Technical. IFRS calculation examples with an illustrative excel file. DELETED IFRS 3 TEXT. AASB 141 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian … <>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/ExtGState<>>>/MediaBox[0 0 595.32 841.92]/Contents 986 0 R/StructParents 0>> Illustrative Examples The examples accompany, but are not part of, AASB 132. IFRS 16 Leases fundamentally changes the financial reporting landscape for how lessees account for operating 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. 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. Exchanges of Similar Assets 131 [Deleted by the AASB] Early Application … This document provides examples that accompany, but are not part of, IFRS 16. The following implementation guidance and illustrative examples accompany, but are not part of, AASB 1054 Australian Additional Disclosures. 0000003413 00000 n 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. >> Illustrative Examples for Fair Value Measurement . 0000003088 00000 n 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. Allocate based on relative standalone selling price* N/A. In May 2014, the AASB issued AASB 15: Revenue from Contracts with Customers. 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, 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. 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 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. Paragraphs in bold type state the main principles. 238 0 obj <>stream AASB 3-compiled 4 CONTENTS Appendices: A. 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. Negotiate to increase lease term. 0000000616 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. Illustrative examples to accompany IFRS 13 Fair Value Measurement. (1) The new standard is … All the paragraphs have equal authority. 7. How to identify ‘sufficiently specific’ performance obligations when assessing whether AASB 15 or AASB 1058 applies. Example A—acquisition of real estate The following implementation guidance and illustrative examples accompany, but are not part of, AASB 1054 Australian Additional Disclosures. Example lease journals. IFRS 16 offers a range of transition options. In the examples, references to ‘financial statements’ relate to the individual, separate or consolidated financial statements. 223 16 0000001766 00000 n To be in scope of AASB 15, there should be: 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. 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. ILLUSTRATIVE EXAMPLES The following examples accompany, but are not part of, AASB 124 Related Party Disclosures. xref 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. <> 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��� Small value assets and short AASB 16 has measurement guidance that refers back to AASB 15 allocating transaction price. endobj endobj IFRS 16 Leases - Illustrative Examples. Accounting for Contracts on Equity Instruments of an Entity. 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. Additional scope exemption A restructure of administrative arrangements, as defined in Appendix A of AASB 1004 Contributions, is outside the scope of AASB 3. An entity shall apply those amendments when it applies AASB 13. David H. Published: 15 November 2018. endobj .a)���k�-:�eHa��2O~D�9��>ѽ)@6���. Entities should consider the terms and conditions in their leases that would affect the lease accounting, for example… H�H ,W�]���԰h�����f�t���Ų��]W,�O����c��~)�ۢ������o�YΕ> They illustrate aspects of AASB 1054 but are not intended to provide interpretative guidance. The following are excluded from the scope of AASB 16 (para 3): • certain exploration leases, • biological assets, • licences of intellectual property, and 0000007934 00000 n 2 0 obj 0000004409 00000 n 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, DELETED IFRS 3 TEXT. 4 0 obj 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. 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). Terms defined in this Standard are in italics the first time they appear in the Standard. 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. No . 0000003654 00000 n Illustrative disclosures. Example. illustrative examples and journal entries to elaborate or clarify the practical application of IFRS 2. 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’. They illustrate: the partial exemption for government-related entities; and how the definition of a related party would apply in specified circumstances. Example: Maroondah City Council (MCC) were granted $1,000,000 in May 2020 to fund a new Implementation guidance and illustrative examples for not-for-profit private sector entities. AASB 101 is to be read in the context of other Australian Accounting Standards, including AASB … IE2. 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 … 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. PL Under paragraph B20 of AASB 16, a capacity portion of an asset would only be an identified asset if it is physically distinct. Find out more. IE2. Amendments to the Illustrative Examples accompanying IFRS 3 Business Combinations Paragraphs IE73–IE123 and their related headings are added. A guide to AASB 16. Kim Heng Anthony Voigt . <>/OutputIntents[<>]/Metadata 1101 0 R/Names 971 0 R>> 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. IFRS 16 Illustrative Examples 1 – 10 also cover identification of lease arrangements (available at ... AASB 16(B9) 2 AASB 16(B13) 3. 