Technical Update No.

2
to accompany
Australian Financial Accounting
6
th
edition by Craig Deegan
Prepared by Parmod Chand
December 2010 Technical update t/a Australian Financial Accounting 6e by Deegan
CONTENTS Page Number
Chapter 1: An Overview o the Au!tralian "#ternal $eporting "nvironment 6
Chapter 2: The Conceptual %ramewor& o Accounting and it! $elevance to %inancial Accounting 12
Chapter ': Theorie! o %inancial Accounting 1'
Chapter (: An Overview o Accounting or A!!et! 1(
Chapter ): Depreciation o *roperty+ *lant and ",uipment 1)
Chapter 6: $evaluation! and -mpairment Te!ting o .on/Current A!!et! 16
Chapter 0: -nventory 10
Chapter 1: Accounting or -ntangible! 11
Chapter 2: Accounting or 3eritage A!!et! and 4iological A!!et! 12
Chapter 10: An Overview o Accounting or 5iabilitie! 20
Chapter 11: Accounting or 5ea!e! 21
Chapter 12: 6et/O and "#tingui!hment o Debt 22
Chapter 1': Accounting or "mployee 4eneit! 2'
Chapter 1(: 6hare Capital and $e!erve! 2(
Chapter 1): Accounting or %inancial -n!trument! 2)
Chapter 16: $evenue $ecognition -!!ue! 20
Chapter 10: The 6tatement o Comprehen!ive -ncome and 6tatement o Change! in
",uity 21
Chapter 11: Accounting or 6hare/ba!ed *ayment! 22
Chapter 12: Accounting or -ncome Ta#e! '0
Chapter 20: The 6tatement o Ca!h %low! '1
Chapter 21: Accounting or the "#tractive -ndu!trie! '2
Chapter 22: Accounting or 7eneral -n!urance Contract! ''
Chapter 2': Accounting or 6uperannuation *lan! '(
Chapter 2(: "vent! Occurring ater the $eporting *eriod ')
Chapter 2): 6egment $eporting '6
Chapter 26: $elated/*arty Di!clo!ure! '0
Chapter 20: "arning! *er 6hare '1
Chapter 21: Accounting or 7roup 6tructure! '2
Chapter 22: %urther Con!olidation -!!ue! - 8 Accounting or -ntragroup Tran!action! (1
Chapter '0: %urther Con!olidation -!!ue! -- 8 Accounting or .on/Controlling -ntere!t! (2
Chapter '1: %urther Con!olidation -!!ue! --- 8 Accounting or -ndirect Owner!hip -ntere!t! ('
Chapter '2: %urther Con!olidation -!!ue! -9 8 Accounting or Change! in the Degree o
Owner!hip o a 6ub!idiary ((
Chapter '': Accounting or ",uity -nve!tment! ()
December 2010 Technical update t/a Australian Financial Accounting 6e by Deegan
Chapter '(: Accounting or -ntere!t! in :oint 9enture! (6
Chapter '): Accounting or %oreign Currency Tran!action! (0
Chapter '6: Tran!lating the %inancial 6tatement! o %oreign Operation! (1
Chapter '0: Accounting or Corporate 6ocial $e!pon!ibility (2
5
The!e technical development! are current a! at '1 December 2010; They repre!ent addition! to the regulatory
ramewor& and Au!tralian Accounting 6tandard! !ince publication o the !i#th edition o Australian Financial
Accounting by Craig Deegan in 2010;
CHAPTER 1: AN OVERVIEW OF THE AUSTRALIAN EXTERNAL REPORTING ENVIRONMENT
Au!tralia ha! adopted the -nternational Accounting 6tandard! <-A6!= and -nternational %inancial $eporting 6tandard!
<-%$6!=+ which are developed by the -nternational Accounting 6tandard! 4oard <-A64=+ a! their national !tandard!
rom 1 :anuary 200); The Au!tralian Accounting 6tandard! 4oard <AA64= ound it nece!!ary to converge the
conceptual ramewor& given that -A6!/-%$6! are ba!ed on the -A64 conceptual ramewor&; -n the near uture change!
are e#pected in the conceptual ramewor& document a! the -A64 >Conceptual %ramewor& *ro?ect@ which wa! initiated
in October 200( i! nearing it! completion; Thi! i! a ?oint pro?ect with the A6 %inancial Accounting 6tandard! 4oard
and the primary ob?ective o the pro?ect i! to develop a conceptual ramewor& that i! complete and internally
con!i!tent; 6uch a ramewor& would lay a !ound oundation or developing uture accounting !tandard! which i! the
ultimate goal o the -A64; Thi! will enable -A64 to develop !tandard! that are principle!/ba!ed+ internally con!i!tent+
internationally converged+ and that lead to inancial reporting that provide! the inormation needed or inve!tment+
credit and !imilar deci!ion! <-A64+ 200(+ p; 1=;
There have been a number o !igniicant change! in the accounting !tandard! in late 2002 and in 2010; The AA64 ha!
i!!ued our omnibu! !tandard! in December 2002 and ten omnibu! !tandard! in 2010 to ma&e amendment! to the
e#i!ting !tandard! <!ee Table 2=; A! ar a! change! in 2002 are concerned+ the ma?or amendment! ari!e a! a re!ult o the
i!!uance o AA64 2 Financial Instruments in December; AA64 2 include! re,uirement! or the cla!!iication and
mea!urement o inancial a!!et! re!ulting rom the ir!t part o *ha!e 1 o the -A64B! pro?ect to replace -A6 '2
Financial Instruments: Recognition and Measurement. -n particular+ the!e re,uirement! improve and !impliy the
approach or cla!!iication and mea!urement o inancial a!!et! compared with the re,uirement! o AA64 1'2 <AA64
2+ p; 6=;
AA64 10)' Application of Tiers of Australian Accounting Standards i!!ued in :une 2010 e!tabli!he! a dierential
inancial reporting ramewor& con!i!ting o two Tier! o reporting re,uirement! or preparing general purpo!e inancial
!tatement! in Au!tralia <Tier 1: Australian Accounting StandardsC and Tier 2: Australian Accounting Standards
Reduced Disclosure Requirements=; -n particular+ Tier 2 compri!e! the recognition+ mea!urement and pre!entation
re,uirement! o Tier 1 and !ub!tantially reduced di!clo!ure! corre!ponding to tho!e re,uirement!; Though+ the
di!clo!ure! re,uired by Tier 2 and the di!clo!ure! re,uired by the -A64B! International Financial Reporting Standard
for Small and Medium-sized ntities <-%$6 or 6D"!= are highly !imilar+ Tier 2 re,uirement! and the -%$6 or 6D"!
are not directly comparable a! a con!e,uence o Tier 2 including recognition and mea!urement re,uirement!
corre!ponding to tho!e in -%$6!+ wherea! the -%$6 or 6D"! include! limited modiication! to tho!e re,uirement!
<AA64 10)'+ pp; )6=; AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting
6tandard!+ including -nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the pronouncement! or
application by certain type! o entitie! in preparing general purpo!e inancial !tatement! <AA64 2010/2+ p; )=;
6everal amendment! to e#i!ting accounting !tandard! al!o re!ult rom the i!!uance o the -A64B! Annual Impro!ements
to IFRSs in 2010; 6ome o the e#i!ting !tandard! have been rei!!ued ta&ing into account the change! made by the
omnibu! !tandard! <!ee Table 1=; The Argent -!!ue! 7roup <A-7= which i! now replaced by AA64B! -nterpretation!
Advi!ory *anel! ha! al!o i!!ued a number o interpretation! which are e,uivalent to -nternational %inancial $eporting
-nterpretation! Committee -nterpretation! <-%$-C= <Table '=; 5a!tly+ the AA64 ha! al!o invited or comment! on a
number o e#po!ure drat! <"D!= <Table (=; The!e development! and their implication! are di!cu!!ed in greater detail in
the relevant chapter! o thi! technical update;
6tudent! are encouraged to reer to the web!ite! o the -A64 <http://www;ia!c;org;u&= and the AA64
<http://www;aa!b;com;au= or a continuou! update with re!pect to the !tate o e#i!ting !tandard! and current "D! and
their technical content; Additionally+ both o the proe!!ional bodie! <C*A Au!tralia and -CAA= have detailed update!
in their web!ite!; Thi! i! al!o recommended a! a u!eul re!ource or !tudent! re,uiring inormation on development!
and implication! o new accounting !tandard! and e#po!ure drat!;
6
Accou!"g S!a#ar#$
The ollowing !tandard! have been i!!ued <or rei!!ued= by the AA64 in late 2002 and in 2010;
Tab%e 1 AAS& Standards
AAS& S!a#ar#$
'"$$ue #a!e(
O)er)"e*
AA64 1 First-time Adoption of
Australian Accounting Standards
<October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 2 S"are-#ased $a%ment
<:uly 2002=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 ' &usiness 'om#inations
<October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 ( Insurance 'ontracts
<October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 ) (on-current Assets )eld
for Sale and Discontinued
*perations <October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 0 Financial Instruments:
Disclosures <:une 2010=
AA64 0 lead! to the withdrawal o AA64 1'0 Disclosures in t"e Financial Statements of
&an+s and Similar Financial Institutions and !uper!ede! paragraph! )182) o AA64 1'2;
AA64 0 now bring! in one place all di!clo!ure! relating to inancial in!trument!;
AA64 1 *perating Segments
<December 2002=
Thi! 6tandard applie! to or/proit entitie! who!e debt or e,uity in!trument! are traded in a
public mar&et or that ile!+ or i! in the proce!! o iling+ it! inancial !tatement! with a
!ecuritie! commi!!ion or other regulatory organi!ation or the purpo!e o i!!uing any cla!! o
in!trument! in a public mar&et;
AA64 2 Financial Instruments
<December 2010=
AA64 2 include! re,uirement! or the cla!!iication and mea!urement o inancial a!!et!
