AASB 2011-12 - Amendments to Australian Accounting Standards arising from Interpretation 20 - November 2011

AASB Standard AASB 2011- 12 November 2011 Amendments to Australian Accounting Standards arising from Interpretation 20 [ 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 Other Enquiries Phone: (03) 9617 7600 Fax: (03) 9617 7608 E-mail: [email protected] COPYRIGHT © Commonwealth of Australia 2011 This AASB Standard contains IFRS 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 IFRS Foundation at www.ifrs .org. ISSN 1036-4803 CONTENTS Preface Accounting Standard AASB 2011- 12 AmenDMENTS TO aUSTRALIAN aCCOUNTING sTANDARDS aRISING FROM Interpretation 20 Paragraphs Objective 1 Application 2 − 4 Amendments to AASB 1 5 − 7 Australian Accounting Standard AASB 2011- 12 Amendments to Australian Accounting Standards a rising f rom Interpretation 20 is set out in paragraphs 1 − 7 . All the p a ragraphs have equal authority. Preface Standards Amended by AASB 2011- 12 Th is Standard makes amendments to Australian Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards . These a mendments arise from the issuance of IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine . Application date This Standard applies to annual reporting periods beginning on or after 1 January 2013. This Standard is applied when AASB Interpretation 20 is applied. Earlier application is permitted for annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013. aCCOUNTING STANDARD AASB 2011- 12 The Australian Accounting Standards Board makes Accounting Standard AASB 2011- 12 Amendments to Australian Accounting Standards arising from Interpretation 20 under section 334 of the Corporations Act 2001 . Kevin M. Stevenson Dated 14 November 2011 Chair – AASB aCCOUNTING STANDARD AASB 2011- 12 AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS ARISING FROM Interpretation 20 Objective 1 The o bjective of this Standard is to make amendments to AASB 1 First-time Adoption of Australian Accounting Standards a s a consequence of the issuance of IFRIC Interpretation 20 by the International Accounting Standards Board in October 2011 . 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 January 2013 . 4 This Standard shall be applied when Interpretation 20 is applied. This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013 provided Interpretation 20 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. Amendments to AASB 1 5 In Appendix D, paragraph D1 is amended as follows (new text is underlined and deleted text is struck through): D1 An entity may elect to use one or more of the following exemptions: (a) share-based payment transactions (paragraphs D2 and D3); … (m) financial assets or intangible assets accounted for in accordance with Interpretation 12 Service Concession Arrangements (paragraph D22); (n) borrowing costs (paragraph D23); (o) transfers of assets from customers (paragraph D24); (p) extinguishing financial liabilities with equity instruments (paragraph D25); (q) severe hyperinflation (paragraphs D26–D30); and (r) joint arrangements (paragraph D31) . ; and (s) stripping costs in the production phase of a surface mine (paragraph D32). 6 After paragraph D31 a heading and paragraph D32 are added: Stripping costs in the production phase of a surface mine D32 A first-time adopter may apply the transitional provisions set out in paragraphs A 2 to A4 of AASB Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine as identified in AASB 1048 . 7 After paragraph 39L paragraph 39M is added: 39M AASB 2011- 12 Amendments to Australian Accounting Standards arising from AASB Interpretation 20 added paragraph D32 and amended paragraph D1. An entity shall apply that amendment when it applies AASB Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine as identified in AASB 1048 .