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13 Oct. 2020

Exposure Draft: Interest Rate Benchmark Reform – Phase 2: Tier 2 Disclosures

ED 304 Interest Rate Benchmark Reform – Phase 2: Tier 2 Disclosures proposes amendments to 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 their initial application of the amendments in AASB 2020-8 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform – Phase 2.

ED 304 also proposes:

(a) not to add any disclosures to AASB 1060 that would replicate the new disclosures in paragraphs 24I and 24J of AASB 7; and

(b) not to provide any disclosure reductions for Tier 2 entities reporting under the Australian Accounting Standards – Reduced Disclosure Requirements framework in relation to the new disclosure requirements in paragraphs 24I and 24J of AASB 7.

Please submit your comments to the AASB by 12 November 2020, via the AASB website, LinkedIn or email.