re!ulting rom the ir!t part o *ha!e 1 o the -A64B! pro?ect to replace -A6 '2 Financial
Instruments: Recognition and Measurement. -n particular+ the!e re,uirement! improve and
!impliy the approach or cla!!iication and mea!urement o inancial a!!et! compared with
the re,uirement! o AA64 1'2;
AA64 101 $resentation of
Financial Statements <October
2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 102 In!entories <:une 2002= Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 100 Statement of 'as"
Flo,s <October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 101 Accounting $olicies-
'"anges in Accounting stimates
and rrors <December 2002=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 110 !ents after t"e
Reporting $eriod <December
2002=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 112 Income Ta.es <October
2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 116 $ropert%- $lant and
quipment <:une 2002=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 110 /eases <:une 2002= Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 111 Re!enue <October
2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 112 mplo%ee &enefits
<October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 121 T"e ffects of '"anges
in Foreign .c"ange Rates
<October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 12' &orro,ing 'osts <:une
2002=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
7
AA64 12( Related $art%
Disclosures <December 2002=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 122 Financial Reporting in
)%perinflationar% conomies <:une
2002=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 1'2 Financial Instruments:
$resentation <October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 1'' arnings per S"are
<October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 1'( Interim Financial
Reporting <October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 1'6 Impairment of Assets
<:une 2002=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 1'0 $ro!isions- 'ontingent
/ia#ilities and 'ontingent Assets
<October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 1'1 Intangi#le Assets <:une
2002=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 1'2 Financial Instruments:
Recognition and Measurement
<October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 1(0 In!estment $ropert%
<October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 1(1 Agriculture <October
2002=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 102' 0eneral Insurance
'ontracts <October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 10'1 /ife Insurance
'ontracts <October 2010=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 10'2 'oncise Financial
Reports <:une 2002=
Thi! 6tandard wa! revi!ed to ta&e into account the amendment! made by one or more o the
Omnibu! 6tandard! that have been i!!ued <!ee Table 2=;
AA64 10(1 Interpretation of
Standards <:une 2010=
Thi! 6tandard ha! been revi!ed to provide an up/to/date li!ting o A-7 -nterpretation! and to
en!ure the eectivene!! o reerence! in AA64 6tandard! to A-7 -nterpretation!; Thi! i! part
o a continuou! proce!!;
AA64 10)' Application of Tiers of
Australian Accounting Standards
<:une 2010=
Thi! 6tandard e!tabli!he! a dierential inancial reporting ramewor& con!i!ting o two Tier!
o reporting re,uirement! or preparing general purpo!e inancial !tatement! in Au!tralia
<Tier 1: Au!tralian Accounting 6tandard!C and Tier 2: Au!tralian Accounting 6tandard! 8
$educed Di!clo!ure $e,uirement!=;
6ource: Adapted rom AA64 6tandard! available on http://www;aa!b;com;au;
8
Omnibus Standards
The ollowing !tandard! are the omnibu! !tandard! that the AA64 ha! i!!ued in late 2002 and in 2010 to amend the
e#i!ting !tandard!;
Tab%e + Omnibus Standards
Om"bu$ S!a#ar#$ O)er)"e*
AA64 2002/11 Amendments to
Australian Accounting Standards
<i!!ued December 2002=
Thi! 6tandard ma&e! amendment! to Au!tralian Accounting 6tandard! ari!ing rom AA64 2
EAA64 1+ '+ (+ )+ 0+ 101+ 102+ 101+ 112+ 111+ 121+ 120+ 121+ 1'1+ 1'2+ 1'6+ 1'2+ 102' F 10'1
and -nterpretation! 10 F 12G;
AA64 2002/12 Amendments to
Australian Accounting Standards
<i!!ued December 2002=
Thi! 6tandard ma&e! amendment! to Au!tralian Accounting 6tandard! EAA64 )+ 1+ 101+ 110+
112+ 112+ 1''+ 1'0+ 1'2+ 102' F 10'1 and -nterpretation! 2+ (+ 16+ 10'2 F 10)2G;
AA64 2002/1' Amendments to
Australian Accounting Standards
<i!!ued December 2002=
Thi! 6tandard ma&e! amendment! to Au!tralian Accounting 6tandard! ari!ing rom
-nterpretation 12 EAA64 1G;
AA64 2002/1( Amendments to
Australian Interpretation <i!!ued
December 2002=
Thi! 6tandard ma&e! amendment! to Au!tralian -nterpretation 1(;
AA64 2010/1 Amendments to
Australian Accounting Standards
<i!!ued %ebruary 2010=
The ob?ective o thi! 6tandard i! to ma&e amendment! to Au!tralian Accounting 6tandard! 8
5imited "#emption rom Comparative AA64 0 Di!clo!ure! or %ir!t/time Adopter! EAA64 1
F AA64 0G;
AA64 2010/2 Amendments to
Australian Accounting Standards
<i!!ued :une 2010=
Thi! 6tandard amend! Au!tralian Accounting 6tandard! ari!ing rom $educed Di!clo!ure
$e,uirement! EAA64 1+ 2+ '+ )+ 0+ 1+ 101+ 102+ 100+ 101+ 110+ 111+ 112+ 116+ 110+ 112+ 121+
12'+ 12(+ 120+ 121+ 1'1+ 1''+ 1'(+ 1'6+ 1'0+ 1'1+ 1(0+ 1(1+ 10)0 F 10)2 and -nterpretation! 2+
(+ )+ 1)+ 10+ 120+ 122 F 10)2G;
AA64 2010/' Amendments to
Australian Accounting Standards
<i!!ued :une 2010=
Thi! 6tandard ma&e! amendment! to Au!tralian Accounting 6tandard! ari!ing rom the Annual
-mprovement! *ro?ect EAA64 '+ 0+ 121+ 121+ 1'1+ 1'2 F 1'2G;
AA64 2010/( Amendments to
Australian Accounting Standards
<i!!ued :une 2010=
Thi! 6tandard ma&e! amendment! to AA64 !tandard! ari!ing rom the Annual -mprovement!
*ro?ect EAA64 1+ 0+ 101 F 1'( and -nterpretation 1'G;
AA64 2010/) Amendments to
Australian Accounting Standards
<i!!ued October 2010=
Thi! 6tandard ma&e! amendment! to Au!tralian Accounting 6tandard! EAA64 1+ '+ (+ )+ 101+
100+ 112+ 111+ 112+ 121+ 1'2+ 1''+ 1'(+ 1'0+ 1'2+ 1(0+ 102' F 10'1 and -nterpretation! 112+
11)+ 120+ 1'2 F 10(2G;
AA64 2010/6 Amendments to
Australian Accounting Standards
<i!!ued .ovember 2010=
Thi! 6tandard ma&e! amendment! to Au!tralian Accounting 6tandard! 8 Di!clo!ure! on
Tran!er! o %inancial A!!et! EAA64 1 F AA64 0G;
AA64 2010/0 Amendments to
Australian Accounting Standards
<i!!ued December 2010=
Thi! 6tandard ma&e! amendment! to Au!tralian Accounting 6tandard! ari!ing rom AA64 2
EAA64 1+ '+ (+ )+ 0+ 101+ 102+ 101+ 112+ 111+ 120+ 121+ 120+ 121+ 1'1+ 1'2+ 1'6+ 1'0+ 1'2+ 102'
F 10'1 and -nterpretation! 2+ )+ 10+ 12+ 12 F 120G;
AA64 2010/1 Amendments to
Australian Accounting Standards
<i!!ued December 2010=
Thi! 6tandard ma&e! amendment! to Au!tralian Accounting 6tandard! 8 Deerred Ta#:
$ecovery o Anderlying A!!et! EAA64 112G;
AA64 2010/2 Amendments to
Australian Accounting Standards
<i!!ued December 2010=
Thi! 6tandard ma&e! amendment! to Au!tralian Accounting 6tandard! 8 6evere 3yperinlation
and $emoval o %i#ed Date! or %ir!t/time Adopter! EAA64 1G;
AA64 2010/10 Amendments to
Australian Accounting Standards
<i!!ued December 2010=
Thi! 6tandard ma&e! amendment! to Au!tralian Accounting 6tandard! 8 $emoval o %i#ed
Date! or %ir!t/time Adopter! EAA64 2002/11 F AA64 2010/0G;
<6ource: Adopted rom http://www;aa!b;com;au;=
9
AAS& I!er,re!a!"o$-UIG I!er,re!a!"o$
The ollowing AA64 -nterpretation! were i!!ued or amended in late 2002 and in 2010;
Tab%e . AAS& I!er,re!a!"o$
AAS& I!er,re!a!"o$ O)er)"e*
2 Mem#ers1 S"ares in 'o-
operati!e ntities and Similar
Instruments <i!!ued December
2002=
Thi! -nterpretation applie! to inancial in!trument! within the !cope o AA64 1'2+ including
inancial in!trument! i!!ued to member! o co/operative entitie! that evidence the member!B
owner!hip intere!t in the entity; Thi! -nterpretation doe! not apply to inancial in!trument! that
will or may be !ettled in the entityB! own e,uity in!trument!;
( Determining ,"et"er an
Arrangement contains a /ease
<i!!ued December 2002=
Thi! -nterpretation contain! amended -%$-C ( Determining ,"et"er an Arrangement contains
a /ease a! amended by the -A64;
1( AAS& 223 T"e /imit on
a Defined &enefit Asset-
Minimum Funding Requirements
and t"eir Interaction <i!!ued
December 2002=
Thi! -nterpretation incorporate! amended -%$-C 1( IAS 23 T"e /imit on a Defined &enefit
Asset- Minimum Funding Requirements and t"eir Interaction a! amended by the -A64;
16 )edges of a (et In!estment in
a Foreign *peration <i!!ued
December 2002=
Thi! -nterpretation provide! guidance on accounting or the hedge o a net inve!tment in a
oreign operation in an entityB! con!olidated inancial !tatement!;
12 .tinguis"ing Financial
/ia#ilities ,it" quit%
Instruments <i!!ued December
2002=
Thi! -nterpretation addre!!e! the accounting by an entity when the term! o a inancial liability
are renegotiated and re!ult in the entity i!!uing e,uity in!trument! to a creditor o the entity to
e#tingui!h all or part o the inancial liability; -t doe! not addre!! the accounting by the creditor;
11) *perating /eases
Incenti!es <i!!ued December
2010=
Thi! -nterpretation addre!!e! the i!!ue o how incentive! in an operating lea!e !hould be
recogni!ed in the inancial !tatement! o both the le!!ee and the le!!or;
1'2 Intangi#le Assets
4e# Site 'osts <i!!ued October
2010=
Thi! -nterpretation outline! how to account or Heb 6ite Co!t!;
10'2 Su#stanti!e nactment of
Ma5or Ta. &ills in Australia
<i!!ued December 2002=
Thi! -nterpretation include! A-7 -nterpretation 10'2 Su#stanti!e nactment of Ma5or Ta. &ills
in Australia a! amended;
10)2 Ta. 'onsolidation
Accounting <i!!ued December
2002=
Thi! -nterpretation include! both mandatory re,uirement!+ which are applicable to all entitie!+
and the ta# con!olidation !y!tem provi!ion!+ which entitie! can elect to adopt;
<6ource: Adopted rom http://www;aa!b;com;au;=
10
Se%ec!e# E/,o$ure 0ra1!$

AA64 ha! al!o i!!ued a number o e#po!ure drat! or comment!; A ew e#po!ure drat! are provided in Table (;
Tab%e 2 AAS& E/,o$ure 0ra1!$
E/,o$ure 0ra1!$ O)er)"e*
"D 12' 'onceptual Frame,or+
for Financial Reporting: T"e
Reporting ntit% <i!!ued Darch
2010=
AA64 i! inviting comment! on any o the propo!al! in the -A64 "#po!ure Drat; Thi!
