Effective date and transition (AASB7_08-15_COMPfeb25_07-26)

An entity shall apply this Standard for annual periods beginning on or after 1 January 2018. Earlier application is encouraged for periods beginning after 24 July 2014 but before 1 January 2018. If an entity applies this Standard for an earlier period, it shall disclose that fact.

[Deleted by the AASB]

[Deleted]

[Deleted]

[Deleted by the AASB]

[Deleted]

[Deleted by the AASB]

[Deleted]

[Deleted by the AASB]

[Deleted]

[Deleted by the AASB]

[Deleted]

AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) (as amended), AASB 2014-1 Amendments to Australian Accounting Standards and AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014) amended the previous version of this Standard as follows: amended paragraphs 3, 4, 8–11, 14, 20, 28–30, 36, 42C–42E, Appendix A and paragraphs B1, B5, B9, B10, B22 and B27, deleted paragraphs 12, 12A, 16, 22, 23, 24, 37, 44E, 44F, 44H–44J, 44S–44W, B4 and Appendix D and added paragraphs 5A, 10A, 11A, 11B, 12B–12D, 16A, 20A, 21A–21D, 22A–22C, 23A–23F, 24A–24G, 35A–35N, 42I–42S, 44ZA and B8A–B8J. Paragraph 44N, added by AASB 2010-7, was deleted by AASB 2014-1. Paragraph 44Y, added by AASB 2014-1, was deleted by AASB 2014-7. An entity shall apply those amendments when it applies AASB 9. Those amendments need not be applied to comparative information provided for periods before the date of initial application of AASB 9.

In accordance with paragraph 7.1.2 of AASB 9, for annual reporting periods prior to 1 January 2018, an entity may elect to early apply only the requirements for the presentation of gains and losses on financial liabilities designated as at fair value through profit or loss in paragraphs 5.7.1(c), 5.7.7–5.7.9, 7.2.14 and B5.7.5–B5.7.20 of AASB 9 without applying the other requirements in AASB 9. If an entity elects to apply only those paragraphs of AASB 9, it shall disclose that fact and provide on an ongoing basis the related disclosures set out in paragraphs 10–11 of this Standard (as amended in the previous version of this Standard by AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010)).

AASB 2015-1 Amendments to Australian Accounting Standards – Annual Improvements to Australian Accounting Standards 2012–2014 Cycle, issued in January 2015, amended the previous version of this Standard as follows: amended paragraphs 44R and B30 and added paragraph B30A. An entity shall apply those amendments retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors for annual periods beginning on or after 1 January 2016, except that an entity need not apply the amendments to paragraphs B30 and B30A for any period presented that begins before the annual period for which the entity first applies those amendments. Earlier application of the amendments to paragraphs 44R, B30 and B30A is permitted. If an entity applies those amendments for an earlier period it shall disclose that fact.

AASB 2015-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 101, issued in January 2015, amended the previous version of this Standard as follows: amended paragraphs 21 and B5. An entity shall apply those amendments for annual periods beginning on or after 1 January 2016. Earlier application of those amendments is permitted.

AASB 16 Leases, issued in February 2016, amended paragraphs 29 and B11D. An entity shall apply those amendments when it applies AASB 16.

AASB 17, issued in July 2017, amended paragraphs 3, 8 and 29 and deleted paragraph 30. AASB 2020-5 Amendments to Australian Accounting Standards – Insurance Contracts, issued in July 2020, further amended paragraph 3. An entity shall apply those amendments when it applies AASB 17.

AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform, which amended AASB 9, AASB 139 and AASB 7, issued in October 2019, added paragraphs 24H and 44FF. An entity shall apply these amendments when it applies the amendments to AASB 9 or AASB 139.

In the reporting period in which an entity first applies AASB 2019-3, issued in October 2019, an entity is not required to present the quantitative information required by paragraph 28(f) of AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.

AASB 2020-8 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform – Phase 2, which amended AASB 4, AASB 7, AASB 9, AASB 16 and AASB 139, issued in September 2020, added paragraphs 24I–24J and 44HH. An entity shall apply these amendments when it applies the amendments to AASB 4, AASB 9, AASB 16 or AASB 139.

In the reporting period in which an entity first applies AASB 2020-8 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform – Phase 2, an entity is not required to disclose the information that would otherwise be required by paragraph 28(f) of AASB 108.

AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates, which amends AASB 101 and AASB Practice Statement 2 Making Materiality Judgements, and was issued in March 2021, amended paragraphs 21 and B5. An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted. If an entity applies the amendment for an earlier period, it shall disclose that fact.

AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements, issued in June 2023, which also amended AASB 107 Statement of Cash Flows, amended paragraph B11F. An entity shall apply that amendment when it applies the amendments to AASB 107.

AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments, issued in July 2024, added paragraphs 20B, 20C and 20D and amended paragraphs 11A and 11B. An entity shall apply these amendments when it applies the amendments to AASB 9 in accordance with paragraphs 7.1.12–7.1.13 of AASB 9. If an entity elects to apply only the amendments to the Application Guidance to Section 4.1 of AASB 9 (Classification of financial assets) for an earlier period in accordance with paragraph 7.1.13(b) of AASB 9, the entity shall also apply paragraphs 20B, 20C and 20D of this Standard at the same time. In either case, the entity need not provide the disclosures required by the amendments for any period presented before the date of its initial application of the amendments.

In the reporting period in which an entity first applies AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments, the entity is not required to disclose the information that would otherwise be required by paragraph 28(f) of AASB 108.

AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11, issued in September 2024, amended paragraph B38.  An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2026.  Earlier application is permitted.  If an entity applies those amendments for an earlier period, it shall disclose that fact.

AASB 2025-1 Amendments to Australian Accounting Standards – Contracts Referencing Nature-dependent Electricity, issued in February 2025, which also amended AASB 9, added paragraphs 5B–5D, 30A–30C and 44PP. An entity shall apply these paragraphs when it applies the amendments to AASB 9. If an entity does not restate comparative information when it first applies the amendments to AASB 9 in accordance with paragraph 7.2.51 of that Standard, the entity shall not provide comparative information for the disclosures required by paragraphs 30A–30C.

In the reporting period in which an entity first applies AASB 2025-1 Amendments to Australian Accounting Standards – Contracts Referencing Nature-dependent Electricity, the entity need not disclose the quantitative information that would otherwise be required by paragraph 28(f) of AASB 108.