aasb 3 illustrative examples

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

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