Preface

Standards amended by AASB 2024-3

This Standard makes amendments to:

1. AASB 1 First-time Adoption of Australian Accounting Standards (July 2015);
2. AASB 7 Financial Instruments: Disclosures (August 2015);
3. AASB 9 Financial Instruments (December 2014);
4. AASB 10 Consolidated Financial Statements (July 2015); and
5. AASB 107 Statement of Cash Flows (August 2015).

These amendments arise from the issuance of International Financial Reporting Standard Annual Improvements to IFRS Accounting Standards ‒ Volume 11 by the International Accounting Standards Board in July 2024.

Main features of this Standard

Main requirements

This Standard amends:

1. AASB 1 to improve consistency between paragraphs B5‒B6 of AASB 1 and the requirements for hedge accounting in AASB 9 and improve the understandability of AASB 1;

2. AASB 7 to:

   1. replace a cross-reference in paragraph B38 of AASB 7 to a deleted AASB 7 paragraph with a reference to AASB 13 Fair Value Measurement; and
   2. improve consistency in the language used in AASB 7 with the language used in AASB 13;

3. AASB 9 to:

   1. clarify how a lessee accounts for the derecognition of a lease liability when it is extinguished; and
   2. address an inconsistency between paragraph 5.1.3 of AASB 9 and the requirements in AASB 15 Revenue from Contracts with Customers in relation to the term ‘transaction price’;

4. AASB 10 to amend paragraph B74 in relation to determining de facto agents of an entity; and

5. AASB 107 to replace the term ‘cost method’ with ‘at cost’ as the term is no longer defined in Australian Accounting Standards.

Application date

This Standard applies to annual periods beginning on or after 1 January 2026. Earlier application of the amendments to individual Standards is permitted.