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11 Dec. 2020

Amendments to Australian Accounting Standards – Tier 2 Disclosures: Interest Rate Benchmark Reform (Phase 2) and Other Amendments

The AASB has issued AASB 2020-9 Amendments to Australian Accounting Standards – Tier 2 Disclosures: Interest Rate Benchmark Reform (Phase 2) and Other Amendments to amend the Tier 2 (Simplified Disclosures) requirements in AASB 1060 General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities to provide relief for entities applying AASB 1060 from disclosing the financial effects of changing accounting policies in response to interest rate benchmark reform.

The latest interest rate benchmark reform amendments were addressed in AASB 2020-8 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform – Phase 2 (issued in September 2020).

AASB 2020-9 also:

a) does not add disclosures to AASB 1060 that would replicate the new disclosures on benchmark reform in paragraphs 24I and 24J of AASB 7 Financial Instruments: Disclosures;

b) does not reduce the disclosures for Tier 2 entities reporting under the Australian Accounting Standards – Reduced Disclosure Requirements framework, so that such entities will be required to comply with the new disclosure requirements in paragraphs 24I and 24J of AASB 7; and

c) makes a number of editorial corrections to AASB 1060.

AASB 2020-9 applies to annual periods beginning on or after 1 July 2021. Earlier application is permitted.