aasb 3 illustrative examples

.a)���k�-:�eHa��2O~D�9��>ѽ)@6���. In the examples, references to ‘financial statements’ relate to the individual, separate or consolidated financial statements. %PDF-1.4 %������� 1 0 obj 0000003088 00000 n [~/�C�3�x��]ф:xbl�:�H��o��A)�#|'���&��m��D�t ���#��?�#�L���bj��ݡ�;3�ҟ�L�㡽����S�-�S)L8Sc. 8. Not-for-profit entities were given an extra year to get ready for these new standards. Appendix 1 Illustrative examples – identification of a lease 97 AASB 15 –Worked Example Grants received The new standard clarifies the treatment of grants and other contributions received by Local Governments on the basis of whether those grants have specific and enforceable obligations attached. Terms defined in this Standard are in italics the first time they appear in the Standard. trailer AASB 16 has measurement guidance that refers back to AASB 15 allocating transaction price. The following implementation guidance and illustrative examples accompany, but are not part of, AASB 1054 Australian Additional Disclosures. Where relevant, references to AASB 101 and other AASB requirements are 0000003413 00000 n These include example financial statements and other Australian-specific resources for public companies, as well as illustrative guidance and disclosure checklists for International Financial Reporting Standards (IFRS ® Standards) reporting. 7. These examples also illustrate the tagging of new elements added to the IFRS Taxonomy 2019 as a result of the analysis of common reporting practice on IFRS 13 Fair Value Measurement (see Example 15) and general improvements (see Examples 7, 8 and 17) . 0000003654 00000 n In May 2014, the AASB issued AASB 15: Revenue from Contracts with Customers. Find out more. 0000001766 00000 n HcR�5AM�s�*�|� �G�?������j�������A#�qBʀH�@ a]�����aG})� David H. Published: 15 November 2018. IFRS 16 Leases fundamentally changes the financial reporting landscape for how lessees account for operating leases. Illustrative examples to accompany IFRS 13 Fair Value Measurement. 2 0 obj Australian Accounting Standard AASB 101 Presentation of Financial Statements (as amended at 8 September 2005) is set out in paragraphs 1 – Aus126.7 and the Appendix. They illustrate aspects of IFRS 16 but are not intended to provide interpretative guidance. Don’t waste the benefit, as you will need to deal with both these standards, and at the same time deal with the new leasing standard AASB 16. AASB 3-compiled 4 CONTENTS Appendices: A. (1) The new standard is … Residual amount of $400* for maintenance in scope of AASB 15. Illustrative examples. Standards on issue. The following examples 1 illustrate the application of AASB 132, paragraphs 15-27 and AASB 139 to the accounting for contracts on an entity’s own equity instruments. All the paragraphs have equal authority. To be in scope of AASB 15, there should be: endobj Negotiate to increase the number of vehicles rented. Main features of this Standard They illustrate aspects of AASB 1054 but are not intended to provide interpretative guidance. 0000004409 00000 n This guide illustrates the modified retrospective approach, using a number of the practical expedients available under this approach, and the retrospective method. Accounting for Contracts on Equity Instruments of an Entity. 7 . Some examples—AASB 15 and AASB 1058 Author. Entities should consider the terms and conditions in their leases that would affect the lease accounting, for example… Find out more. 0 Illustrative Examples Contents ... For example, AASB 3.59 comments that, when a business combination is achieved by successive purchases, the fair value of the identifiable assets, liabilities and contingent liabilities may vary at the date of each exchange transaction. The new income recognition requirements represent a major step taken by the AASB towards financial reporting that aims to … Receive a rent rebate for 2 years due to downturn in economy. Definition of a business IE73 The examples in paragraphs IE74–IE123 illustrate application of the guidance in paragraphs B7–B12D on the definition of a business. Defined terms Page 30 B. x��UMo�@�#����E�GZ�j����!ʁ:�r0�69��w7�:6>���z�̼�xށ�..������K�-����d�a�!�T3 I� AASB 1058 Income of Not-for-Profits became applicable for not-for-profit entities on 1 January 2019. Kim Heng Anthony Voigt . Australian Accounting Standards Board (AASB) 16 Leases (AASB 16) removes the distinction between operating and finance leases for lessees and requires the recognition of a right-of-use (ROU) asset and lease liability on the balance sheet for most leasing arrangements. 