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AASB 2020-3 amends AASB 116 to prohibit entities from deducting from the cost of an item of Property, Plant and Equipment, any proceeds from selling items produced while bringing property, plant and equipment to the location and condition necessary for it to be capable of operating in a manner intended by management. Instead, these proceeds and related costs are required to be recognised in profit or loss.
Amendments to ASX Listing Rules and Guidance Note for entities in mining and oil and gas industries
The AASB has clarified presentation as current or non-current of loan arrangements subject to covenants by amending AASB 101 Presentation of Financial Statements) through the issuance of AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants.
Accounting standards issued but not yet effective for 31 December 2022
Summary of 2022 Local technical and financial reporting alerts
Summary of 2021 Local technical and financial reporting alerts
Summary of 2020 Local technical and financial reporting alerts
Summary of 2008-2019 Local technical and financial reporting alerts
