Preface

Standards amended by AASB 2024-2

This Standard makes amendments to AASB 7 Financial Instruments: Disclosures (August 2015) and AASB 9 Financial Instruments (December 2014).

These amendments arise from the issuance of International Financial Reporting Standard Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) by the International Accounting Standards Board in May 2024.

Main features of this Standard

Main requirements

This Standard amends AASB 7 and AASB 9 in response to feedback from the 2022 Post-implementation Review of the classification and measurement requirements in AASB 9 and related requirements in AASB 7 and the subsequent 2023 Exposure Draft.

This Standard amends requirements related to:

(a) settling financial liabilities using an electronic payment system; and

(b) assessing contractual cash flow characteristics of financial assets with environmental, social and corporate governance (ESG) and similar features.

This Standard also amends disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and adds disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs.

Application date

This Standard applies to annual periods beginning on or after 1 January 2026. Earlier application is permitted.