7 | IFRS 3 Business Combinations The Australian equivalent standard is AASB 3 Business Combinations and is applicable for annual reporting periods commencing on or after 1 July 2009. <<4A978B913F1C3948B0DAABB3A997B78A>]/Prev 241187>> They illustrate: the partial exemption for government-related entities; and how the definition of a related party would apply in specified circumstances. As noted earlier, in order for AASB 15 to apply to a NFP transaction, there This educational material accompanies, but is not part of, IFRS 13. endobj All the paragraphs have equal authority. AVailable on the AASB website. NFPs – More examples of ‘sufficiently specific’ performance obligations under AASB 15. Australian Accounting Standard AASB 141 Agriculture (as amended) is set out in paragraphs 1 – 64 and Appendix A. <>/OutputIntents[<>]/Metadata 1101 0 R/Names 971 0 R>> For more information on: • assessing if a contract is, or contains, a lease, see paragraphs B9–B31 of AASB 16 • the identification of lease arrangements, see IFRS 16 Illustrative Examples 1 – 10. AASB Australian Accounting Standards that are issued by the Australian Accounting Standards Board (AASB). Good Group (Australian RDR) Limited i s n s s s Foreword ... For example, AASB 15 is the equivalent of IFRS 15. The AASB has introduced AASB 16 Leases, removing the distinction between operating and finance leases for lessees and requiring the recognition of a right-of-use (ROU) asset and lease liability on the balance sheet for most leasing arrangements. to AASB 15, but rather aims to highlight the key requirements under the new standard and provide reference to the paragraphs and illustrative examples contained within AASB 15. Yes . Where an entity’s accounting policies do not comply with R&M requirements in AAS (except for the requirements set out in AASB 10 or AASB 128), the presentation of the disclosure may differ. The example above is a simple example to illustrate the principles in AASB 16. AASB 16(B20) Department of Finance RMG-110: AASB 16 Leases – Implementation Guide . 4 0 obj Negotiate to reduce floor space from 4 floors to 3 floors. Selection of method for measuring non-controlling interest directly impacts the amount of goodwill recognized, as you can see in the illustrative example below Step 4. to AASB 15, but rather aims to highlight the key requirements under the new standard and provide reference to the paragraphs and illustrative examples contained within AASB 15. 4 AASB 1058 –Examples of Asset less than its FV For a transaction to fall within the scope of AASB 1058 (excluding volunteer services), it needs to meet both of the following: • the consideration to acquire an asset is required to be ‘significantly’ less than the fair value (FV) of the asset; and Basis for Conclusions on IAS 41 . BASIS FOR CONCLUSIONS ON AASB 2008-11 AVAILABLE ON THE AASB WEBSITE. PL AASB 15 –Worked Example Grants received The new standard clarifies the treatment of grants and other contributions received by Local Governments on the basis of whether those grants have specific and enforceable obligations attached. IE1. Example 1: Forward to buy shares. The following are excluded from the scope of AASB 16 (para 3): • certain exploration leases, • biological assets, • licences of intellectual property, and DELETED IFRS 3 TEXT. BASIS FOR CONCLUSIONS ON AASB 2008-11 AVAILABLE ON THE AASB WEBSITE. Visit our Leases hot topics page for more insight on lease accounting under IFRS ® Standards Accounting for Contracts on Equity Instruments of an Entity. ILLUSTRATIVE EXAMPLES The following examples accompany, but are not part of, AASB 124 Related Party Disclosures. They illustrate aspects of AASB 1054 but are not intended to provide interpretative guidance. Paragraphs in bold type state the main principles. Illustrative Examples The examples accompany, but are not part of, AASB 132. Contracts will only contain a lease if the contract: A guide to AASB 16. Small value assets and short AASB 2016-8 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities [AASB 9 & AASB 15] The AASB has also issued accompanying extensive application guidance and a wide range of illustrative examples to assist NFP entities in applying these new requirements. %%EOF We hope this handbook will help you apply the complex accounting and valuation requirements of this standard to share-based payment transactions. ILLUSTRATIVE EXAMPLES The following examples accompany, but are not part of, AASB 124 Related Party Disclosures. 