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Accounting Standard AASB 2025-3 Amendments to Australian Accounting Standards – Contracts Referencing Nature-dependent Electricity: Tier 2 Disclosures
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Objective
- This Standard amends AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (March 2020) to require a Tier 2 entity to disclose information about nature-dependent electricity contracts that meet the ‘own-use’ criteria and are recognised as procurement contracts.
- This amendment reflects the issuance of AASB 2025-1 Amendments to Australian Accounting Standards – Contracts Referencing Nature-dependent Electricity, which amended AASB 7 Financial Instruments: Disclosures (August 2015) and AASB 9 Financial Instruments (December 2014), and extends some of the new disclosure requirements to Tier 2 entities.