e#po!ure drat 'onceptual Frame,or+ for Financial Reporting: T"e Reporting ntit% i!
publi!hed or comment only; The propo!al may be modiied in the light o the comment!
received beore being i!!ued in inal orm;
-TC 2' Request for 'omment on
IAS& Discussion $aper
D$6782862 .tracti!e Acti!ities
<i!!ued April 2010=
AA64 i! inviting comment! that public con!ultation proce!! will identiy the e#tractive
activitie! pro?ect a! a candidate or inclu!ion in the 4oardB! agenda; The comment! received in
relation to thi! di!cu!!ion paper will al!o a!!i!t the 4oard in ma&ing it! agenda deci!ion!;
D 239 Fair :alue *ption for
Financial /ia#ilities <i!!ued Day
2010=
The AA64 ha! publi!hed thi! -nvitation to Comment to acilitate Au!tralian con!tituent!
providing comment! on the propo!al! in thi! e#po!ure drat+ along with the e#i!ting
re,uirement! in -A6 '2;
"D 120 $resentation of Items of
*t"er 'ompre"ensi!e Income
;proposed amendments to AAS&
282< <i!!ued :une 2010=
The AA64 ha! publi!hed thi! -nvitation to Comment to acilitate Au!tralian con!tituent!
providing comment! on the propo!ed amendment! to AA64 101;
"D 121 $evenue rom Contract!
with Cu!tomer! <i!!ued :uly
2010=
The AA64 ha! publi!hed thi! -nvitation to Comment to acilitate Au!tralian con!tituent!
providing comment! on the propo!al! in thi! e#po!ure drat which i! the !econd !tage in the
development by the -A64 and the A6 %inancial Accounting 6tandard! 4oard <%A64= o
conceptual guidance and a new comprehen!ive 6tandard or revenue recognition; -n -%$6!+ it
i! planned that the 6tandard ari!ing rom the "#po!ure Drat will replace the e#i!ting
6tandard! on revenue recognition+ namely+ -A6 11 'onstruction 'ontracts and -A6 11
Re!enue;
"D 122 Measurement
=ncertaint% Anal%sis Disclosure
for Fair :alue Measurements
;/imited re-e.posure of proposed
disclosure< <i!!ued :uly 2010=
The AA64 ha! publi!hed thi! -nvitation to Comment to acilitate Au!tralian con!tituent!
providing comment! on the propo!al! in thi! "D which apply to all cla!!e! o a!!et! and
liabilitie! within the !cope o the propo!ed 6tandard %air 9alue Dea!urement; Thereore+ thi!
"D ha! implication! or any a!!et! and liabilitie! <including property+ plant and e,uipment=
mea!ured at air value u!ing !igniicant unob!ervable input!;
"D 200 Amendments to AAS& >:
Tier 7 <i!!ued December 2010=
The AA64 ha! publi!hed thi! -nvitation to Comment to acilitate Au!tralian con!tituent!
providing comment! on amendment! to AA64 0: Tier 2;
"D 201 )edge Accounting
<i!!ued December 2010=
The AA64 ha! publi!hed thi! -nvitation to Comment to acilitate Au!tralian con!tituent!
providing comment! on the propo!al! on 3edge Accounting;
<6ource: Adopted rom http://www;aa!b;com;au;=
11
CHAPTER +: THE CONCEPTUAL FRAMEWOR3 OF ACCOUNTING AN0 ITS RELEVANCE TO
FINANCIAL ACCOUNTING
Hhile there ha! not been any change! in the conceptual ramewor& or any dome!tic legi!lative change! in 2010 to
aect thi! chapter+ development! are e#pected in the near uture; Change! are e#pected in the conceptual ramewor&
document a! the >Conceptual %ramewor& *ro?ect@ between the -A64 and A6 %A64 which wa! initiated in October
200( i! nearing it! completion;
12
CHAPTER .: THEORIES OF FINANCIAL ACCOUNTING
There have been no dome!tic legi!lative change! or proe!!ional development! in 2010 to aect thi! chapter;
13
CHAPTER 2: AN OVERVIEW OF ACCOUNTING FOR ASSETS
There have been no ma?or change! in 2010 which aect! AA64 116 $ropert%- $lant and quipment; 3owever+ AA64
10)' Application of Tiers of Australian Accounting Standards i!!ued in :une 2010 e!tabli!he! a dierential inancial
reporting ramewor& con!i!ting o two Tier! o reporting re,uirement! or preparing general purpo!e inancial
!tatement! in Au!tralia <Tier 1: Australian Accounting StandardsC and Tier 2: Australian Accounting Standards
Reduced Disclosure Requirements=; -n particular+ Tier 2 compri!e! the recognition+ mea!urement and pre!entation
re,uirement! o Tier 1 and !ub!tantially reduced di!clo!ure! corre!ponding to tho!e re,uirement! <AA64 10)'+ p; )=;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including
-nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o
entitie! in preparing general purpo!e inancial !tatement! <AA64 2010/2+ p; )=; The ollowing !ubheading and
paragraph! are added to AA64 116:
Au!1;1 *aragraph! 0'<e=<viii=+ 0(<b=+ 0(<d=+ 00<e=+ Au!00;1 and 02 o thi! 6tandard do not apply to entitie! preparing general
purpo!e inancial !tatement! under Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!; "ntitie!
applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o
the!e e#cluded re,uirement!;
Au!1;2 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t+ e#cept or
comparative di!clo!ure! !ub?ect to $D$ paragraph!;
Au!1;10 The $D$ paragraph in thi! 6tandard applie! only to entitie! preparing general purpo!e inancial !tatement! under
Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!;
$D$0';1 An entity applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! i! not re,uired to di!clo!e the
reconciliation !peciied in paragraph 0'<e= or prior period!; <AA64 2010/2+ p; 2'2(=;
14
CHAPTER 4: 0EPRECIATION OF PROPERT56 PLANT AN0 E7UIPMENT
There have been no apparent development! locally or internationally to directly aect thi! chapter;
15
CHAPTER 8: REVALUATIONS AN0 IMPAIRMENT TESTING OF NON9CURRENT ASSETS
There have been no ma?or change! in 2010 which aect! AA64 116 $ropert%- $lant and quipment <!ee chapter (=;
AA64 2002/11 Amendments to Australian Accounting Standards Arising from AAS& 3 i!!ued in December 2002 ma&e!
amendment! to AA64 1'6; -n particular+ the reerence to AA64 1'2 ha! been replaced with AA64 2;
16
CHAPTER :: INVENTOR5
AA64 10)' Application of Tiers of Australian Accounting Standards i!!ued in :une 2010 al!o applie! to AA64 102;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including
-nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o
entitie! in preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting
Standards Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the dierential
reporting ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement!
<AA64 2010/2+ p; )=; The ollowing !ubheading and paragraph! are added to AA64 102:
Au!1;1 *aragraph! '6<c=+ '6<g= and Au!'6;1<= o thi! 6tandard do not apply to entitie! preparing general purpo!e inancial
!tatement! under Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!; "ntitie! applying Au!tralian
Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o the!e e#cluded
re,uirement!;
Au!1;2 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t; <AA64
2010/2+ pp; 12820=;
AA64 2010/0 i!!ued in December 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard! ari!ing rom
AA64 2+ including AA64 102; Thi! 6tandard !uper!ede! AA64 2002/11 Amendments to Australian Accounting
Standards ari!ing rom AA64 2 i!!ued in December 2002;
17
CHAPTER ;: ACCOUNTING FOR INTANGI&LES
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including
-nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o
entitie! in preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting
Standards Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the dierential
reporting ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement!
<AA64 2010/2+ p; )=; The ollowing !ubheading and paragraph! are added to AA64 1'1 Intangi#le Assets:
Au!1;1 *aragraph! 111<e=<vii=+ 120+ 12(<a=<iii=+ Au!12(;1 and 121 o thi! 6tandard do not apply to entitie! preparing general
purpo!e inancial !tatement! under Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!; "ntitie!
applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o
the!e e#cluded re,uirement!;
Au!1;2 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t+ e#cept or
comparative di!clo!ure! !ub?ect to $D$ paragraph!;
Au!1;10 The $D$ paragraph in thi! 6tandard applie! only to entitie! preparing general purpo!e inancial !tatement! under
Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!;
$D$111;1 An entity applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! i! not re,uired to di!clo!e the
reconciliation! !peciied in paragraph 111<e= or prior period!; <AA64 2010/2+ p; '2=;
18
CHAPTER <: ACCOUNTING FOR HERITAGE ASSETS AN0 &IOLOGICAL ASSETS
There have not been any !ub!tantial dome!tic or international development! to directly impact on accounting or
heritage a!!et! and biological a!!et!; 3owever+ AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many
Au!tralian Accounting 6tandard!+ including -nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the
pronouncement! or application by certain type! o entitie! in preparing general purpo!e inancial !tatement!; Thi!
