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Accounting Standard AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11
Amendments to AASB 7Amendments to AASB 7
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Amendments to AASB 7
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Effective date and transition
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44NN AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11, issued in September 2024, amended paragraph B38. 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
Application guidance
| Paragraph B38 is amended. New text is underlined and deleted text is struck through. |
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Derecognition (paragraphs 42C–42H)
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Gain or loss on derecognition (paragraph 42G(a))
B38 Paragraph 42G(a) requires an entity to disclose the gain or loss on derecognition relating to financial assets in which the entity has continuing involvement. The entity shall disclose if a gain or loss on derecognition arose because the fair values of the components of the previously recognised asset (ie the interest in the asset derecognised and the interest retained by the entity) were different from the fair value of the previously recognised asset as a whole. In that situation, the entity shall also disclose whether the fair value measurements included significant unobservable inputs that were not based on observable market data, as described in paragraphs 72–73 of AASB 13 paragraph 27A.