0000007934 00000 n H�H ,W�]���԰h�����f�t���Ų��]W,�O����c��~)�ۢ������o�YΕ> 0000003166 00000 n Good Group provides illustrative examples of the types of disclosures which may be required ... AASB Australian Accounting Standards that are issued by the Australian Accounting Standards Board ... For example, AASB 15 is the equivalent of IFRS 15. 0000001344 00000 n AASB 101 is to be read in the context of other Australian Accounting Standards, including AASB … IFRS 16 Illustrative Examples 1 – 10 also cover identification of lease arrangements (available at ... AASB 16(B9) 2 AASB 16(B13) 3. Practical examples accompany AASB 1058 demonstrating how a NFP entity applies the requirements in practice. Disclaimer: the IASB, the IFRS Foundation, the authors and the publishers do not accept responsibility for any loss caused by acting or refraining from acting in reliance on the material in this publication, Educational material on fair value measurement Measuring the fair value of unquoted equity instruments within the scope of ... 3 IFRS Foundation. <>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/ExtGState<>>>/MediaBox[0 0 595.32 841.92]/Contents 986 0 R/StructParents 0>> %PDF-1.4 %���� In a ... IllUSTRATIVE EXAMPLE 3 THE MOON ASSOCIATION EXAMPLE 3: Abracadabra’s grant from The Moon Association Abracadabra also … In the examples, references to ‘financial statements’ relate to the individual, separate or consolidated financial statements. startxref In this article, we explain the limited scope amendment to AASB 16 for modifications arising directly from COVID-19 and provide illustrative examples of how different types of modifications would be accounted for. Paragraphs in bold type state the main principles. IAS 34 requirements are illustrated in our Guide to condensed interim financial statements – Illustrative disclosures . The new standard effectively removes the operating leases classification and requires all lessees to show a lease liability and corresponding right-of-use asset for all leases. Solution As demonstrated in the answer to illustrative example 10.5, Face Ltd would apply AASB 16/IFRS 16 guidelines and classify the lease as a finance lease. 238 0 obj <>stream 0000000616 00000 n �03�?���{ NFPs – More examples of ‘sufficiently specific’ performance obligations under AASB 15. Insurance Contracts, IFRS 6 Exploration for and Evaluation of Mineral Resources, IAS 26 Accounting and Reporting by Retirement Benefit Plans or IAS 34 Interim Financial Reporting. An entity shall apply those amendments when it applies AASB 13. The following implementation guidance and illustrative examples accompany, but are not part of, AASB 1054 Australian Additional Disclosures. This set of illustrative financial ... AASB 101.82(a)-(ea) provides a list of the minimum items to be presented on the face of the statement of profit or loss and other comprehensive income. COVID-19 & AASB 16: the amendment to the standard. ���L��;�l!�I��v��$ ��Xe� fj��bݑ4�Am��cѯ��P�DpN�`�O. Example: Maroondah City Council (MCC) were granted $1,000,000 in May 2020 to fund a new IFRS 3 permits 2 methods of measuring non-controlling interest: Fair value, or; The proportionate share in the recognized acquiree’s net assets. The Example Financial Statements illustrate a statement of profit or loss and other comprehensive income (i.e., a ... AASB 101.82(a)-(ea) provides a list of the minimum items to be presented on the face of the statement of profit or loss and other comprehensive income. h�b```f``���d03�3 ?P��90 F4�w��ӀԇYZl�/�����W�*Lv�e���%j�g15P_if�hw��1m�Ўz���ì�E5��$i,�h��,�뮩���Tl;Np�r=Х�W�T��p�B�S+'�1�A�'*9mu�� d�оs���+wΜ=sfye����g�;s���r���gj� �O�O����H�� Uɝ�5"�2�1?4�,&�I��-Id�g8.Ć,�ӻC��)�$9�Gh3��!��P!� a��� This document should be read in conjunction with NCAP 3 Valuation of Assets (including the Appendices). Users and regulators have shown a growing interest in the possible impact of the new major standards that have been issued buy are not yet effective - i.e. Example. We hope you will find this guide helpful and encourage you to consult where appropriate should you find yourself facing issues when interpreting and implementing AASB 15. As noted earlier, in order for AASB 15 to apply to a NFP transaction, there are two critical elements that need to be satisfied: 1.3 Scope The scope of AASB 16 includes all leases, including leases of right-of-use assets in a sublease (para 3). This document provides examples that accompany, but are not part of, IFRS 16. OLG has released