About the Technical Editor vi
About the Institute of Chartered Accountants in Australia xii
Introduction xiii
Reduced Disclosure Regime xvi
Statements of Accounting Concepts
SAC 1 Definition of the Reporting Entity 1
SAC 2 Objective of General Purpose Financial Reporting 10
Accounting Standards (AASBs)
Framework for the Preparation and Presentation of Financial Statements 19
AASB 1 First-time Adoption of Australian Accounting Standards 42
AASB 2 Share-based Payment 73
AASB 3 Business Combinations 127
AASB 4 Insurance Contracts 169
AASB 5 Non-current Assets Held for Sale and Discontinued Operations 194
AASB 6 Exploration for and Evaluation of Mineral Resources 214
AASB 7 Financial Instruments: Disclosures 226
AASB 8 Operating Segments 266
AASB 9 Financial Instruments 279
AASB 10 Consolidated Financial Statements 337
AASB 11 Joint Arrangements 371
AASB 12 Disclosure of Interests in Other Entities 397
AASB 13 Fair Value Measurement 414
AASB 101 Presentation of Financial Statements 449
AASB 102 Inventories 482
AASB 107 Statement of Cash Flows 500
AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors 523
AASB 110 Events after the Reporting Period 538
AASB 111 Construction Contracts 548
AASB 112 Income Taxes 561
AASB 116 Property, Plant and Equipment 608
AASB 117 Leases 630
AASB 118 Revenue 648
AASB 119 Employee Benefits 667
AASB 120 Accounting for Government Grants and Disclosure of Government Assistance 721
AASB 121 The Effects of Changes in Foreign Exchange Rates 732
AASB 123 Borrowing Costs 750
AASB 124 Related Party Disclosures 759
AASB 127 Consolidated and Separate Financial Statements 782
AASB 127 Separate Financial Statements 805
AASB 128 Investments in Associates 812
AASB 128 Investments in Associates and Joint Ventures 827
AASB 129 Financial Reporting in Hyperinflationary Economies 839
AASB 131 Interests in Joint Ventures 849
AASB 132 Financial Instruments: Presentation 866
AASB 133 Earnings per Share 922
AASB 134 Interim Financial Reporting 964
AASB 136 Impairment of Assets 990
AASB 137 Provisions, Contingent Liabilities and Contingent Assets 1052
AASB 138 Intangible Assets 1079
AASB 139 Financial Instruments: Recognition and Measurement 1111
AASB 140 Investment Property 1204
AASB 141 Agriculture 1224
AASB 1004 Contributions 1238
AASB 1023 General Insurance Contracts 1265
AASB 1031 Materiality 1304
AASB 1038 Life Insurance Contracts 1310
AASB 1039 Concise Financial Reports 1347
AASB 1048 Interpretation of Standards 1354
AASB 1049 Whole of Government and General Government Sector Financial Reporting 1363
AASB 1050 Administered Items 1432
AASB 1051 Land Under Roads 1444
AASB 1052 Disaggregated Disclosures 1456
AASB 1053 Application of Tiers of Australian Accounting Standards 1467
AASB 1054 Australian Additional Disclosures 1495
AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements 1503
AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010)
[AASB 1, 3, 4 , 5, 7, 101, 102, 108, 112, 118, 120, 121, 127, 128, 131, 132, 136, 137, 139, 1023 and 1038 and Interpretations 2, 5, 10, 12, 19 and 127] 1528
AASB 2010-8 Amendments to Australian Accounting Standards – Deferred Tax: Recovery of Underlying Assets [AASB 112] 1570
AASB 2011-2 Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project – Reduced Disclosure Requirements [AASB 101 and AASB 1054] 1577
AASB 2011-3 AASB 2011-3 Amendments to Australian Accounting
AASB 2011-4 Amendments to Australian Accounting Standards
AASB 2011-6 Amendments to Australian Accounting Standards
AASB 2011-7 Amendments to Australian Accounting Standards arising
AASB 2011-8 Amendments to Australian Accounting Standards arising
AASB 2011-9 Amendments to Australian Accounting Standards –
[AASB 1, 5, 7, 101, 112, 120, 121, 132, 133, 134,
AASB 2011-10 Amendments to Australian Accounting Standards arising
[AASB 1, AASB 8, AASB 101, AASB 124, AASB 134, AASB 1049, AASB 2011-8, and Interpretation 14] 1684
AASB 2011-11 Amendments to AASB 119 (September 2011) arising from Reduced Disclosure Requirements 1695
AASB 2011-12 Amendments to Australian Accounting Standards arising Accounting Standards (AAS)
Interpretations
Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities 1743
Interpretation 2 Members’ Shares in Co-operative Entities and
Interpretation 4 Determining whether an Arrangement contains a Lease 1771
Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds 1789
Interpretation 6 Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment 1800
Interpretation 7 Applying the Restatement Approach under AASB 129
Financial Reporting in Hyperinflationary Economies 1806
Interpretation 9 Reassessment of Embedded Derivatives 1819
Interpretation 10 Interim Financial Reporting and Impairment 1828
Interpretation 12 Service Concession Arrangements 1834
Interpretation 13 Customer Loyalty Programmes 1869
Interpretation 14 AASB 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 1881
Interpretation 15 Agreements for the Construction of Real Estate 1899
Interpretation 16 Hedges of a Net Investment in a Foreign Operation 1916
Interpretation 17 Distributions of Non-cash Assets to Owners 1936
Interpretation 18 Transfers of Assets from Customers 1952
Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments 1964
Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine 1973
Interpretation 107 Introduction of the Euro 1982
Interpretation 110 Government Assistance – No Specific Relation to Operating Activities 1986
Interpretation 112 Consolidation – Special Purpose Entities 1989
Interpretation 113 Jointly Controlled Entities – Non-Monetary Contributions by Venturers 1995
Interpretation 115 Operating Leases – Incentives 1999
Interpretation 121 Income Taxes – Recovery of Revalued Non-Depreciable Assets 2003
Interpretation 125 Income Taxes – Changes in the Tax Status of an Entity or its Shareholders 2006
Interpretation 127 Evaluating the Substance of Transactions Involving the Legal Form of a Lease 2010
Interpretation 129 Service Concession Arrangements: Disclosures 2019
Interpretation 131 Revenue – Barter Transactions Involving Advertising Services 2023
Interpretation 132 Intangible Assets – Web Site Costs 2027
Interpretation 1003 Australian Petroleum Resource Rent Tax 2034
Interpretation 1019 The Superannuation Contributions Surcharge 2040
Interpretation 1030 Depreciation of Long-Lived Physical Assets: Condition-Based Depreciation and Related Methods 2045
Interpretation 1031 Accounting for the Goods and Services Tax (GST) 2050
Interpretation 1038 Contributions by Owners Made to Wholly-Owned Public Sector Entities 2055
Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia 2068
Interpretation 1042 Subscriber Acquisition Costs in the Telecommunications Industry 2072
Interpretation 1047 Professional Indemnity Claims Liabilities in Medical Defence Organisations 2078
Interpretation 1052 Tax Consolidation Accounting 2085
Interpretation 1055 Accounting for Road Earthworks 2109
Professional Standards
APES 110 Code of Ethics for Professional Accountants 2114
APES 110 Amendment to the Definition of Public Interest Entity 2214
APES 205 Conformity with Accounting Standards 2218
APES 315 Compilation of Financial Information 2224
