McConnell Dowell Group Annual Review 2021 63 Impact of adopting the new standards on the financial statements Standard/Interpretation Effective date Periods beginning on or after AASB 2020-5 Amendments to AASs - Insurance Contracts 1 January 2021 AASB 2020-8 Amendments to AASs - Interest Rate Benchmark Reform - Phase 2 1 January 2021 AASB 2021-3 Amendments to AASs - Covid-19-Related Rent Concessions beyond 30 June 2021 1 April 2021 AASB 1060 General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities 1 July 2021 AASB 2020-2 Amendments to AASs - Removal of special Purpose Financial Statements for Certain For-Profit Private Sector Entities 1 July 2021 AASB 2020-7 Amendments to AASs - Covid-19-Related Rent Concessions Tier 2 Disclosures 1 July 2021 AASB 2020-9 Amendments to AASs - Tier 2 Disclosures: Interest Rate Benchmark Reform (Phase 2) and Other Amendments 1 July 2021 AASB 2021-1 Amendments to AASs - Transisition to Tier 2: Simplified Disclosures for Not-for-Profit Tier 2 Entities 1 July 2021 AASB 2020-3 Amendments to AASs - Annual Improvements 2018-2020 and Other Amendments • Amendment to AASB 1, Subsidiary as a First-time Adopter • Amendments to AASB 3, Reference to the Conceptual Framework • Amendment to AASB 9, Fees in the '10 per cent' Test for Derecognition of Financial Liabilities • Amendments to AASB 116, Property, Plant and Equipment: Proceeds before Intended Use • Amendment to AASB 137, Onerous Contracts - Cost of Fulfilling a Contract • Amendment to AASB 141, Taxation in Fair Value Measurements 1 January 2022 AASB 2014-10 Amendment to AASs - Sale or Contribution of Assets between an investor and its Associate or Joint Venture 1 January 2022 AASB 17 Insurance Contracts 1 January 2023 AASB 2020-1 Amendment to AASs - Classification of Liabilities as Current or Non-current 1 January 2023 AASB 2020-2 Amendment to AASs - Disclosure of Accounting Policies and Definition of Accounting Estimates • Amendments to AASB 7, AASB 101, AASB 134 and AASB Practice Statement 2 • Amendments to AASB 108 1 January 2023 AASB 2021-5 Amendment to AASs - Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023
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