2023/24
The following pronouncements apply mandatorily to the 2023/24 financial year. They were not mandatory for the 2022/23 financial year, but could be applied early. The Standards are linked under the pronouncement number.
General
· AASB 17 Insurance Contracts
· AASB 1056 Superannuation Entities
[New principal version, issued in December 2023]
· AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates
· AASB 2021-5 Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction
· AASB 2021-6 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies: Tier 2 and Other Australian Accounting Standards
· AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants [Deferral of amendments to
AASB 101 to periods beginning on or after 1-1-24]
· AASB 2022-7 Editorial Corrections to Australian Accounting Standards and Repeal of Superseded and Redundant Standards
· AASB 2022-8 Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments
· AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules
Tier 2
· AASB 2021-6 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies: Tier 2 and Other Australian Accounting Standards
· AASB 2023-4 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules: Tier 2 Disclosures
2022/23
The following pronouncements apply mandatorily to the 2022/23 financial year. They were not mandatory for the 2021/22 financial year (but could be applied early, if permitted).
General
· AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments
· AASB 2020-6 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current – Deferral of Effective Date [Deferral of amendments to AASB 101]
· AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections
[Deferral of equity accounting-related amendments; general editorials now apply]
· AASB 2022-3 Amendments to Australian Accounting Standards – Illustrative Examples for Not-for-Profit Entities accompanying AASB 15
2021/22
The following pronouncements apply mandatorily to the 2021/22 financial year. They were not mandatory for the 2020/21 financial year (but could be applied early, if permitted).
General
· AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts [Deferral of AASB 17 to 1-1-23, and amendments]
· AASB 2020-8 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform – Phase 2
· AASB 2021-3 Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions beyond 30 June 2021
· AASB 2022-2 Amendments to Australian Accounting Standards – Extending Transition Relief under AASB 1
Tier 2
· AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities
· AASB 2020-7 Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions: Tier 2 Disclosures
· AASB 2020-9 Amendments to Australian Accounting Standards – Tier 2 Disclosures: Interest Rate Benchmark Reform (Phase 2) and Other Amendments
· AASB 2021-1 Amendments to Australian Accounting Standards – Transition to Tier 2: Simplified Disclosures for Not-for-Profit Entities
Special Purpose Financial Statements
· AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities
· AASB 2022-4 Amendments to Australian Accounting Standards – Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector Entities