Australian Government
Australian Accounting Standards Board
Thursday, March 20, 2025
ED 337 Contracts Referencing Nature-dependent Electricity: Tier 2 Disclosures proposes disclosures about contracts referencing nature-dependent electricity that meet the ‘own-use’ criteria and are recognised as procurement contracts.
The Exposure Draft proposes amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.
The proposed Tier 2 disclosures would enable financial statement users to better understand the effects of these electricity contracts on an entity’s financial performance. The proposed disclosures comprise only some of the new disclosure requirements for Tier 1 entities added by AASB 2025-1 Amendments to Australian Accounting Standards – Contracts Referencing Nature-dependent Electricity to AASB 7 Financial Instruments: Disclosures and AASB 9 Financial Instruments.
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 2025‑1 amendments for Tier 1 entities.
Please submit your comments to the AASB by 20 May 2025, via the AASB website or email to [email protected] .