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23 Feb. 2018

New Australian Accounting Standard

AASB 2018-1 Amendments to Australian Accounting Standards – Annual Improvements 2015–2017 Cycle now available on the AASB website. It is effective for annual periods beginning on or after 1  January 2019.

The Standard makes amendments in relation to previously held interests in a joint operation (amending AASB 3 Business Combinations and AASB 11 Joint Arrangements), income tax consequences of payments on financial instruments classified as equity (AASB 112 Income Taxes) and borrowing costs eligible for capitalisation (AASB 123 Borrowing Costs).