6tandard give! eect to Australian Accounting Standards Reduced Disclosure Requirements and AA64 10)'
provide! urther inormation regarding the dierential reporting ramewor& and the two tier! o reporting re,uirement!
or preparing general purpo!e inancial !tatement! <AA64 2010/2+ p; )=; The ollowing !ubheading and paragraph! are
added to AA64 1(1 Agriculture:
Au!1;1 *aragraph! (0+ ('/(6+ (1+ (2+ )1/)'+ )(<c=+ ))+ )6 and )0<c= o thi! 6tandard do not apply to entitie! preparing general
purpo!e inancial !tatement! under Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!; "ntitie!
applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o
the!e e#cluded re,uirement!;
Au!1;2 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t;
Au!1;10 The $D$ paragraph in thi! 6tandard applie! only to entitie! preparing general purpo!e inancial !tatement! under
Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!;
$D$)0;1 An entity applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! i! not re,uired to di!clo!e the
reconciliation !peciied in paragraph )0 or prior period!; <AA64 2010/2+ pp; ''8'(=;
19
CHAPTER 1=: AN OVERVIEW OF ACCOUNTING FOR LIA&ILITIES
Though there have been no ma?or dome!tic or international legi!lative change! or proe!!ional development! to directly
aect accounting or liabilitie!+ AA64 2002/12 Amendments to Australian Accounting Standards i!!ued in December
2002 ma&e! editorial amendment! to AA64 1'0 $ro!isions- 'ontingent /ia#ilities and 'ontingent Assets; -n particular+
reerence! to Iater the end o the reporting periodB <wherever occurring+ including in deined term!= are amended to
Iater the reporting periodB; 3owever+ the!e amendment! have no ma?or impact on the re,uirement! o the amended
pronouncement <AA64 2002/12+ p; (=;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including
-nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o
entitie! in preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting
Standards Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the dierential
reporting ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement!
<AA64 2010/2+ p; )=; The ollowing !ubheading and paragraph! are added to AA64 1'0:
Au!1;1 The ollowing do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement!:
<a= paragraph! 1(<b=+ 1(<e= and 1)<c=C
<b= in paragraph 0)+ the te#t >- an entity !tart! to J o the inancial !tatement!;@C and
<c= in paragraph 1)<b=+ the te#t >; Hhere nece!!ary J paragraph (1@;
"ntitie! applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o
the!e e#cluded re,uirement!;
Au!1;2 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t; <AA64
2010/2+ pp; '18'2=;
AA64 2010/) i!!ued in October 2010 ma&e! numerou! editorial amendment! to a range o Au!tralian Accounting
6tandard! and -nterpretation!+ including amendment! to relect change! made to the te#t o -%$6! by the -A64; The!e
amendment! have no ma?or impact on the re,uirement! o the amended pronouncement!;
5a!tly+ AA64 2010/0 i!!ued in December 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard! ari!ing
rom AA64 2+ including AA64 1'0; Thi! 6tandard !uper!ede! AA64 2002/11 Amendments to Australian Accounting
Standards ari!ing rom AA64 2 i!!ued in December 2002;
20
CHAPTER 11: ACCOUNTING FOR LEASES
The -A64 i! underta&ing a pro?ect to !ee& to improve accounting or lea!e! by developing an approach that i! more
con!i!tent with the conceptual ramewor& deinition! o a!!et! and liabilitie!; To provide a more ocu!ed direction on
the lea!ing re!earch+ the -A64 ha! made !ome tentative deci!ion! regarding the oundation! o a conceptual model or
analy!ing the a!!et! and liabilitie! that ari!e rom lea!e contract!; 7enerally+ the -A64 ha! agreed that accounting or
lea!e! !hould be ba!ed on the analy!i! o the a!!et! and liabilitie! that ari!e rom contractual right! and obligation!; The
-A64 tentatively agreed that the a!!et! and liabilitie! recogni!ed in re!pect o lea!e! !hould relect the conveyance o
the right o u!e and control o the a!!ociated uture economic beneit! or the period o the contract <rather than
conveyance o the whole o the phy!ical property+ >whole o a!!et@ approach=; %or e#ample:
i a lea!e contract i! reely cancellable by the le!!ee+ the a!!et and liability amount! recogni!ed by the le!!or and le!!ee
!hould relect both <i= the conveyance o the right o u!e up to the date at which the lea!e can be cancelled by the le!!ee
and <ii= the le!!eeB! option in re!pect o period! beyond that dateC and
i a lea!e contract i! reely cancellable by the le!!or+ the a!!et and liability amount! recogni!ed by the le!!or and le!!ee
!hould relect both <i= the conveyance o the right o u!e up to the date at which the lea!e can be cancelled by the le!!or
and <ii= the le!!orB! option in re!pect o period! beyond that date; <-A64+ 200)+ p; 1=;
-A64 argue! that the recognition o a!!et! and liabilitie! !hould not be limited to contract! that convey right! that are
economically !imilar to outright owner!hip; $ather the primary ocu! !hould be on the conveyance o right! to uture
economic beneit! <!uch a! the right o u!e=;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including
-nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o
entitie! in preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting
Standards Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the dierential
reporting ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement!
<AA64 2010/2+ p; )=; The ollowing !ubheading and paragraph! are added to AA64 110:
Au!1;1 The ollowing do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement!:
<a= paragraph! '1<c=+ '1<d=+ ')<b= and (1C
<b= in paragraph '1<b=+ the te#t >a reconciliation J pre!ent value;@ and+ in the !econd !entence+ the te#t >-n addition+ an
entity !hall di!clo!e@ and >and their pre!ent value+@C
<c= in paragraph ')<c=+ the te#t >+ with !eparate amount! J !ublea!e payment!@C and
<d= in paragraph )6<a=+ the word! >in the aggregate and@;
"ntitie! applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o
the!e e#cluded re,uirement!;
Au!1;2 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t; <AA64
2010/2+ p; 2(=;
21
CHAPTER 1+: SET OFF AN0 EXTINGUISHMENT OF 0E&T
AA64 101( Set *ff and .tinguis"ment of De#t ha! been !uper!eded by AA64 1'2 Financial Instruments; AA64 1'2
prohibit! the u!e o in!ub!tance debt deea!ance a! a mean! o removing debt rom the balance !heet; The -A64 had
i!!ued "D 0 Financial Instruments: Disclosures in :uly 200(+ propo!ing the withdrawal o -A6 '0 and amendment! to
-A6 '2 Financial Instruments: Disclosures and $resentation; The AA64 had reproduced -A64 "D 0 Financial
Instruments: Disclosures without amendment a! part o "D 1'0 to identiy the propo!ed amendment!; The ma?or
dierence! between the re,uirement! o -A64 "D 0+ AA64 1'0 and AA64 1'2 were:
<a= All the di!clo!ure! !hould apply to all type! o entitie! that have inancial in!trument!+ however the e#tent o di!clo!ure re,uired
depend! on the e#tent o the entityB! u!e o inancial in!trument! and o it! e#po!ure to ri!&+ wherea! the re,uirement! o AA64
1'0 pre!ently apply only to ban&! and !imilar inancial in!titution!;
<b= The propo!ed 6tandard ari!ing rom -A64 "D 0 !hould add to the re,uirement! pre!ently in AA64 1'2 by re,uiring enhanced
balance !heet and income !tatement di!clo!ure!;
<c= The propo!ed 6tandard ari!ing rom -A64 "D 0 !hould re,uire ,ualitative and ,uantitative di!clo!ure! about e#po!ure to ri!&!
ari!ing rom inancial in!trument!; Together the di!clo!ure! provide an overview o the entityB! u!e o inancial in!trument! and the
e#po!ure! to ri!&! they create;
<d= The propo!ed 6tandard ari!ing rom -A64 "D 0 !hould re,uire !peciied minimum di!clo!ure! about credit ri!&+ li,uidity ri!&
and mar&et ri!& <including intere!t rate ri!&= di!clo!ure;
<e= The propo!ed 6tandard ari!ing rom -A64 "D 0 !hould re,uire di!clo!ure! about capital; <"D 1'0+ p; vi=;
-n Augu!t 200)+ AA64 0 Financial Instruments: Disclosures wa! i!!ued+ which i! the Au!tralian e,uivalent to -%$6 0
Financial Instruments: Disclosures; AA64 0 led to the withdrawal o AA64 1'0 Disclosures in t"e Financial
Statements of &an+s and Similar Financial Institutions and !uper!ede! paragraph! )1/2) o AA64 1'2; AA64 0 now
bring! in one place all di!clo!ure! relating to inancial in!trument!; Comparatively+ AA64 0 i! broader in !cope than
both AA64 1'0 and AA64 1'2 and improve! the inormation provided in the inancial report by re,uiring di!clo!ure
o both the !igniicance o inancial in!trument! to the inancial po!ition and perormance o an entity and the nature+
e#tent and management o the re!ulting ri!& inherent in the e#po!ure;
AA64 2010/) i!!ued in October 2010 ma&e! numerou! editorial amendment! to a range o Au!tralian Accounting
6tandard! and -nterpretation!+ including amendment! to relect change! made to the te#t o -%$6! by the -A64; The!e
amendment! have no ma?or impact on the re,uirement! o the amended pronouncement!;
5a!tly+ AA64 2010/0 i!!ued in December 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard! ari!ing
rom AA64 2+ including AA64 0 and AA64 1'2; Thi! 6tandard !uper!ede! AA64 2002/11 Amendments to Australian
Accounting Standards ari!ing rom AA64 2 i!!ued in December 2002;
22
CHAPTER 1.: ACCOUNTING FOR EMPLO5EE &ENEFITS
AA64 2002/12 Amendments to Australian Accounting Standards i!!ued in December 2002 ma&e! editorial
amendment! to AA64 112; -n particular+ reerence! to Iater the end o the reporting periodB <wherever occurring+
including in deined term!= are amended to Iater the reporting periodB; Thi! 6tandard al!o ma&e! numerou! editorial
amendment! to a range o Au!tralian Accounting 6tandard! and -nterpretation!+ including amendment! to relect
change! made to the te#t o -%$6! by the -A64; 3owever+ the!e amendment! have no ma?or impact on the
re,uirement! o the amended pronouncement! <AA64 2002/12+ p; (=;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including
-nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o
entitie! in preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting
Standards Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the dierential
reporting ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement!
