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Accounting Standard AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11
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Turn the raw legal text into a practical explanation grounded in Accounting Standard AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11.
| Paragraph 39AK is added. For ease of reading, this paragraph has not been underlined. |
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Effective date
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39AK AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11, issued in September 2024, amended paragraphs B5–B6. 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.
Appendix B
Exceptions to the retrospective application of other Australian Accounting Standards
| Paragraphs B5–B6 are amended. New text is underlined and deleted text is struck through. |
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Hedge accounting
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B5 An entity shall not reflect in its opening Australian-Accounting-Standards statement of financial position a hedging relationship of a type that does not qualify for hedge accounting in accordance with AASB 9 (for example, many hedging relationships where the hedging instrument is a stand-alone written option or a net written option; or where the hedged item is a net position in a cash flow hedge for another risk than foreign currency risk) (see paragraph 6.4.1(a) of AASB 9). However, if an entity designated a net position as a hedged item in accordance with previous GAAP, it may designate as a hedged item in accordance with Australian Accounting Standards an individual item within that net position, or a net position if that meets the requirements in paragraph 6.6.1 of AASB 9, provided that it does so no later than the date of transition to Australian Accounting Standards.
B6 If, before the date of transition to Australian Accounting Standards, an entity had designated a transaction as a hedge but the hedge does not meet the qualifying criteria conditions for hedge accounting in paragraph 6.4.1(b)–(c) of AASB 9, the entity shall apply paragraphs 6.5.6 and 6.5.7 of AASB 9 to discontinue hedge accounting. Transactions entered into before the date of transition to Australian Accounting Standards shall not be retrospectively designated as hedges.