Australian Government
Australian Accounting Standards Board
Tuesday, August 13, 2024
ED 332 proposes amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.
The Exposure Draft proposes amendments to AASB 1060 to require a Tier 2 entity to disclose information about financial instruments with contingent features that do not relate directly to basic lending risks and costs so that financial statement users can better understand the effect of contractual terms that could change the amount of contractual cash flows.
The proposals in this Exposure Draft reflect some of the amendments made by AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments to AASB 7 Financial Instruments: Disclosures and AASB 9 Financial Instruments in response to feedback from the 2022 Post-implementation Review of the classification and measurement requirements in AASB 9 and related requirements in AASB 7 and the subsequent 2023 Exposure Draft.
The amendments are proposed to apply to annual periods beginning on or after 1 January 2026, with earlier application permitted – the same as the AASB 2024-2 amendments.
Please submit your comments to the AASB by 11 October 2024, via the AASB website or email to [email protected].