AASB 9 - Financial Instruments - December 2009
Chapter 1 Objective and ApplicationChapter 1 Objective and Application
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Chapter 1 Objective and Application
1.1 The objective of this Standard is to establish principles for the financial reporting of financial assets that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of the entity’s future cash flows.
Aus1.2 This Standard applies to:
(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b) general purpose financial statements of each other reporting entity; and
(c) financial statements that are, or are held out to be, general purpose financial statements.
Aus1.3 This Standard applies to annual reporting periods beginning on or after 1 January 2018 and may be applied early only as set out in paragraph Aus1.4. However, AASB 9 (December 2010) and AASB 9 (December 2014) supersede this Standard. An entity shall apply AASB 9 (December 2014) for annual reporting periods beginning on or after 1 January 2018.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]
Aus1.4 This Standard may be applied to annual reporting periods ending on or after 31 December 2009 that begin before 1 January 2018. However, for those periods, an entity may elect to apply this Standard if, and only if, the entity’s date of initial application (as described in paragraph 8.2.2) is before 1 February 2015. If an entity elects to apply this Standard it shall disclose that fact and at the same time apply the amendments in AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 (as amended) and the amendments set out in paragraphs 58-60 of Part E of AASB 2014-1 Amendments to Australian Accounting Standards.
Aus1.5 [Deleted by the AASB]
Aus1.6 When applied or operative, this Standard supersedes the classification and measurement requirements for financial assets in AASB 139 Financial Instruments: Recognition and Measurement issued in July 2004.