AASB 1 First-time Adoption of Australian Accounting Standards 30-31C: Deemed cost disclosures: aggregate fair values and the adjustment to previous GAAP amounts for each line item measured at deemed cost, the deemed cost of investments in separate statements, and the facts and bases behind the oil and gas, rate regulation and severe hyperinflation elections

What does 30-31C require?

Per line item of the opening position in which fair value served as deemed cost for property, plant and equipment, investment property, intangible assets or right-of-use assets, the first statements disclose the total of those fair values and the total adjustment to the previous GAAP carrying amounts. Separate statements that use deemed cost for investments in subsidiaries, associates and joint ventures disclose the aggregate deemed cost split between previous GAAP carrying amounts and fair values, and the aggregate adjustment. An entity using the oil and gas allocation relief or the rate-regulated asset relief states that fact and the allocation or determination basis, and one using fair value as deemed cost after severe hyperinflation explains how and why its functional currency became, and ceased to be, severely hyperinflationary.