<AA64 2010/2+ p; )=; The ollowing !ubheading and paragraph! are added to AA64 112:
Au!1;0 The ollowing do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement!:
<a= paragraph! '0<c=<ii=+ '(4+ (0+ 120+ 120A<c=+ 120A<d=+ 120A<e=<i=/<iii=+ 120A<e=<vii=+ 120A<e=<viii=+ 120A<l=+ 120A<n=
<iii=+ 120A<o=/<,=+ 12(<b= and 1('C
<b= the third !entence in paragraph 2'C
<c= in paragraph 120A<g=+ the te#t >or each o J in paragraph )1<b=@C
<d= in paragraph 120A<m=+ the te#t >+ a! well a! J paragraph 10(A@C and
<e= the !econd !entence in paragraph 1'1;
"ntitie! applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o
the!e e#cluded re,uirement!;
Au!1;1 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t+ e#cept or
comparative di!clo!ure! !ub?ect to $D$ paragraph!;
Au!1;2 $D$ paragraph! in thi! 6tandard apply only to entitie! preparing general purpo!e inancial !tatement! under Au!tralian
Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!;
$D$120A;1 An entity applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! !hall di!clo!e a
reconciliation o opening and clo!ing balance! o the deined beneit obligation !howing !eparately beneit! paid and all
other change!; The!e di!clo!ure! may be made in total+ !eparately or each plan+ or in !uch grouping! a! are con!idered to
be the mo!t u!eul;
$D$120A;2 An entity applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! i! not re,uired to di!clo!e
the reconciliation! !peciied in paragraph! 120A<e= and $D$120A;1 or prior period!; <AA64 2010/2+ pp; 2)826=;
AA64 2010/) i!!ued in October 2010 ma&e! numerou! editorial amendment! to a range o Au!tralian Accounting
6tandard! and -nterpretation!+ including amendment! to relect change! made to the te#t o -%$6! by the -A64; The!e
amendment! have no ma?or impact on the re,uirement! o the amended pronouncement!;
23
CHAPTER 12: SHARE CAPITAL AN0 RESERVES
There have been no !igniicant development! dome!tically or internationally to directly aect thi! chapter;
24
CHAPTER 14: ACCOUNTING FOR FINANCIAL INSTRUMENTS
The ma?or amendment! ari!e a! a re!ult o the i!!uance o AA64 2 Financial Instruments in December 2002; AA64 2
include! re,uirement! or the cla!!iication and mea!urement o inancial a!!et! re!ulting rom the ir!t part o *ha!e 1
o the -A64B! pro?ect to replace -A6 '2 Financial Instruments: Recognition and Measurement. -n particular+ the main
change! rom AA64 1'2 are a! ollow!:
<a= %inancial a!!et! are cla!!iied ba!ed on <a= the ob?ective o the entityB! bu!ine!! model or managing the inancial a!!et!C and <b=
the characteri!tic! o the contractual ca!h low!; Thi! replace! the numerou! categorie! o inancial a!!et! in AA64 1'2+ each o
which had it! own cla!!iication criteria; Application guidance ha! been included in AA64 2 on how to apply the condition!
nece!!ary or amorti!ed co!t mea!urement;
<b= AA64 2 allow! an irrevocable election on initial recognition to pre!ent gain! and lo!!e! on inve!tment! in e,uity in!trument!
that are not held or trading in other comprehen!ive income; Dividend! in re!pect o the!e inve!tment! that are a return on
inve!tment can be recogni!ed in proit or lo!! and there i! no impairment or recycling on di!po!al o the in!trument;
<c= %inancial a!!et! can be de!ignated and mea!ured at air value through proit or lo!! at initial recognition i doing !o eliminate!
or !igniicantly reduce! a mea!urement or recognition incon!i!tency that would ari!e rom mea!uring a!!et! or liabilitie!+ or
recogni!ing the gain! and lo!!e! on them+ on dierent ba!e!;
<d= 3ybrid contract! with inancial a!!et ho!t! are cla!!iied and mea!ured in their entirety in accordance with the cla!!iication
criteria; "mbedded derivative a!!et! that are !eparated rom inancial liability or non/inancial ho!t! in accordance with AA64 1'2
are to be accounted or in accordance with AA64 2;
<e= -nve!tment! in un,uoted e,uity in!trument! <and contract! on tho!e inve!tment! that mu!t be !ettled by delivery o the un,uoted
e,uity in!trument= mu!t be mea!ured at air value; 3owever+ in limited circum!tance!+ co!t may be an appropriate e!timate o air
value;
<= -nve!tment! in contractually lin&ed in!trument! that create concentration! o credit ri!& <tranche!= are cla!!iied and mea!ured
u!ing a Iloo& throughB approach; 6uch an approach loo&! to the underlying a!!et! generating ca!h low! and a!!e!!e! the ca!h low!
again!t the cla!!iication criteria <di!cu!!ed in <a= above= to determine whether the inve!tment i! mea!ured at air value or
amorti!ed co!t;
<g= %inancial a!!et! are recla!!iied when there i! a relevant change in the entityB! bu!ine!! model change!; <AA64 2+ p; 680=;
AA64 2002/11 Amendments to Australian Accounting Standards Arising from AAS& 3 i!!ued in December 2002 ma&e!
amendment! to AA64 0 and AA64 1'2; -n particular+ the reerence to AA64 1'2 ha! been replaced with AA64 2;
AA64 2002/11 al!o ma&e! con!e,uential amendment! to AA64 1'2;
AA64 2002/12 Amendments to Australian Accounting Standards i!!ued in December 2002 ma&e! editorial
amendment! to AA64 1'2; 3owever+ the!e amendment! have no ma?or impact on the re,uirement! o the amended
pronouncement <AA64 2002/12+ p; (=;
AA64 2010/1 Amendments to Australian Accounting Standards i!!ued in %ebruary 2010 ma&e! amendment! to AA64
0; The!e amendment! principally give eect to e#tending the tran!ition provi!ion! o AA64 2002/2 Amendments to
Australian Accounting Standards Impro!ing Disclosures a#out Financial Instruments to ir!t/time adopter! o
Au!tralian Accounting 6tandard! <AA64 2010/1+ p; (=;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including AA64 0+
to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o entitie! in
preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting Standards
Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the dierential reporting
ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement! <AA64 2010/
2+ p; )=;
AA64 2010/' Amendments to Australian Accounting Standards arising from t"e Annual Impro!ements $ro5ect i!!ued
in :une 2010 al!o ma&e! amendment! to AA64 0+ AA64 1'2 and AA64 1'2; -n particular+ principal amendment!
25
relate! to tran!ition re,uirement! or contingent con!ideration rom a bu!ine!! combination that occurred beore the
eective date o the revi!ed AA64 ' <2001= <AA64 2010/'+ p; )=;
%urthermore+ AA64 2010/( Amendments to Australian Accounting Standards arising from t"e Annual Impro!ements
$ro5ect i!!ued in :une 2010 al!o ma&e! amendment! to AA64 0; -n particular+ the!e amendment! re!ult rom propo!al!
that were included in "#po!ure Drat "D 111 Impro!ements to IFRSs publi!hed in 6eptember 2002 and in "D 11)
Rate-regulated Acti!ities publi!hed in :uly 2002+ and ollow the i!!uance o the -A64 6tandard -mprovement! to -%$6!
in Day 2010; The amendment re!ulting rom "D 11) provide! only an e#emption in AA64 1 or ir!t/time adopter!
with operation! !ub?ect to rate regulation <AA64 2010/(+ p; (=;
AA64 2010/) i!!ued in October 2010 ma&e! numerou! editorial amendment! to a range o Au!tralian Accounting
6tandard! and -nterpretation!+ including amendment! to relect change! made to the te#t o -%$6! by the -A64; The!e
amendment! have no ma?or impact on the re,uirement! o the amended pronouncement!;
5a!tly+ AA64 2010/6 Amendments to Australian Accounting Standards Disclosures on Transfers of Financial Assets
i!!ued in .ovember 2010 al!o ma&e! amendment! to AA64 0; -n particular+ thi! 6tandard add! and amend! di!clo!ure
re,uirement! about tran!er! o inancial a!!et!+ including in re!pect o the nature o the inancial a!!et! involved and
the ri!&! a!!ociated with them <AA64 2010/6+ p; (=;
26
CHAPTER 18: REVENUE RECOGNITION ISSUES
There have been no local or international development! to directly aect AA64 111 Re!enue; 3owever+ AA64 2002/
11 Amendment! to Au!tralian Accounting 6tandard! Ari!ing rom AA64 2 i!!ued in December 2002 ma&e!
amendment! to AA64 111; -n particular+ reerence to AA64 2 ha! been included;
AA64 2010/) i!!ued in October 2010 ma&e! numerou! editorial amendment! to a range o Au!tralian Accounting
6tandard! and -nterpretation!+ including amendment! to AA64 111; The!e amendment! have no ma?or impact on the
re,uirement! o the amended pronouncement!;
5a!tly+ AA64 2010/0 i!!ued in December 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard! ari!ing
rom AA64 2+ including AA64 111; Thi! 6tandard !uper!ede! AA64 2002/11 Amendments to Australian Accounting
Standards ari!ing rom AA64 2 i!!ued in December 2002;
27
CHAPTER 1:: THE STATEMENT OF COMPREHENSIVE INCOME AN0 STATEMENT OF CHANGES IN
E7UIT5
There have been no local or international development! to directly aect thi! chapter in 2010;
28
CHAPTER 1;: ACCOUNTING FOR SHARE9&ASE0 PA5MENTS
AA64 2 S"are-#ased $a%ment wa! rei!!ued in :uly 2002; AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to
many Au!tralian Accounting 6tandard!+ including -nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the
pronouncement! or application by certain type! o entitie! in preparing general purpo!e inancial !tatement!; Thi!