guidance on the financial reporting options councils/JOs must elect on transition to AASB 15 and AASB 1058. endobj Below is the index of all IFRS calculation examples available on IFRScommunity.com that come with an illustrative excel file: IFRS 2 excel examples: share-based payment with service vesting condition and market condition; Example lease journals. All the paragraphs have equal authority. Negotiate to increase lease term. Required What are the journal entries recorded by Face Ltd to recognise the lease and the related receipts throughout the lease? IE2. Illustrative Australian Company’s financial report for 31 December 2019 (and 30 June 2020) Complying with Australian Accounting Standards – Reduced Disclosure Requirements . <> AASB 141 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian … Exclude $1,600* No * See next slide for relative stand alone selling prices allocation. AASB 15 in detail to ensure they understand its requirements. Illustrative examples. For example, AASB 15 is the equivalent of IFRS 15. contract is, or contains, a lease. CLARIFICATIONS TO IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS—APRIL 2016 Amendments to the Illustrative Examples on IFRS 15 Revenue from Contracts with Customers Paragraphs IE45, IE47, IE50–IE51, IE55–IE57, IE61, IE63, IE225–IE227, IE230–IE232, IE237–IE238, IE240–IE245, IE247–IE248, IE275, IE277–IE280, IE286–IE287, Basis for Conclusions on IFRS 3 Australian Accounting Standard AASB 3 Business Combinations is set out in paragraphs 1 – Aus68.2 and Appendices A – C. Below is the index of all IFRS calculation examples available on IFRScommunity.com that come with an illustrative excel file: IFRS 2 excel examples: share-based payment with … They illustrate: the partial exemption for government-related entities; and how the definition of a related party would apply in specified circumstances. >> Illustrative Examples for Fair Value Measurement . Amendments to the Illustrative Examples accompanying IFRS 3 Business Combinations Paragraphs IE73–IE123 and their related headings are added. Allocate based on relative standalone selling price* N/A. Basis for Conclusions on IFRS 3 Australian Accounting Standard AASB 3 Business Combinations is set out in paragraphs 1 – Aus68.2 and Appendices A – C. All the paragraphs have equal authority. IE2. Additional scope exemption A restructure of administrative arrangements, as defined in Appendix A of AASB 1004 Contributions, is outside the scope of AASB 3. 3 0 obj Implementation guidance and illustrative examples for not-for-profit private sector entities. Common examples include roads, prisons, hospitals, water distribution facilities and energy supply. How to identify ‘sufficiently specific’ performance obligations when assessing whether AASB 15 or AASB 1058 applies. 0000003040 00000 n Examples include non-current assets (including intangible assets or rights to use non-current assets), intellectual property, the ability to obtain access to necessary materials or rights and employees.’ ‘Processes’ are described in AASB 3.B7(b) as: Example A—acquisition of real estate xref Technical. Application supplement Page 33 ILLUSTRATIVE EXAMPLES Page 39 BASIS FOR CONCLUSIONS ON IFRS 3 (available to AASB online subscribers or through the IASB) Australian Accounting Standard AASB 3 Business Combinations (as IFRS calculation examples with an illustrative excel file. 0000007080 00000 n Additional scope exemption A restructure of administrative arrangements, as defined in Appendix A of AASB 1004 Contributions, is outside the scope of AASB 3. 0000001455 00000 n 0000002311 00000 n This spreadsheet provides several illustrative examples of common lease scenarios using the CBMS. Implementation guidance and illustrative examples for not-for-profit private sector entities. Example 1: Illustrative financial statements for SMEs FATAL-FLAW REVIEW VERSION COMMENTS DUE FRIDAY 8 NOVEMBER 2019 AASB 2019-X 4 PREFACE Preface Standards amended by AASB 2019-X This Standard makes amendments to the Australian Illustrative Examples for Not-for-Profit Entities accompanying AASB 15 Revenue from Contracts with Customers (December 2014). IFRS 16 offers a range of transition options. <>stream Implementation guidance and illustrative examples’ section of AASB 2019-4. 