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10 Oct. 2019

Amendments to AASB 1059 Service Concession Arrangements: Grantors

The AASB issued AASB 2019-2 Amendments to Australian Accounting Standards – Implementation of AASB 1059  to amend the modified retrospective method set out in paragraph C4 of AASB 1059, and to provide a practical expedient to grantors of service concession to not apply AASB 16 Leases to assets that would be recognised as service concession assets under AASB 1059.

AASB 2019-2 also includes editorial amendments to the application guidance and implementation guidance accompanying AASB 1059.

The Board decided to make these amendments after considering transitional issues raised by some stakeholders in the public sector who are preparing for the implementation of AASB 1059. AASB 2019-2 applies to periods beginning on or after 1 January 2020, with earlier application permitted.