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20 Nov. 2015

Scope Paragraphs for AASB 8 and AASB 133

AASB 2015-9 Amendments to Australian Accounting Standards – Scope and Application Paragraphs inserts scope paragraphs into AASB 8 and AASB 133 in place of application paragraph text in AASB 1057.

There is no change to the requirements or the applicability of AASB 8 Operating Segments and AASB 133 Earnings per Share.  The amendments apply to annual periods beginning on or after 1 January 2016.  Early application is permitted.

The AASB reissued AASB 8, AASB 133 and most of the Australian Accounting Standards that incorporate IFRSs in July and August 2015, to make editorial changes.  The application paragraphs in the previous versions of AASB 8 and AASB 133 covered scope paragraphs that appear separately in the corresponding IFRS 8 and IAS 33.  In moving those application paragraphs to AASB 1057 Application of Australian Accounting Standards when AASB 8 and AASB 133 were reissued in August, the AASB inadvertently deleted the scope details from AASB 8 and AASB 133.  This amending Standard puts the scope details into those Standards, and removes the related text from AASB 1057.