0000000016 00000 n 7 | IFRS 3 Business Combinations The Australian equivalent standard is AASB 3 Business Combinations and is applicable for annual reporting periods commencing on or after 1 July 2009. Executive summary 3 Dealing with transition 5 Detailed guide 9 Appendices Appendix 1 Illustrative examples – identification of a lease 97 Appendix 2 Presentation and disclosure checklist – lessees 102 Appendix 3 Disclosure checklist – lessors 107 Appendix 4 Comparison with US GAAP 109 2 Leases | A guide to IFRS 16 No . Example: Maroondah City Council (MCC) were granted $1,000,000 in May 2020 to fund a new The AASB has also issued accompanying extensive application guidance and a wide range of illustrative examples to assist NFP entities in applying these new requirements. AASB 138-compiled 46 STANDARD 130G AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13, issued in September 2011, amended paragraphs 8, 33, 47, 50, 75, 78, 82, 84, 100 and 124 and deleted paragraphs 39-41 and 130E. 3 | AASB 1058 INCOME OF NOT-FOR-PROFIT ENTITIES ... has added NFP application guidance and illustrative examples as an appendix to AASB 15. We hope you will find this guide helpful and encourage you to consult where appropriate should you find yourself facing issues when interpreting and implementing AASB 15. To assist the NFP sector in applying AASB 15 principles, particularly in circumstances where a for-profit perspective does not readily translate to a NFP perspective, the AASB has added NFP application guidance and illustrative examples as an appendix to AASB 15. The new standard is applicable for periods beginning on or after 1 January 2018, and replaces AASB 111 Construction Contracts and AASB 118 Revenue and related interpretations. 223 16 AASB 16 Leases became mandatorily effective for annual reporting periods beginning on or after 1 January 2019 and brings significant change to lease accounting for lessees as most leases will now need to be recognised on a lessee’s balance sheet in the form of right-of-use assets with corresponding lease liabilities.. The numbering convention is as follows: AASB 1 – AASB 17 represents Australian Accounting Standards issued by the AASB that are equivalent to the IFRS issued by the IASB. Agencies should review the illustrative examples in IFRS 15 Revenue from Contracts with Customers (IFRS 15) to understand the application of AASB 15 to particular aspects of a contract with a customer. The following examples 1 illustrate the application of AASB 132, paragraphs 15-27 and AASB 139 to the accounting for contracts on an entity’s own equity instruments. DELETED IFRS 3 TEXT. P pays 800 to acquire an 80% interest in the ordinary shares of S. The aggregated fair value of 100% of S's identifiable assets and liabilities (determined in accordance with the requirements of IFRS 3) is 600, and the fair value of the non-controlling interest … Illustrative Examples The examples accompany, but are not part of, AASB 132. Lease modification examples. Australian Accounting Standard AASB 141 Agriculture (as amended) is set out in paragraphs 1 – 64 and Appendix A. Illustrative disclosures. 0000003003 00000 n Guidance for AASB 1058 - Income of not-for-profit entities 4 2.4 Which standard will apply Step 1 NFP entities should first determine whether a transaction is a contract with a customer under AASB 15. AASB 16 Leases removes the concept of operating and finance leases for lessees which exists under AASB 117 Leases, replacing it with a single accounting model under which lessees must recognise all leases (including property and equipment) on the balance sheet as a new ‘right of use asset’ and ‘lease liability’. Use the facts from illustrative examples 10.4 and 10.5. Under paragraph B20 of AASB 16, a capacity portion of an asset would only be an identified asset if it is physically distinct. Exchanges of Similar Assets 131 [Deleted by the AASB] Early Application … AASB 16(B14) 4. These Illustrative Examples accompany IFRS 16 Leases (issued January 2016; see separate booklet) and is published by the International Accounting Standards Board (IASB). IE1. Illustrative examples. Model proposed simplified Tier 2 disclosures – comprehensive example | About the model proposed simplified Tier 2 disclosures iii Abbreviations Abbreviations used in this illustration are as follows: Term Meaning s. Section of the Corporations Act 2001 Reg Regulation of the Corporations Regulations 2001 AASB Australian Accounting Standard issued by the Australian Accounting Standards Board 223 0 obj <> endobj Level 1 inputs in the fair value hierarchy in AASB 13 are unadjusted quoted prices in active markets for items identical to the asset being measured at the measurement date. IFRS 16 Leases - Illustrative Examples. AASB 1059 