What does AusD7.1,D8A-D8B require?

A not-for-profit lessee may, for a whole class of right-of-use assets under leases whose terms were significantly below market and were set mainly to help the lessee pursue its objectives, use fair value at the start of the current period presented, or a previous GAAP valuation that broadly reflects that fair value. An entity that accounted for oil and gas exploration and development costs in cost centres covering every property across a large geographical region may, at the transition date, carry exploration and evaluation assets at the previous GAAP amount and allocate the development or production cost centre amount to the underlying assets pro rata on reserve volumes or values, testing the resulting amounts for impairment at that date. Assets used in rate-regulated operations whose previous GAAP carrying amount includes costs that would not be capitalised under the Standards may be carried at that previous GAAP amount as deemed cost, item by item, with an impairment test at the transition date.

AASB 1 First-time Adoption of Australian Accounting...

Other controls in Optional exemptions from other Standards (paragraphs 18 and 19, Appendices C, D and E) – AASB 1 First-time Adoption of Australian Accounting Standards

18-19,C1,D1,E Elective exemptions: choose any of the Appendix C, D and E exemptions, document each election and never extend an exemption by analogy to other items
C1-C3 Past business combinations: keep them unrestated or, if any is restated to AASB 3, restate every later one and apply AASB 10 from the same date; AASB 121 need not be applied retrospectively to pre-transition goodwill and fair value adjustments
C4-C5 Consequences of not restating a past combination: keep its classification, recognise all qualifying assets and liabilities at previous GAAP amounts as deemed cost, exclude non-qualifying items, adjust goodwill only for specified items, test goodwill for impairment at transition and consolidate previously unconsolidated subsidiaries
D12-D13A Cumulative translation differences: may be reset to zero at the transition date, so that later disposal gains exclude pre-transition differences; a subsidiary using the parent's amounts may use the parent's translation differences
D14-D15A Investments in subsidiaries, joint ventures and associates in separate statements: measure each at cost, at fair value at the transition date as deemed cost, or at the previous GAAP carrying amount as deemed cost, with the same options under the equity method
D16-D17 Group timing differences: a subsidiary adopting later than its parent may use the parent's consolidated carrying amounts or its own AASB 1 figures; a parent adopting later than a subsidiary, associate or joint venture uses the investee's own compliant amounts
D18 Compound financial instruments: need not separate the liability and equity components where the liability component is no longer outstanding at the transition date
D19-D19C Designate financial instruments at the transition date: any financial liability or financial asset meeting the AASB 9 criteria at fair value through profit or loss, equity instruments at fair value through other comprehensive income, and decide the own credit risk presentation on the facts at that date

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The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.

MCP endpoint All AASB 1 First-time Adoption of Australian Accounting Standards controls