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17 Jun. 2020

Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments

Several small amendments have been issued via AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments. The amendments include narrow-scope amendments as well as the Annual Improvements.

A summary of the amendments is as follows:

  • Annual Improvements are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards. These annual improvements make minor amendments to AASB 1 First-time Adoption of Australian Accounting Standards, AASB 9 Financial Instruments and AASB 141 Agriculture;
  • Amendments to AASB 3 Business Combinations update a reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations;
  • Amendments to AASB 116 Property, Plant and Equipment require an entity to recognise the sales proceeds from selling items produced while preparing property, plant and equipment for its intended use and the related cost in profit or loss, instead of deducting the amounts received from the cost of the asset; and
  • Amendments to AASB 137 Provisions, Contingent Liabilities and Contingent Assets specify the costs that an entity includes when assessing whether a contract will be onerous.

This Standard applies to annual reporting periods beginning on or after 1 January 2022. Early application of the amendments to individual Standards is permitted.