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3 Sep. 2015

Editorial reissuance of AASB Standards and Interpretations that incorporate IFRSs

The AASB has reissued most of its Standards but no disclosure is necessary under AASB 108 because the reissued versions will have no impact on financial statements in comparison with the previous versions.

The AASB has reissued most of its Standards (and Interpretations) that incorporate IFRSs to make editorial changes.  The editorial changes will enable the AASB to issue Australian versions of IFRSs more efficiently.  Accordingly, no disclosure is necessary under AASB 108 in relation to these issued but not yet effective Standards.

The reissued Standards and Interpretations are listed in the attached Appendix, along with further notes on format changes and initial application.

As part of the reissuance, the AASB has moved the application paragraphs that identify the reporting entities and general purpose financial statements to which the pronouncements apply to a new Standard, AASB 1057 Application of Australian Accounting Standards.  However, the application requirements have not been amended.

The reissued versions have a range of application dates, from annual periods beginning on or after 1 January 2016 to annual periods beginning on or after 1 January 2018.  The application date is now specified in each version under an ‘Effective date’ heading.  The ‘amendment signpost’ paragraphs remaining under that heading identify the amendments and related pronouncements that need to be applied at the same time as a new version, rather than representing subsequent amendments.

Paragraphs identifying the Reduced Disclosure Requirements (RDR) have been moved to a separate appendix in the reissued versions, but the shading has been retained.

A new version of AASB 1048 Interpretation of Standards has also been issued, to add references to the new versions of Interpretations.