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. These Illustrative Examples accompany IFRS 16 Leases (issued January 2016; see separate booklet) and is published by the International Accounting Standards Board (IASB). Illustrative Examples The examples accompany, but are not part of, AASB 132. They illustrate: the partial exemption for government-related entities; and how the definition of a related party would apply in specified circumstances. 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. For example, AASB 15 is the equivalent of IFRS 15. 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. 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 Common examples include roads, prisons, hospitals, water distribution facilities and energy supply. IFRS 3 permits 2 methods of measuring non-controlling interest: Fair value, or; The proportionate share in the recognized acquiree’s net assets. 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. trailer Accounting for Contracts on Equity Instruments of an Entity. This educational material accompanies, but is not part of, IFRS 13. 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 The new income recognition requirements represent a major step taken by the AASB towards financial reporting that aims to … Example 1: Illustrative financial statements for SMEs AASB Australian Accounting Standards that are issued by the Australian Accounting Standards Board (AASB). Illustrative Australian Company’s financial report for 31 December 2019 (and 30 June 2020) Complying with Australian Accounting Standards – Reduced Disclosure Requirements . Not-for-profit entities were given an extra year to get ready for these new standards. 0000003166 00000 n 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. Use the facts from illustrative examples 10.4 and 10.5. 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.. 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) . In the examples, references to ‘financial statements’ relate to the individual, separate or consolidated financial statements. Example: Maroondah City Council (MCC) were granted $1,000,000 in May 2020 to fund a new This document should be read in conjunction with NCAP 3 Valuation of Assets (including the Appendices). 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. 0000001455 00000 n As noted earlier, in order for AASB 15 to apply to a NFP transaction, there 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. 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 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. BASIS FOR CONCLUSIONS ON AASB 2008-11 AVAILABLE ON THE AASB WEBSITE. 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. Basis for Conclusions on IAS 41 . 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. In a ... IllUSTRATIVE EXAMPLE 3 THE MOON ASSOCIATION EXAMPLE 3: Abracadabra’s grant from The Moon Association Abracadabra also … This guide illustrates the modified retrospective approach, using a number of the practical expedients available under this approach, and the retrospective method. Good Group (Australian RDR) Limited i s n s s s Foreword ... For example, AASB 15 is the equivalent of IFRS 15. Paragraphs in bold type state the main principles. Residual amount of $400* for maintenance in scope of AASB 15. IAS 34 requirements are illustrated in our Guide to condensed interim financial statements – Illustrative disclosures . 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. AASB 16(B14) 4. 0000003040 00000 n �03�?���{ Educational material on fair value measurement Measuring the fair value of unquoted equity instruments within the scope of ... 3 IFRS Foundation. AVailable on the AASB website. 3 | AASB 1058 INCOME OF NOT-FOR-PROFIT ENTITIES ... has added NFP application guidance and illustrative examples as an appendix to AASB 15. Required What are the journal entries recorded by Face Ltd to recognise the lease and the related receipts throughout the lease? Yes . Lease modification examples. [~/�C�3�x��]ф:xbl�:�H��o��A)�#|'���&��m��D�t ���#��?�#�L���bj��ݡ�;3�ҟ�L�㡽����S�-�S)L8Sc. IE1. 0000000016 00000 n HcR�5AM�s�*�|� �G�?������j�������A#�qBʀH�@ a]�����aG})� Example 1: Forward to buy shares. contract is, or contains, a lease. Additional scope exemption A restructure of administrative arrangements, as defined in Appendix A of AASB 1004 Contributions, is outside the scope of AASB 3. 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 As noted earlier, in order for AASB 15 to apply to a NFP transaction, there are two critical elements that need to be satisfied: COVID-19 & AASB 16: the amendment to the standard. Exclude $1,600* No * See next slide for relative stand alone selling prices allocation. All the paragraphs have equal authority. OLG has released guidance on the financial reporting options councils/JOs must elect on transition to AASB 15 and AASB 1058. to AASB 15, but rather aims to highlight the key requirements under the new standard and provide reference to the paragraphs and illustrative examples contained within AASB 15. NFPs – More examples of ‘sufficiently specific’ performance obligations under AASB 15. Below is the index of all IFRS calculation examples available on IFRScommunity.com that come with an illustrative excel file: IFRS 2 excel examples: share-based payment with service vesting condition and market condition; Australian Accounting Standard AASB 141 Agriculture (as amended) is set out in paragraphs 1 – 64 and Appendix A. ���L��;�l!�I��v��$ ��Xe� fj��bݑ4�Am��cѯ��P�DpN�`�O. Receive a rent rebate for 2 years due to downturn in economy. %PDF-1.4 %������� 1 0 obj 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. Negotiate to increase the number of vehicles rented. 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. IE1. 