6tandard give! eect to Australian Accounting Standards Reduced Disclosure Requirements and AA64 10)'
provide! urther inormation regarding the dierential reporting ramewor& and the two tier! o reporting re,uirement!
or preparing general purpo!e inancial !tatement! <AA64 2010/2+ p; )=; The ollowing !ubheading and paragraph! are
added to AA64 2:
Au!1;6 The ollowing do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement!:
<a= paragraph! ()<c=+ ()<d=+ (6+ (0<a=+ (0<b=+ (0<c=<ii=+ (0<c=<iii= and (1/)2C and
<b= in paragraph (0+ the te#t >to give eect to the principle in paragraph (6+@;
"ntitie! applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o
the!e e#cluded re,uirement!;
Au!1;0 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t;
Au!1;1 $D$ paragraph! in thi! 6tandard apply only to entitie! preparing general purpo!e inancial !tatement! under Au!tralian
Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!;
$D$(6;1 %or e,uity/!ettled !hare/ba!ed payment arrangement!+ an entity applying Au!tralian Accounting 6tandard! 8 $educed
Di!clo!ure $e,uirement! !hall di!clo!e inormation about how it mea!ured the air value o good! or !ervice! received or
the air value o the e,uity in!trument! granted; - a valuation methodology wa! u!ed+ the entity !hall di!clo!e the method
and it! rea!on or choo!ing it;
$D$(6;2 %or ca!h/!ettled !hare/ba!ed payment arrangement!+ an entity applying Au!tralian Accounting 6tandard! 8 $educed
Di!clo!ure $e,uirement! !hall di!clo!e inormation about how the liability wa! mea!ured;
$D$)0;1 An entity applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! !hall di!clo!e the ollowing
inormation about the eect o !hare/ba!ed payment tran!action! on the entityB! proit or lo!! or the period and on it!
inancial po!ition:
<a= the total e#pen!e recogni!ed in proit or lo!! or the periodC and
<b= the total carrying amount at the end o the period o liabilitie! ari!ing rom !hare/ba!ed payment tran!action!; <AA64
2010/2+ pp; 1281'=;
29
CHAPTER 1<: ACCOUNTING FOR INCOME TAXES
AA64 2002/11 Amendments to Australian Accounting Standards Arising from AAS& 3 i!!ued in December 2002 ma&e!
amendment! to AA64 112 Income Ta.es; -n particular+ the reerence to AA64 1'2 ha! been replaced with AA64 2;
AA64 2002/12 Amendments to Australian Accounting Standards i!!ued in December 2002 ma&e! editorial
amendment! to AA64 112; -n particular+ reerence! to Iater the end o the reporting periodB <wherever occurring+
including in deined term!= are amended to Iater the reporting periodB; Thi! 6tandard al!o ma&e! numerou! editorial
amendment! to a range o Au!tralian Accounting 6tandard! and -nterpretation!+ including amendment! to relect
change! made to the te#t o -%$6! by the -A64; 3owever+ the!e amendment! have no ma?or impact on the
re,uirement! o the amended pronouncement! <AA64 2002/12+ p; (=;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including
-nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o
entitie! in preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting
Standards Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the dierential
reporting ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement!
<AA64 2010/2+ p; )=; The ollowing !ubheading and paragraph! are added to AA64 112:
Au!1;1 The ollowing do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement!:
<a= paragraph! 11<ab=+ 11<=+ 11<i=/<&=+ 12 and 10/10CC and
<b= the !econd !entence in paragraph 12A; "ntitie! applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure
$e,uirement! may elect to comply with !ome or all o the!e e#cluded re,uirement!;
Au!1;2 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t;
Au!1;10 The $D$ paragraph in thi! 6tandard applie! only to entitie! preparing general purpo!e inancial !tatement! under
Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!;
$D$11;1 An entity applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! !hall di!clo!e the aggregate
amount o current and deerred income ta# relating to item! recogni!ed in other comprehen!ive income; <AA64 2010/2+
pp; 2282'=;
AA64 2010/) i!!ued in October 2010 ma&e! numerou! editorial amendment! to a range o Au!tralian Accounting
6tandard! and -nterpretation!+ including amendment! to AA64 112; The!e amendment! have no ma?or impact on the
re,uirement! o the amended pronouncement!;
AA64 2010/0 i!!ued in December 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard! ari!ing rom
AA64 2+ including AA64 112; Thi! 6tandard !uper!ede! AA64 2002/11 Amendments to Australian Accounting
Standards ari!ing rom AA64 2 i!!ued in December 2002;
5a!tly+ AA64 2010/1 Amendments to Australian Accounting Standards Deferred Ta.: Reco!er% of =nderl%ing Assets
i!!ued in December 2010 ma&e! amendment! to AA64 112; -n particular+ >the amendment! provide a practical
approach or mea!uring deerred ta# liabilitie! and deerred ta# a!!et! when inve!tment property i! mea!ured u!ing the
air value model in AA64 1(0 In!estment $ropert%; Ander AA64 112+ the mea!urement o deerred ta# liabilitie! and
deerred ta# a!!et! depend! on whether an entity e#pect! to recover an a!!et by u!ing it or by !elling it; 3owever+ it i!
oten diicult and !ub?ective to determine the e#pected manner o recovery when the inve!tment property i! mea!ured
u!ing the air value model in AA64 1(0; To provide a practical approach in !uch ca!e!+ the amendment! introduce a
pre!umption that an inve!tment property i! recovered entirely through !ale; Thi! pre!umption i! rebutted i the
inve!tment property i! held within a bu!ine!! model who!e ob?ective i! to con!ume !ub!tantially all o the economic
beneit! embodied in the inve!tment property over time+ rather than through !ale@ <AA64 2010/1+ p; (=;
CHAPTER +=: THE STATEMENT OF CASH FLOWS
30
AA64 100 'as" Flo, Statements ha! been rei!!ued in :une 2002; AA64 2010/2 i!!ued in :une 2010 ma&e!
amendment! to many Au!tralian Accounting 6tandard!+ including -nterpretation!+ to introduce reduced di!clo!ure
re,uirement! to the pronouncement! or application by certain type! o entitie! in preparing general purpo!e inancial
!tatement!; Thi! 6tandard give! eect to Australian Accounting Standards Reduced Disclosure Requirements and
AA64 10)' provide! urther inormation regarding the dierential reporting ramewor& and the two tier! o reporting
re,uirement! or preparing general purpo!e inancial !tatement! <AA64 2010/2+ p; )=; The ollowing !ubheading and
paragraph! are added to AA64 100:
Au!1;1 *aragraph! Au!20;1+ Au!20;2+ (0+ (1+ (6+ )0<d= and )2 o thi! 6tandard do not apply to entitie! preparing general purpo!e
inancial !tatement! under Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!; "ntitie! applying
Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o the!e
e#cluded re,uirement!;
Au!1;2 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t; <AA64
2010/2+ p; 20=;
AA64 2010/) i!!ued in October 2010 ma&e! numerou! editorial amendment! to a range o Au!tralian Accounting
6tandard! and -nterpretation!+ including amendment! to AA64 100; The!e amendment! have no ma?or impact on the
re,uirement! o the amended pronouncement!;
CHAPTER +1: ACCOUNTING FOR THE EXTRACTIVE IN0USTRIES
31
There are no ma?or change! to AA64 6 .ploration for and !aluation of Mineral Resources in 2010;
CHAPTER ++: ACCOUNTING FOR GENERAL INSURANCE CONTRACTS
32
Any development in AA64 ( Insurance 'ontracts- AA64 102' 0eneral Insurance 'ontracts and AA64 10'1 /ife
Insurance 'ontracts are relevant to thi! chapter; AA64 (- AA64 102' and AA64 10'1 have been amended by a ew
omnibu! !tandard! i!!ued in late 2002; AA64 2002/11 Amendments to Australian Accounting Standards Arising from
AAS& 3 i!!ued in December 2002 ma&e! amendment! to AA64 (+ 102' and AA64 10'1; -n particular+ the reerence to
AA64 1'2 ha! been replaced with AA64 2;
AA64 2002/12 Amendments to Australian Accounting Standards i!!ued in December 2002 ma&e! editorial
amendment! to AA64 102'; -n particular+ reerence! to Iater the end o the reporting periodB <wherever occurring+
including in deined term!= are amended to Iater the reporting periodB; 3owever+ the!e amendment! have no ma?or
impact on the re,uirement! o the amended pronouncement <AA64 2002/12+ p; (=;
AA64 2010/) i!!ued in October 2010 ma&e! numerou! editorial amendment! to a range o Au!tralian Accounting
6tandard! and -nterpretation!+ including amendment! to AA64 102' and AA64 10'1; The!e amendment! have no
ma?or impact on the re,uirement! o the amended pronouncement!;
5a!tly+ AA64 2010/0 i!!ued in December 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard! ari!ing
rom AA64 2+ including AA64 102' and AA64 10'1; Thi! 6tandard !uper!ede! AA64 2002/11 Amendments to
Australian Accounting Standards ari!ing rom AA64 2 i!!ued in December 2002;
CHAPTER +.: ACCOUNTING FOR SUPERANNUATION PLANS
33
There have been no local or international development! to directly aect thi! chapter in 2010;
CHAPTER +2: EVENTS OCCURRING AFTER THE REPORTING PERIO0
34
AA64 2002/12 Amendments to Australian Accounting Standards i!!ued in December 2002 ma&e! editorial
amendment! to AA64 110 !ents after t"e Reporting $eriod; -n particular+ reerence! to Iater the end o the reporting
periodB <wherever occurring+ including in deined term!= are amended to Iater the reporting periodB; Thi! 6tandard al!o
ma&e! numerou! editorial amendment! to a range o Au!tralian Accounting 6tandard! and -nterpretation!+ including
amendment! to relect change! made to the te#t o -%$6! by the -A64; 3owever+ the!e amendment! have no ma?or
impact on the re,uirement! o the amended pronouncement! <AA64 2002/12+ p; (=;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including
-nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o
entitie! in preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting
Standards Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the dierential
reporting ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement!
