Guidance on the application of AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities

AASB 2022-10 amends AASB 13 Fair Value Measurement (AASB 13), including adding authoritative implementation guidance and providing related illustrative examples, for fair value measurements of non-financial assets of not-for-profit public sector entities not held primarily for their ability to generate net cash inflows.

The content of this guidance will be included in an updated version of TPP21-09 Valuation of Physical Non-Current Assets at Fair Value (TPP21-09). Treasury intends to make consequential amendments to ensure that publication is consistent with this guidance.

AASB 2022-10 has been fully compiled into AASB 13. Therefore, paragraph references in this guidance are to AASB 13.