Australian Government
Australian Accounting Standards Board
Tuesday, December 19, 2023
ED 328 proposes amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities to require a Tier 2 entity to provide additional disclosures about its supplier finance arrangements to enable users to assess the affects of these on the entity’s liabilities, cash flows and exposure to liquidity risk.
The proposed amendments require an entity to disclose the terms and conditions of the arrangements, the carrying amount of the liabilities that are part of the arrangements, the carrying amount of those liabilities for which suppliers have already received payment from the finance providers, the range of payment due dates and the effects of non-cash changes.
These amendments are the same disclosures that AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements requires in the financial statements of Tier 1 entities.
The amendments are proposed to apply to annual periods beginning on or after 1 January 2024 that end on or after 30 June 2024, with earlier application permitted.
Please submit your comments to the AASB by 5 February 2024, via the AASB website or email [email protected].