AASB 2009-13 Amendments to Australian Accounting Standards arising from Interpretation 19 December 2009 (Cth)

AASB Standard

AASB 2009-13

December 2009

Amendments to Australian Accounting Standards arising from Interpretation 19

[AASB 1]

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CONTENTS

PREFACE

ACCOUNTING STANDARD

AASB 2009-13 AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS ARISING FROM INTERPRETATION 19

Paragraphs

Objective   1

Application   2 – 4

Amendments to AASB 1   5

Australian Accounting Standard AASB 2009-13 Amendments to Australian Accounting Standards arising from Interpretation 19 is set out in paragraphs 1 – 5.  All the paragraphs have equal authority.

PREFACE

Standard Amended by AASB 2009-13

This Standard makes amendments to Australian Accounting Standard AASB 1 First-time Adoption of Australian Accounting Standards.

These amendments arises from the issuance of  IFRIC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments.

ACCOUNTING STANDARD AASB 2009-13

The Australian Accounting Standards Board makes Accounting Standard AASB 2009-13 Amendments to Australian Accounting Standards arising from Interpretation 19 under section 334 of the Corporations Act 2001.

Kevin M. Stevenson
Dated 21 December 2009	Chair – AASB

ACCOUNTING STANDARD AASB 2009-13

AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS ARISING FROM INTERPRETATION 19

Objective

1. The objective of this Standard is to make amendments to AASB 1 First-time Adoption of Australian Accounting Standards as a consequence of the issuance of IFRIC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments by the International Accounting Standards Board in November 2009.

Application

1. This Standard applies to:

(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;

(b)      general purpose financial statements of each other reporting entity; and

(c)      financial statements that are, or are held out to be, general purpose financial statements.

1. This Standard applies to annual reporting periods beginning on or after 1 July 2010.

1. This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2010 provided Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments is also adopted early for the same period.  When an entity applies this Standard to such an annual reporting period, it shall disclose that fact.

Amendments to AASB 1

1. After paragraph D24 in Appendix D, a heading and paragraph D25 are added.

Extinguishing financial liabilities with equity instruments

D25              A first-time adopter may apply the transitional provisions    in Interpretation 19 Extinguishing Financial Liabilities with    Equity Instruments as identified in AASB 1048.