009-13 Th is Standard makes amendment s to Australian Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards . These a mendment s arise s from the issuance of IFRIC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments . aCCOUNTING STANDARD AASB 2009-13 The Australian Accounting Standards Board makes Accounting Standard AASB 2009-13 Amendment s to Australian Accounting Standards arising from Interpretation 19 under section 334 of the Corporations Act 2001 . Kevin M . Stevenson Dated 21 December 2009 Chair – AASB aCCOUNTING STANDARD AASB 2009-13 AMENDMENT s TO AUSTRALIAN ACCOUNTING STANDARDS arising from Interpretation 19 Objective 1 The o bjective of this Standard is to make amendment s to AASB 1 First-time Adoption of Australian Accounting Standards a s a consequence of the issuance of IFRIC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments by the International Accounting Standards Board in November 2009 . Application 2 T his 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 This Standard applies to annual reporting periods beginning on or after 1 July 2010 . 4 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2010 provided Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments 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. Amendment s to AASB 1 5 After paragraph D24 in Appendix D, a heading and paragraph D25 are added. Extinguishing financial liabilities with equity instruments D25 A first-time adopter may apply the transitional provision s in Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments as identified in AASB 1048.