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Accounting Standard AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11
Amendments to AASB 9Amendments to AASB 9
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Amendments to AASB 9
Chapter 2 Scope
| Paragraph 2.1 is amended. New text is underlined and deleted text is struck through. |
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2.1 This Standard shall be applied by all entities to all types of financial instruments except:
(a) ...
(b) rights and obligations under leases to which AASB 16 Leases applies. However:
(i) finance lease receivables (ie net investments in finance leases) and operating lease receivables recognised by a lessor are subject to the derecognition and impairment requirements of this Standard;
(ii) lease liabilities recognised by a lessee are subject to the derecognition requirements in paragraphs paragraph 3.3.1 and 3.3.3 of this Standard; and
(iii) ...
Chapter 5 Measurement
| Paragraph 5.1.3 is amended. New text is underlined and deleted text is struck through. |
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5.1 Initial measurement
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5.1.3 Despite the requirement in paragraph 5.1.1, at initial recognition, an entity shall measure trade receivables at the amount determined by applying their transaction price (as defined in AASB 15) if the trade receivables do not contain a significant financing component in accordance with AASB 15 (or when the entity applies the practical expedient in accordance with paragraph 63 of AASB 15).
Chapter 7 Effective date and transition
| Paragraphs 7.1.14 and 7.2.50 and the subheading before paragraph 7.2.50 are added. For ease of reading, these paragraphs and the subheading have not been underlined. |
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7.1 Effective date
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7.1.14 AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11, issued in September 2024, amended paragraph 2.1(b)(ii), paragraph 5.1.3 and Appendix A. 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.
7.2 Transition
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Transition for Annual Improvements Volume 11
7.2.50 An entity shall apply the amendment to paragraph 2.1(b)(ii) made by AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11 to lease liabilities that are extinguished on or after the beginning of the annual reporting period in which the entity first applies that amendment.