AASB 110 - Events after the Balance Sheet Date

Interpretations relating to AASB 110 Events after the Balance Sheet Date are listed below:

Interpretation 107
Introduction of the Euro

Operative date: 1 January 2005
Issue date: July 2004

When countries of the European Union change their national currencies to the euro, the requirements of AASB 121 The Effects of Changes in Foreign Exchange Rates regarding translation of foreign currency transactions and financial reports is to be applied.

Related AASB Standards: AASB 108, AASB 110, AASB 121, AASB 139

Interpretation 1039
Substantive Enactment of Major Tax Bills in Australia

Operative date: 1 January 2005
Issue date: July 2004

A tax Bill must be taken into account in the recognition and measurement of deferred tax assets and liabilities only when the Bill has been enacted or substantively enacted prior to or on the reporting date. Substantive enactment occurs when the Bill has been tabled in Parliament and there is majority support through both Houses of Parliament.

Related AASB Standards: AASB 110, AASB 112