<AA64 2010/2+ p; )=; The ollowing !ubheading and paragraph! are added to AA64 110:
Au!1;1 The ollowing do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement!:
<a= paragraph! 1'+ 12 and 20C and
<b= in paragraph 22<a=+ the te#t ><AA64 ' J in !uch ca!e!=@;
"ntitie! applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o
the!e e#cluded re,uirement!;
Au!1;2 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t; <AA64
2010/2+ pp; 21822=;
CHAPTER +4: SEGMENT REPORTING
35
AA64 1 *perating Segments i! a new accounting !tandard that ha! been i!!ued in %ebruary 2000; AA64 1 >applie! to
or/proit entitie! who!e debt or e,uity in!trument! are traded in a public mar&et or that ile!+ or i! in the proce!! o
iling+ it! inancial !tatement! with a !ecuritie! commi!!ion or other regulatory organi!ation or the purpo!e o i!!uing
any cla!! o in!trument! in a public mar&et; AA64 11( applied to a broader range o or/proit entitie!+ namely tho!e
that are or/proit reporting entitie!@ <AA64 1+ p; )=;
AA64 2002/12 Amendments to Australian Accounting Standards i!!ued in December 2002 ma&e! amendment! to
AA64 1; AA64 1 i! amended a! a re!ult o the i!!uance o revi!ed AA64 12( Related $art% Disclosures in December
2002; -n particular+ the amendment to AA64 1 re,uire! an entity to e#erci!e ?udgement in a!!e!!ing whether a
government and entitie! &nown to be under the control o that government are con!idered a !ingle cu!tomer or the
purpo!e! o certain operating !egment di!clo!ure! <AA64 2002/12+ p; (=; 6peciically+ paragraph '( i! amended a!
ollow! and paragraph '64 i! added:
'( An entity !hall provide inormation about the e#tent o it! reliance on it! ma?or cu!tomer!; - revenue! rom tran!action! with
a !ingle e#ternal cu!tomer amount to 10 per cent or more o an entityB! revenue!+ the entity !hall di!clo!e that act+ the total
amount o revenue! rom each !uch cu!tomer+ and the identity o the !egment or !egment! reporting the revenue!; The entity
need not di!clo!e the identity o a ma?or cu!tomer or the amount o revenue! that each !egment report! rom that cu!tomer;
%or the purpo!e! o thi! 6tandard+ a group o entitie! &nown to a reporting entity to be under common control !hall be
con!idered a !ingle cu!tomer; 3owever+ ?udgement i! re,uired to a!!e!! whether a government <including government
agencie! and !imilar bodie! whether local+ national or international= and entitie! &nown to the reporting entity to be under the
control o that government are con!idered a !ingle cu!tomer; -n a!!e!!ing thi!+ the reporting entity !hall con!ider the e#tent o
economic integration between tho!e entitie!;
'64 AA64 2002/12 Amendments to Australian Accounting Standard! amended paragraph '( or annual reporting period!
beginning on or ater 1 :anuary 2011; - an entity applie! AA64 12( <revi!ed 2002= or an earlier period+ it !hall apply the
amendment to paragraph '( or that earlier period; <AA64 2002/12+ p; 1=;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including
-nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o
entitie! in preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting
Standards Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the dierential
reporting ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement!
<AA64 2010/2+ p; )=; The ollowing !ubheading and paragraph! are added to AA64 1:
Au!2;6 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t; 4y virtue o
paragraph Au!2;1 thi! 6tandard applie! to Tier 1 entitie! preparing general purpo!e inancial !tatement! in accordance with
Au!tralian Accounting 6tandard!; "ntitie! applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!
may elect to comply with !ome or all o the e#cluded re,uirement!; <AA64 2010/2+ p; 10=;
CHAPTER +8: RELATE09PART5 0ISCLOSURES
36
AA64 12( Related $art% Disclosures wa! rei!!ued in December 2002+ which ta&e! into account the amendment! made
by one or more o the Omnibu! 6tandard! that have been i!!ued; %urthermore+ AA64 2010/2 i!!ued in :une 2010
ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including -nterpretation!+ to introduce reduced
di!clo!ure re,uirement! to the pronouncement! or application by certain type! o entitie! in preparing general purpo!e
inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting Standards Reduced Disclosure
Requirements and AA64 10)' provide! urther inormation regarding the dierential reporting ramewor& and the two
tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement! <AA64 2010/2+ p; )=; The ollowing
!ubheading and paragraph! are added to AA64 12( Related-$art% Disclosures:
Au!1;11 The ollowing do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement!:
<a= paragraph! Au!1';1+ 26+ 20 and Au!22;1/Au!22;2;'C
<b= in paragraph 10+ the te#t >and or each o J <e= !hare/ba!ed payment@C and
<c= in paragraph 22+ the te#t ><!ee paragraph '(4 o AA64 112=@;
"ntitie! applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o
the!e e#cluded re,uirement!;
Au!1;12 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t; <AA64
2010/2+ p; 20=;
CHAPTER +:: EARNINGS PER SHARE
37
AA64 2002/12 Amendments to Australian Accounting Standards i!!ued in December 2002 ma&e! editorial
amendment! to AA64 1'' arnings $er S"are; -n particular+ reerence! to Iater the end o the reporting periodB
<wherever occurring+ including in deined term!= are amended to Iater the reporting periodB; Thi! 6tandard al!o ma&e!
numerou! editorial amendment! to a range o Au!tralian Accounting 6tandard! and -nterpretation!+ including
amendment! to relect change! made to the te#t o -%$6! by the -A64; 3owever+ the!e amendment! have no ma?or
impact on the re,uirement! o the amended pronouncement! <AA64 2002/12+ p; (=;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including
-nterpretation!+ to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o
entitie! in preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting
Standards Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the dierential
reporting ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement!
<AA64 2010/2+ p; )=; The ollowing !ubheading and paragraph! are added to AA64 1'':
Au!1;2 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t; 4y virtue o
paragraph Au!1;1 thi! 6tandard applie! to Tier 1 entitie! preparing general purpo!e inancial !tatement! in accordance with
Au!tralian Accounting 6tandard!; "ntitie! applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!
may elect to comply with !ome or all o the e#cluded re,uirement!; <AA64 2010/2+ p; 22=;
AA64 2010/) i!!ued in October 2010 ma&e! numerou! editorial amendment! to a range o Au!tralian Accounting
6tandard! and -nterpretation!+ including amendment! to AA64 1''; The!e amendment! have no ma?or impact on the
re,uirement! o the amended pronouncement!;
CHAPTER +;: ACCOUNTING FOR GROUP STRUCTURES
38
The ollowing commentary applie! to Chapter! 218'';
AA64 2002/11 Amendment! to Au!tralian Accounting 6tandard! ari!ing rom AA64 2+ i!!ued in December 2002+
amended paragraph! 16+ (2 and )1 in AA64 ' &usiness 'om#inations; An entity !hall apply tho!e amendment! when it
applie! AA64 2; -n particular+ paragraph 16 i! amended a! ollow!:
16 -n !ome !ituation!+ Au!tralian Accounting 6tandard! provide or dierent accounting depending on how an entity
cla!!iie! or de!ignate! a particular a!!et or liability; "#ample! o cla!!iication! or de!ignation! that the ac,uirer !hall
ma&e on the ba!i! o the pertinent condition! a! they e#i!t at the ac,ui!ition date include but are not limited to:
<a= cla!!iication o particular inancial a!!et! and liabilitie! a! mea!ured at air value or at amorti!ed co!t+ in accordance with
AA64 2 %inancial -n!trument! and AA64 1'2;;; <AA64 2002/11+ p; 1)=;
AA64 2002/11 al!o ma&e! amendment! to AA64 120 'onsolidated and Separate Financial Statements and AA64
121 In!estments in Associates; -n particular+ reerence to AA64 2 ha! been included;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including AA64 '+
AA64 120 and AA64 121 to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by
certain type! o entitie! in preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian
Accounting Standards Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the
dierential reporting ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial
!tatement! <AA64 2010/2+ p; )=; The ollowing !ubheading and paragraph! are added to AA64 ':
Au!1;0 The ollowing do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement!:
<a= paragraph! )2/6'+ Au!6';6/Au!6';2+ 46(<d=+ 46(<e=+ 46(<h=+ 46(<&=+ 46(<l=+ 46(<m=+ 46(<n=<ii=+ 46(<o=<ii=+ 46(<,=+
46)+ 466+ 460<a=/<c= and 460<e=C
<b= in the heading beore paragraph 46(+ the te#t ><application o paragraph! )2 and 61=@C
<c= in paragraph 46(+ the te#t >To meet the ob?ective in paragraph )2+@C
<d= in paragraph 46(<?=+ the !entence >- a contingent liability J liability cannot be mea!ured reliably;@C and
<e= in paragraph 460+ the te#t >To meet the ob?ective in paragraph 61+@;
"ntitie! applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o
the!e e#cluded re,uirement!;
Au!1;1 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t+ e#cept or
comparative di!clo!ure! !ub?ect to $D$ paragraph!;
Au!1;2 $D$ paragraph! in thi! 6tandard apply only to entitie! preparing general purpo!e inancial !tatement! under Au!tralian
Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!;
$D$46);1 %or individually immaterial bu!ine!! combination! occurring during the reporting period that are material collectively+
an ac,uirer applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! !hall di!clo!e in aggregate the
inormation re,uired by paragraph! 46(<=+ 46(<g=+ 46(<i=+ 46(<n=<i=+ 46(<o=<i= and 46(<p= and the ir!t !entence o
paragraph 46(<?=;
$D$460;1 An entity applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! i! not re,uired to di!clo!e the
reconciliation !peciied in paragraph 460<d= or prior period!; <AA64 2010/2+ pp; 1'81(=;
The ollowing !ubheading and paragraph! are added to AA64 120:
Au!1;6 The ollowing do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement!:
<a= paragraph! (1<b=+ (1<e=+ (1<=+ (2+ ('<b=+ ('<c= and Au!(';1C and
<b= in paragraph ('+ the te#t ><other than a parent covered by paragraph (2=@;
39
"ntitie! applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o
the!e e#cluded re,uirement!;
Au!1;0 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t;
Au!1;1 The $D$ paragraph in thi! 6tandard applie! only to entitie! preparing general purpo!e inancial !tatement! under
Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!;
$D$(';1 A parent+ venturer with an intere!t in a ?ointly controlled entity or an inve!tor in an a!!ociate+ that prepare! !eparate
inancial !tatement! applying Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!+ !hall di!clo!e a
de!cription o the method! u!ed to account or the inve!tment! in !ub!idiarie!+ ?ointly controlled entitie! and a!!ociate!;
<AA64 2010/2+ pp; 20821=;
The ollowing !ubheading and paragraph! are added to AA64 121:
Au!1;2 *aragraph! '0<b=/<i= o thi! 6tandard do not apply to entitie! preparing general purpo!e inancial !tatement! under
Au!tralian Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!; "ntitie! applying Au!tralian Accounting 6tandard!