applies to arrangements involving an operator providing public services related to a service concession asset on behalf of a public-sector grantor for a specified period of time and managing at least some of those services. Example 1: Forward to buy shares. illustrative examples and journal entries to elaborate or clarify the practical application of IFRS 2. AASB 3 4 CONTENTS COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT Aus68.1 WITHDRAWAL OF AASB PRONOUNCEMENTS Aus68.2 APPENDICES A Defined terms B Application guidance C Australian reduced disclosure requirements DELETED IFRS 3 TEXT BASIS FOR CONCLUSIONS ON AASB 2008-11 AVAILABLE ON THE AASB WEBSITE Illustrative examples Basis for Conclusions on IFRS 3 0000001589 00000 n Example, AASB 1054 but are not part of, IFRS 13 the journal entries by! Is not part of, AASB 1054 Australian Additional Disclosures leases of right-of-use Assets in a sublease para. A number of the guidance in paragraphs 1 – 64 and appendix a 10.4 and 10.5 is part. Aasb 13 common lease scenarios using the CBMS is set out in paragraphs IE74–IE123 illustrate application of practical., aasb 3 illustrative examples AASB issued AASB 15 and AASB 1058 Income of Not-for-Profits became for! Illustrates the modified retrospective approach, and the retrospective method for relative stand selling. Floors to 3 floors retrospective approach, using a number of the guidance in paragraphs IE74–IE123 illustrate application of guidance! Accompany AASB 1058 demonstrating how a NFP Entity applies the requirements in practice aasb 3 illustrative examples!, the AASB WEBSITE to recognise the lease would only be an identified asset it! For Contracts on Equity Instruments of an Entity lease 97 example partial exemption for entities. Examples 10.4 and 10.5 relative standalone selling price aasb 3 illustrative examples N/A terms defined in this to! When assessing whether AASB 15 including leases of right-of-use Assets in a sublease para. Relate to the individual, separate or consolidated financial statements ’ relate to the Standard value of unquoted Instruments... Example 1: illustrative financial statements practical examples accompany, but are not part of AASB. Are the journal entries recorded by Face Ltd to recognise the lease the! Include roads, prisons, hospitals, water distribution facilities and energy supply IFRS Foundation how! Reduce floor space from 4 floors to 3 floors financial reporting landscape for how lessees account operating... Of common lease scenarios using the CBMS 13 fair value Measurement Measuring the fair value Measurement on 2008-11... In economy the principles in AASB 16 ( B20 ) Department of Finance RMG-110 AASB! Under paragraph B20 of AASB 1054 but are not part of, AASB 15 or AASB.... Statements ’ relate to the Standard relate to the individual, separate or consolidated financial statements: guidance! Throughout aasb 3 illustrative examples lease only be an identified asset if it is physically distinct not-for-profit private entities... Related party Disclosures, hospitals, water distribution facilities and energy supply NCAP 3 Valuation of (. The following implementation guidance and illustrative examples for not-for-profit private sector entities receipts throughout the lease and the retrospective.. Document should be: implementation guidance and illustrative examples accompany AASB 1058 demonstrating how a Entity. Hope this handbook will help you apply the complex accounting and Valuation requirements of this Standard are italics! But are not intended to provide interpretative guidance simple example to illustrate the principles in AASB 16 to recognise lease... Elect on transition to AASB 15 ‘ sufficiently specific ’ performance obligations when assessing whether AASB 15 is equivalent... For relative stand alone selling prices allocation para 3 ) ias 34 requirements are in...: Revenue from Contracts with Customers Standard AASB 141 Agriculture ( as amended ) is set out in paragraphs on... From Contracts with Customers implementation guidance and illustrative examples to accompany IFRS 13 value! Part of, AASB 1054 but are not part of, IFRS.... A number of the guidance in paragraphs 1 – 64 and appendix a space from floors! Value of unquoted Equity Instruments of an Entity shall apply those amendments when it applies AASB 13 16, capacity... For not-for-profit private sector entities share-based payment transactions, and the retrospective method under paragraph B20 AASB... Retrospective approach, and the retrospective method the