AASB 2017-4 Amendments to Australian Accounting Standards – Uncertainty over Income Tax Treatments

AASB Standard AASB 2017- 4 July 2017 Amendments to A ustralian Accounting Standards – Uncertainty over Income Tax Treatments [ AASB 1 ] Obtaining a c opy of this Accounting Standard This Standard is available o n the AASB website: www.aasb.gov .au. Australian Accounting Standards Board PO Box 204 Collins Street West Victoria 8007 AUSTRALIA Phone: (03) 9617 7637 E-mail: [email protected] .au Website: www.aasb.gov.au Other enquiries Phone: (03) 9617 7600 E-mail: [email protected] .au COPYRIGHT © Com monwealth of Australia 2017 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 2017- 4 Amendments to Australian Accounting Standards - Uncertainty over Income Tax Treatments from page Objective 5 Application 5 Amendments to AASB 1 5 COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 5 Australian Accounting Standard AASB 2017- 4 Amendments to A ustralian Accounting Standards – Uncertainty over Income Tax Treatments is set out i n page 5 . All the pa ragraphs have equal authority. Preface Standards amended by AASB 2017- 4 Th is Standard makes amendments to AASB 1 First-time Adoption of Australian Accounting Standards (July 2015, as amended). Main features of this Standard Main requirements This standard amends AASB 1 to add paragraphs arising from AASB Interpretation 23 Uncertainty over Income Tax Treatments . Application date This Standard applies to annual periods beginning on or after 1 January 2019 . Earlier application is permitted. Accounting Standard AASB 2017- 4 The Australian Accounting Standards Board makes Accounting Standard AASB 2017- 4 Amendments to Australian Accounting Standards - Uncertainty over Income Tax Treatments under section 334 of the Corporations Act 2001 . Kris Peach Dated 31 July 2017 Chair – AASB Accounting Standard AASB 2017- 4 Amendments to Australian Accounting Standards - Uncertainty over Income Tax Treatments Objective This Standard amends AASB 1 First-time Adoption of Australian Accounting Standards as a consequence of the issuance of IFRIC Interpretation 23 Uncertainty over Income Tax Treatments by the International Accounting Standards Board in June 2017. Application The amendments set out in this Standard apply to entities and financial statements in accordance with the application of the other Standards set out in AASB 1057 Application of Australian Accounting Standards (as amended) . This Standard applies to annual periods beginning on or after 1 January 2019 . Earlier application is permitted. Amendments to AASB 1 Paragraph 39AF is added. 39AF AASB 2017- 4 Amendments to Australian Accounting Standards - Uncertainty over Income Tax Treatments added paragraph E8. An entity shall apply that amendment when it applies AASB Interpretation 23 Uncertainty over Income Tax Treatments , as identified in AASB 1048 Interpretation of Standards. In Appendix E, a heading and paragraph E8 are added. Uncertainty over income tax treatments E8 A first-time adopter whose date of transition to Australian Accounting Standards is before 1 July 2017 may elect not to reflect the application of AASB Interpretation 23 Uncertainty over Income Tax Treatments , as identified in AASB 1048 Interpretation of Standards , in comparative information in its first IFRS financial statements. An entity that makes that election shall recognise the cumulative effect of applying Interpretation 23 as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the beginning of its first IFRS reporting period. Commencement of the legislative instrument For legal purposes, this legislative instrument commences on 31 December 2018 .