Accounting Standard AASB 2024-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements: Tier 2 Disclosures
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1 This Standard amends AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (March 2020) to require a Tier 2 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.
2 These amendments reflect the issuance of AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements, which amended AASB 107 Statement of Cash Flows (August 2015) and AASB 7 Financial Instruments: Disclosures (August 2015), to extend the disclosure requirements to Tier 2 entities.