Learn more about our equipment.Get to know our players. A new heading is added before paragraph 102A. Earlier application of the amendments to individual Standards is permitted. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. 130H AASB 2014-1 Amendments to Australian Accounting Standards, issued in June 2014, amended paragraph 80. All existing rights in this material are reserved outside Australia. (f)           AASB 141 Agriculture to remove the requirement to exclude cash flows from taxation when measuring fair value, thereby aligning the fair value measurement requirements in AASB 141 with those in other Australian Accounting Standards. 24H         For hedging relationships to which an entity applies the exceptions set out in paragraphs 6.8.4–6.8.12 of AASB 9 or paragraphs 102D–102N of AASB 139, an entity shall disclose: (a)            the significant interest rate benchmarks to which the entity’s hedging relationships are exposed; (b)            the extent of the risk exposure the entity manages that is directly affected by the interest rate benchmark reform; (c)             how the entity is managing the process to transition to alternative benchmark rates; (d)            a description of significant assumptions or judgements the entity made in applying these paragraphs (for example, assumptions or judgements about when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows); and. Under subsection 33(3) of the Acts Interpretation Act 1901, where an Act confers a power to make, grant or issue any instrument of a legislative or administrative character (including rules, regulations or by-laws), the power shall be construed as including a power exercisable in the like manner and subject to the like conditions (if any) to repeal, rescind, revoke, amend, or vary any such instrument. This Standard is available on the AASB website: www.aasb.gov.au. 6.8.5        For the purpose of applying the requirement in paragraph 6.5.12 in order to determine whether the hedged future cash flows are expected to occur, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform. For the avoidance of doubt, an entity shall apply the other conditions in paragraph 88, including the prospective assessment in paragraph 88(b), to assess whether the hedging relationship must be discontinued. The AASB considered and adopted the amendments made by the IASB in finalising AASB 2020-3. Since all the amendments have the same effective date, the AASB combined the four separate IFRS Standards into one Australian Accounting Standard, while maintaining the ability of entities to apply early the amendments to individual Standards. An entity shall continue to apply all other hedge accounting requirements to hedging relationships directly affected by interest rate benchmark reform. AASB approves IASB amendments to IFRS 9, IAS 28 and annual improvements (2015-2017 cycle) The Australian Accounting Standards Board (AASB) recently approved some amendments to standards by the International Accounting Standards Board (IASB), meaning that these are now available for early adoption in Australia: Uncertainty arising from interest rate benchmark reform. These amendments arise from the issuance of International Financial Reporting Standard Clarifications to IFRS 15 Revenue from Contracts with Customers by the International Accounting Standards Board (IASB) in April 2016. Amendments to AASB 137 17 . 6.8.11      An entity shall prospectively cease applying paragraph 6.8.6: (a)            to a hedged item, when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the hedged risk or the timing and the amount of the interest rate benchmark-based cash flows of the hedged item; and. The amendments set out in this Standard apply to entities and financial statements in accordance with the application of AASB 7, AASB 9 and AASB 139 set out in AASB 1057 Application of Australian Accounting Standards. Conforming Amendments to the IAASB’s International Auditing Standards as a Result of the Revised IESBA Code – AASB Date recorded: Dec 02, 2019 At its meeting on December 2-3, 2019, the AASB received a presentation explaining the IAASB Exposure Draft, including the … 102D       For the purpose of applying the requirement in paragraph 88(c) that a forecast transaction must be highly probable, an entity shall assume that the interest rate benchmark on which the hedged cash flows (contractually or non-contractually specified) are based is not altered as a result of interest rate benchmark reform. Was issued in June 2019, for comment by 30 August 2019 with part 3 of the to! ( August 2018 Scrutiny ) Act 2011 in this material are reserved outside Australia unaltered! 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