Australian Government
Australian Accounting Standards Board
Friday, November 22, 2024
The AASB has issued AASB 2024-4 to amend AASB 10 Consolidated Financial Statements and AASB 128 Investments in Associates and Joint Ventures to defer the mandatory effective date of amendments relating to the sale or contribution of assets between an investor and its associate or joint venture.
These amendments relate to International Financial Reporting Standard Effective Date of Amendments to IFRS 10 and IAS 28, issued by the International Accounting Standards Board (IASB) in December 2015. The IASB’s amendments continue to be deferred indefinitely. However, due to Australian legal requirements, the AASB is unable to defer the amendments indefinitely.
Consequently, this Standard defers the mandatory effective date (application date) of amendments to AASB 10 and AASB 128 that were originally made in AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture so that the amendments are required to be applied for annual reporting periods beginning on or after 1 January 2028 instead of 1 January 2025. The amendments can be applied earlier.
AASB 2024-4 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 applies to annual periods beginning on or after 1 January 2025, being the date from which the amendments to AASB 10 and AASB 128 were previously to apply mandatorily.