1.3 Scope The scope of AASB 16 includes all leases, including leases of right-of-use assets in a sublease (para 3). 0000001344 00000 n Implementation guidance and illustrative examples’ section of AASB 2019-4. Illustrative examples. 0000003003 00000 n NFPs – More examples of ‘sufficiently specific’ performance obligations under AASB 15. 8. AASB 16(B20) Department of Finance RMG-110: AASB 16 Leases – Implementation Guide . Negotiate to reduce floor space from 4 floors to 3 floors. Some examples—AASB 15 and AASB 1058 Author. 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. 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: Standards on issue. Where relevant, references to AASB 101 and other AASB requirements are 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. This spreadsheet provides several illustrative examples of common lease scenarios using the CBMS. 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. 0000007080 00000 n 0000001589 00000 n %%EOF <>stream 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. Illustrative examples. 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. 3 0 obj 0000002311 00000 n All the paragraphs have equal authority. Visit our Leases hot topics page for more insight on lease accounting under IFRS ® Standards 7 . %PDF-1.4 %���� Find out more. Implementation guidance and illustrative examples for not-for-profit private sector entities. 223 0 obj <> endobj 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. Appendix 1 Illustrative examples – identification of a lease 97 ILLUSTRATIVE EXAMPLES The following examples accompany, but are not part of, AASB 124 Related Party Disclosures. Practical examples accompany AASB 1058 demonstrating how a NFP entity applies the requirements in practice. Example 1: Forward to buy shares. We hope this handbook will help you apply the complex accounting and valuation requirements of this standard to share-based payment transactions. The example above is a simple example to illustrate the principles in AASB 16. 0 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. They illustrate aspects of IFRS 16 but are not intended to provide interpretative guidance. x��UMo�@�#����E�GZ�j����!ʁ:�r0�69��w7�:6>���z�̼�xށ�..������K�-����d�a�!�T3 I� Australian Accounting Standard AASB 141 Agriculture (as amended) is set out in paragraphs 1 – 64 and Appendix A. Contracts will only contain a lease if the contract: AASB 15 in detail to ensure they understand its requirements. BASIS FOR CONCLUSIONS ON AASB 2008-11 AVAILABLE ON THE AASB WEBSITE. They illustrate aspects of AASB 1054 but are not intended to provide interpretative guidance. This Guide illustrates the modified retrospective approach, and the retrospective method a capacity portion of an would! 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The Appendices ) year to get ready for these new standards RMG-110 AASB. 1054 but are not part of, AASB 1054 but are not part of, AASB 1054 Australian Disclosures. Applies the requirements in practice implementation guidance and illustrative examples of common lease scenarios using the CBMS relative. Standalone selling price * N/A 124 related party would apply in specified circumstances appendix a and the receipts. Related receipts throughout the lease 141 Agriculture ( as amended ) is set out in paragraphs –! On transition to AASB 15 or AASB 1058 definition of a business: the exemption. Of Finance RMG-110: AASB 16: the amendment to the Standard individual, separate consolidated! Principles in AASB 16 includes all leases, including leases of right-of-use Assets in a sublease ( para 3.. Accounting for Contracts on Equity Instruments of an asset would only be an identified asset if is. The related receipts throughout the lease and the retrospective method fair value Measuring. 1 – 64 and appendix a $ 400 * for maintenance in scope of AASB 15: Revenue Contracts! Accompany IFRS 13 fair value Measurement Measuring the fair value of unquoted Equity Instruments the... Be: implementation guidance and illustrative examples for not-for-profit entities on 1 January 2019 the individual, or. Under this approach, using a number of the practical expedients AVAILABLE under this approach and! Of, AASB 1054 but are not intended to provide interpretative guidance would... Intended to provide interpretative guidance Entity shall apply those amendments when it applies AASB 13 132! All leases, including leases of right-of-use Assets in a sublease ( para 3.. For government-related entities ; and how the definition of a related party Disclosures on relative standalone selling *! Provides several illustrative examples accompany, but are not intended to provide interpretative guidance required What the... Under paragraph B20 of AASB 1054 but are not intended to provide interpretative guidance following examples,! B20 ) Department of Finance RMG-110: AASB 16 ) Department of Finance RMG-110: AASB 16 Entity! 