8 $educed Di!clo!ure $e,uirement! may elect to comply with !ome or all o the!e e#cluded re,uirement!;
Au!1;10 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t; <AA64
2010/2+ pp; 21822=;
AA64 2010/' Amendments to Australian Accounting Standards arising from t"e Annual Impro!ements $ro5ect i!!ued
in :une 2010 al!o ma&e! amendment! to AA64 '; -n particular+ the principal amendment! in AA64 ' relate! to
mea!urement o non/controlling intere!t! and unreplaced and voluntarily replaced !hare/ba!ed payment award! <AA64
2010/'+ p; )=;
AA64 2010/' al!o ma&e! amendment! to AA64 121; The principal amendment! in AA64 121 relate! to tran!ition
re,uirement! or amendment! ari!ing a! a re!ult o AA64 120 'onsolidated and Separate Financial Statements
<AA64 2010/'+ p; )=; -n particular+ *aragraph! (14 and (1" are added a! ollow!:
(14 AA64 2001/' Amendment! to Au!tralian Accounting 6tandard! ari!ing rom AA64 ' and AA64 120 amended
paragraph! 11+ 12 and ') and added paragraph 12A; An entity !hall apply the amendment to paragraph ') retro!pectively
and the amendment! to paragraph! 11 and 12 and paragraph 12A pro!pectively or annual reporting period! beginning on
or ater 1 :uly 2002; - an entity applie! AA64 120 <amended 2001= or an earlier period+ the amendment! !hall be applied
or that earlier period;
(1" *aragraph (14 wa! added by AA64 2010/' Amendment! to Au!tralian Accounting 6tandard! ari!ing rom the Annual
-mprovement! *ro?ect i!!ued in :une 2010; An entity !hall apply the amendment to paragraph ') retro!pectively and the
amendment! to paragraph! 11 and 12 and paragraph 12A pro!pectively or annual reporting period! beginning on or ater
1 :uly 2010; "arlier application i! permitted; - an entity applie! the amendment beore 1 :uly 2010 it !hall di!clo!e that
act; <AA64 2010/'+ p; 12=;
5a!tly+ AA64 2010/0 i!!ued in December 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard! ari!ing
rom AA64 2+ including AA64 '+ AA64 120 and AA64 121; Thi! 6tandard !uper!ede! AA64 2002/11 Amendments
to Australian Accounting Standards ari!ing rom AA64 2 i!!ued in December 2002;
40
CHAPTER +<: FURTHER CONSOLI0ATION ISSUES I / ACCOUNTING FOR INTRAGROUP
TRANSACTIONS
6ee commentary or Chapter 21;
41
CHAPTER .=: FURTHER CONSOLI0ATION ISSUES II > ACCOUNTING FOR NON9CONTROLLING
INTERESTS
6ee commentary or Chapter 21;
42
CHAPTER .1: FURTHER CONSOLI0ATION ISSUES III / ACCOUNTING FOR IN0IRECT
OWNERSHIP INTERESTS
6ee commentary or Chapter 21;
43
CHAPTER .+: FURTHER CONSOLI0ATION ISSUES IV / ACCOUNTING FOR CHANGES IN THE
0EGREE OF OWNERSHIP OF A SU&SI0IAR5
6ee commentary or Chapter 21;
44
CHAPTER ..: ACCOUNTING FOR E7UIT5 INVESTMENTS
6ee commentary or Chapter 21;
45
CHAPTER .2: ACCOUNTING FOR INTERESTS IN ?OINT VENTURES
AA64 2002/11 ma&e! amendment! to AA64 1'1 Interests in ?oint :entures; -n particular+ reerence to AA64 2 ha!
been included and an entity !hall apply tho!e amendment! when it applie! AA64 2;
AA64 2010/' Amendments to Australian Accounting Standards arising from t"e Annual Impro!ements $ro5ect i!!ued
in :une 2010 al!o ma&e! amendment! to AA64 1'1; -n particular+ the principal amendment! in AA64 1'1 relate! to
tran!ition re,uirement! or amendment! ari!ing a! a re!ult o AA64 120 'onsolidated and Separate Financial
Statements <AA64 2010/'+ p; )=;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including AA64 1'1
to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o entitie! in
preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting Standards
Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the dierential reporting
ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement! <AA64 2010/
2+ p; )=; The ollowing !ubheading and paragraph! are added to AA64 1'1:
Au!1;1 *aragraph )6 o thi! 6tandard doe! not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian
Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!; "ntitie! applying Au!tralian Accounting 6tandard! 8 $educed
Di!clo!ure $e,uirement! may elect to comply with thi! e#cluded re,uirement;
Au!1;2 The re,uirement that doe! not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! i! identiied in thi! 6tandard by !hading o the relevant te#t; <AA64 2010/
2+ p; 22=;
5a!tly+ AA64 2010/0 i!!ued in December 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard! ari!ing
rom AA64 2+ including AA64 1'1; Thi! 6tandard !uper!ede! AA64 2002/11 Amendments to Australian Accounting
Standards ari!ing rom AA64 2 i!!ued in December 2002;
46
CHAPTER .4: ACCOUNTING FOR FOREIGN CURRENC5 TRANSACTIONS
*lea!e read the commentary at Chapter '6;
47
CHAPTER .8: TRANSLATING THE FINANCIAL STATEMENTS OF FOREIGN OPERATIONS
AA64 121 T"e ffects of '"anges in Foreign .c"ange Rates wa! rei!!ued in October 2002; AA64 2002/11
Amendment! to Au!tralian Accounting 6tandard! Ari!ing rom AA64 2 i!!ued in December 2002 ma&e! amendment!
to AA64 121; -n particular+ reerence to AA64 2 ha! been included;
AA64 2010/' Amendments to Australian Accounting Standards arising from t"e Annual Impro!ements $ro5ect i!!ued
in :une 2010 al!o ma&e! amendment! to AA64 121; The principal amendment! in AA64 121 relate! to tran!ition
re,uirement! or amendment! ari!ing a! a re!ult o AA64 120 'onsolidated and Separate Financial Statements
<AA64 2010/'+ p; )=; -n particular+ *aragraph! 604 and 60D are added a! ollow!:
604 AA64 2001/' Amendment! to Au!tralian Accounting 6tandard! ari!ing rom AA64 ' and AA64 120 added paragraph!
(1A/(1D and amended paragraph (2; An entity !hall apply tho!e amendment! pro!pectively or annual reporting period!
beginning on or ater 1 :uly 2002; - an entity applie! AA64 120 <amended 2001= or an earlier period+ the amendment!
!hall be applied or that earlier period;
60D *aragraph 604 wa! added by AA64 2010/' Amendment! to Au!tralian Accounting 6tandard! ari!ing rom the Annual
-mprovement! *ro?ect i!!ued in :une 2010; An entity !hall apply the amendment! noted in paragraph 604 pro!pectively
or annual reporting period! beginning on or ater 1 :uly 2010; "arlier application i! permitted; <AA64 2010/'+ p; 12=;
AA64 2010/2 i!!ued in :une 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard!+ including AA64 121
to introduce reduced di!clo!ure re,uirement! to the pronouncement! or application by certain type! o entitie! in
preparing general purpo!e inancial !tatement!; Thi! 6tandard give! eect to Australian Accounting Standards
Reduced Disclosure Requirements and AA64 10)' provide! urther inormation regarding the dierential reporting
ramewor& and the two tier! o reporting re,uirement! or preparing general purpo!e inancial !tatement! <AA64 2010/
2+ p; )=; The ollowing !ubheading and paragraph! are added to AA64 121:
Au!2;1 *aragraph! ))/)0 o thi! 6tandard do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian
Accounting 6tandard! 8 $educed Di!clo!ure $e,uirement!; "ntitie! applying Au!tralian Accounting 6tandard! 8 $educed
Di!clo!ure $e,uirement! may elect to comply with !ome or all o the!e e#cluded re,uirement!;
Au!2;2 The re,uirement! that do not apply to entitie! preparing general purpo!e inancial !tatement! under Au!tralian Accounting
6tandard! 8 $educed Di!clo!ure $e,uirement! are identiied in thi! 6tandard by !hading o the relevant te#t; <AA64
2010/2+ p; 26=;
AA64 2010/) i!!ued in October 2010 ma&e! numerou! editorial amendment! to a range o Au!tralian Accounting
6tandard! and -nterpretation!+ including amendment! to AA64 121; The!e amendment! have no ma?or impact on the
re,uirement! o the amended pronouncement!;
5a!tly+ AA64 2010/0 i!!ued in December 2010 ma&e! amendment! to many Au!tralian Accounting 6tandard! ari!ing
rom AA64 2+ including AA64 121; Thi! 6tandard !uper!ede! AA64 2002/11 Amendments to Australian Accounting
Standards ari!ing rom AA64 2 i!!ued in December 2002;
48
CHAPTER .:: ACCOUNTING FOR CORPORATE SOCIAL RESPONSI&ILIT5
There have been no legi!lative change! or proe!!ional development! to aect thi! chapter;
49
Re1erece$
Au!tralian Accounting 6tandard! 4oard+ 2002+ AAS& Action Alert @2A8- Decem#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ AAS& Action Alert @2A2- Fe#ruar% EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ AAS& Action Alert @2A7- Marc" EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ AAS& Action Alert @2AA- April EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ AAS& Action Alert @2AB- Ma% EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ AAS& Action Alert @2AC- ?une EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ AAS& Action Alert @2A9- ?une EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 7- ?ul% EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& D- Decem#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 287- ?une EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 28D- Decem#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 228- Decem#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 229- ?une EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 22>- ?une EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 27A- ?une EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 27B- Decem#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 273- ?une EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 2A9- ?une EOnlineG Available:
http://www;aa!b;com;au
50
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 2AD- ?une EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 2B2- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2002+ Accounting 6tandard AAS& 28A3- ?une EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 2- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& C- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& >- ?une EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 3- Decem#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 282- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 28>- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 227- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 223- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 272- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 2A7- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 2AA- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 2AB- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 2A>- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 2A3- *cto#er EOnlineG Available:
http://www;aa!b;com;au
Au!tralian Accounting 6tandard! 4oard+ 2010+ Accounting 6tandard AAS& 287A- *cto#er EOnlineG Available:
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51
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