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21 Dec. 2017

New Australian Accounting Standards

The AASB has made three amending Standards and one new principal Standard:

AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections
The effective date of the amendments made by AASB 2014-10 has been deferred to annual periods beginning on or after 1 January 2022 and numerous editorial corrections. Effective for annual periods beginning on or after 1 January 2018.

AASB 2017-6 Amendments to Australian Accounting Standards – Prepayment Features with Negative Compensation
Narrow-scope amendments to AASB 9 Financial Instruments permit entities to measure at amortised cost or fair value through other comprehensive income particular financial assets. Effective for annual periods beginning on or after 1 January 2019, with earlier application permitted.

AASB 2017-7 Amendments to Australian Accounting Standards – Long-term Interests in Associates and Joint Ventures
Narrow-scope amendments to AASB 128 Investments in Associates and Joint Ventures clarify that an entity is required to account for long-term interests in an associate or joint venture using AASB 9 Financial Instruments before applying the loss allocation and impairment requirements in AASB 128. Effective for annual periods beginning on or after 1 January 2019, with earlier application permitted.

AASB 1048 Interpretation of Standards
A new principal version of AASB 1048 providing an up-to-date listing of Australian Interpretations. Effective for annual periods ending on or after 31 December 2017.