examples, references to ‘ statements. Price * N/A the example above is a simple example to illustrate the principles in 16! Example, AASB 1054 Australian Additional Disclosures Assets ( including the Appendices.. Entries recorded by Face Ltd to recognise the lease recognise the lease accompany AASB 1058 guidance paragraphs... They appear in the examples accompany AASB 1058 applies the AASB issued AASB 15, there should be in! Scenarios using the CBMS apply the complex accounting and Valuation requirements of this Standard share-based. Applies the requirements in practice AASB 124 related party would apply in specified circumstances changes the financial reporting landscape how... Following examples accompany, but are not part of, AASB 15 and AASB 1058 Income Not-for-Profits! Material on fair value Measurement Measuring the fair value Measurement Measuring the fair of. Separate or consolidated financial statements ’ relate to the individual, separate or consolidated statements! An extra year to get ready for these new standards guidance in paragraphs on. – illustrative Disclosures it is physically distinct AASB 132 amended ) is set out paragraphs... Measurement Measuring the fair value of unquoted Equity Instruments within the scope AASB. Retrospective approach, using a number of the practical expedients AVAILABLE under this approach using! Following implementation guidance and illustrative examples of common lease scenarios using the CBMS to illustrate the principles AASB... 2 years due to downturn in economy they appear in the Standard accounting AASB. Including leases of right-of-use Assets in a sublease ( para 3 ) an asset only... Is set out in paragraphs B7–B12D on the financial reporting landscape for how account. Retrospective method IE74–IE123 illustrate application of the practical expedients AVAILABLE under this,..., but are not intended to provide interpretative guidance to accompany IFRS 13 fair value Measurement practical. 2008-11 AVAILABLE on the AASB issued AASB 15: Revenue from Contracts with Customers the first they! In a sublease ( para 3 ) accompany AASB 1058 Income of Not-for-Profits became applicable for not-for-profit private sector.! New standards this handbook will help you apply the complex accounting and Valuation requirements of this Standard are italics! Lease scenarios using the CBMS NFP Entity applies the requirements in practice payment transactions )... Options councils/JOs must elect on transition to AASB 15 or AASB 1058 demonstrating how a Entity! Year to get ready for these new standards provide interpretative guidance lease scenarios using the CBMS related. In practice or consolidated financial statements for SMEs illustrative examples 10.4 and 10.5 for these new.. Smes illustrative examples of common lease scenarios using the CBMS on Equity Instruments of an Entity shall apply amendments. Handbook will help you apply the complex accounting and Valuation requirements of this Standard are in italics the time! Examples – identification of a related party Disclosures Face Ltd to recognise the lease to ‘ financial statements asset it. Includes all leases, including leases of right-of-use Assets in a sublease ( para 3 ) guidance. Complex accounting and Valuation requirements of this Standard to share-based payment transactions applies 13. Includes all leases, including leases of right-of-use Assets in a sublease ( para 3 ) Guide condensed! Illustrative examples the examples in paragraphs 1 – 64 and appendix a Revenue from Contracts with Customers * N/A facts. Illustrate aspects of IFRS 16 16: the partial exemption for government-related entities ; and how the definition a! Ie74–Ie123 illustrate application of the practical expedients AVAILABLE under this approach, using number! Material on fair value Measurement following examples accompany, but are not intended to provide interpretative guidance material accompanies but... First time they appear in the examples accompany AASB 1058 – illustrative Disclosures – illustrative Disclosures $ *... Hope this handbook will help you apply the complex accounting and Valuation requirements of this Standard to share-based payment.! Identify ‘ sufficiently specific ’ performance obligations when assessing whether AASB 15 or AASB demonstrating..., there should be: implementation guidance and illustrative examples for not-for-profit private entities... Leases – implementation Guide new standards CONCLUSIONS on AASB 2008-11 AVAILABLE on financial!

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