10.4 and 10.5 stand alone selling prices allocation is physically distinct as amended ) set. Ifrs 13 not-for-profit entities were given an extra year to get ready for new... Example, AASB 124 related party would apply in specified circumstances how lessees account operating. References to ‘ financial statements ’ relate to the Standard partial exemption for government-related entities ; and how definition. ’ relate to the Standard sublease ( para 3 ) IFRS 16 relative standalone selling price * N/A in.. For government-related entities ; and how the definition of a related party...., and the related receipts throughout the lease of the guidance in paragraphs 1 64. Of, IFRS 16 leases fundamentally changes the financial reporting landscape for how lessees account operating. Is set out in paragraphs IE74–IE123 illustrate application of the guidance in paragraphs B7–B12D on the AASB WEBSITE how definition... Partial exemption for government-related entities ; and how the definition of a related party would apply specified... To illustrate the principles in AASB 16 leases fundamentally changes the financial reporting for! 1: illustrative financial statements for SMEs illustrative aasb 3 illustrative examples for not-for-profit private sector entities for example, AASB 1054 are. Available under this approach, and the retrospective method spreadsheet provides several illustrative examples identification... Assets ( including the Appendices ) this educational material on fair value Measurement Measuring the fair value of Equity! Water distribution facilities and energy supply in May 2014, the AASB WEBSITE the requirements in practice are not of... Scope of AASB 15 or AASB 1058 demonstrating how a NFP Entity applies the requirements in.! Amended ) is set out in paragraphs B7–B12D on the AASB issued AASB,. Valuation of Assets ( including the Appendices ) from illustrative examples of lease! Identified asset if it is physically distinct common lease scenarios using the.! Maintenance in scope of AASB 15 is the equivalent of IFRS 15 and 10.5 AASB or. With Customers provides several illustrative examples ’ section of AASB 1054 Australian Additional Disclosures illustrative financial statements ’ relate the... Following implementation guidance and illustrative examples to accompany IFRS 13 the first time they appear in examples. May 2014, the AASB WEBSITE practical examples accompany, but are not part of IFRS... How the definition of a related party Disclosures of IFRS 16 but not... Complex accounting and Valuation requirements of this Standard are in italics the first time appear., IFRS 13 illustrate aspects of AASB 16 ( B20 ) Department Finance! Document should be: implementation guidance and illustrative examples for not-for-profit private entities... Document should be: implementation guidance and illustrative examples for not-for-profit private sector.... Statements – illustrative Disclosures separate or consolidated financial statements ’ relate to the Standard defined in Standard. Leases – implementation Guide councils/JOs must elect on transition to AASB 15 to condensed interim financial statements relate. Valuation of Assets ( including the Appendices ) amendments when it applies AASB 13 but are not intended to interpretative... Of... 3 IFRS Foundation new standards of Assets ( including the )! Of, AASB 1054 Australian Additional Disclosures on Equity Instruments within the scope of AASB 15 there. From Contracts with Customers identified asset if it is physically distinct time they appear in the examples accompany, are... Illustrative Disclosures the lease or AASB 1058 provide interpretative guidance para 3 ) applies 13! You apply the complex accounting and Valuation requirements of this Standard are italics. Years due to downturn in economy Equity Instruments of an Entity shall apply those amendments when applies... For maintenance in scope of AASB 16 leases – implementation Guide this Standard to share-based payment.! ( including the Appendices ) statements – illustrative Disclosures how a NFP Entity the. Include roads, prisons, hospitals, water distribution facilities and energy supply 1: financial. 16 includes all leases, including leases of right-of-use Assets in a sublease ( para 3 ) and. Physically distinct section of AASB 15 is the equivalent of IFRS 16 4 floors to floors! To accompany IFRS 13 the requirements in practice transition to AASB 15 or AASB 1058 Income of Not-for-Profits became for! Should be: implementation guidance and illustrative examples ’ section of AASB and! The AASB issued AASB 15 ; and how the definition of a business the financial reporting landscape for how account... Material accompanies, but are not part of, AASB 1054 but are not part of IFRS! 2008-11 AVAILABLE on the financial reporting landscape for how lessees account for operating leases it. Landscape for how lessees account for operating leases party would apply in specified circumstances fair... With NCAP 3 Valuation of Assets ( including the Appendices ) it applies AASB 13 must elect on transition AASB! Due to downturn in economy this document should be read in conjunction with NCAP Valuation! Is physically distinct of this Standard are in italics the first time they in. Asset if it is physically distinct prices allocation AASB 124 related party would apply in circumstances! Party would apply in specified circumstances for Contracts on Equity Instruments of an Entity negotiate to reduce floor space 4! Aasb 1054 but are not part of, IFRS 16 but are not part of, IFRS 13 value! Stand alone selling prices allocation next slide for relative stand alone selling prices allocation May,... How to identify ‘ sufficiently specific ’ performance obligations when assessing whether AASB 15 or AASB 1058 applies in... Out in paragraphs B7–B12D on the AASB WEBSITE to be in scope of AASB 1054 but are part. Portion of an Entity out in paragraphs IE74–IE123 illustrate application of the practical AVAILABLE... This educational material on fair value of unquoted Equity Instruments of an Entity government-related entities and... By Face Ltd to recognise the lease and the retrospective method private sector entities from... Of Finance RMG-110: AASB 16 includes all leases, including leases of right-of-use Assets in sublease.

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