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Accounting Standard AASB 2024-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements: Tier 2 Disclosures
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Turn the raw legal text into a practical explanation grounded in Accounting Standard AASB 2024-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements: Tier 2 Disclosures.
Main requirements
AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements (June 2023) amended AASB 107 Statement of Cash Flows and AASB 7 Financial Instruments: Disclosures to introduce the requirement for an entity to disclose information about its supplier finance arrangements that enables users of financial statements to assess the effects of those arrangements on the entity’s liabilities, cash flows and exposure to liquidity risk.
This Standard amends AASB 1060 to require a Tier 2 entity to include in its financial statements the same specific disclosures that AASB 2023-1 requires in the financial statements of Tier 1 entities. Accordingly, Tier 2 entities will be required to disclose the terms and conditions of supplier finance arrangements, the carrying amount of the liabilities that are part of the arrangements, the carrying amounts of those liabilities for which the suppliers have already received payment from the finance providers, the range of payment due dates and the effect of non-cash changes.
Application date
This Standard applies to annual periods beginning on or after 1 January 2024 that end on or after 30 June 2024, with earlier application permitted.