Document ID: chunk:federal_register_of_legislation:F2024L01194:body:0:p1
Version: federal_register_of_legislation:F2024L01194
Segment Type: other
Provision Reference: 
Character Range: 0–3458

AASB Standard  AASB 2024-3
               September 2024

Amendments to Australian Accounting Standards – Annual Improvements Volume 11
[AASB 1, AASB 7, AASB 9, AASB 10 & AASB 107]

Obtaining a copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2024
This AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

ISSN 1036-4803

Contents
Preface
Accounting Standard

AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11

from page
Objective 5
Application 5
Amendments to AASB 1 5
Amendments to AASB 7 6
Amendments to AASB 9 7
Amendments to AASB 10 8
Amendments to AASB 107 9
COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 9

Available on the AASB website
IASB Implementation guidance – Amendments
IASB Bases for Conclusions – Amendments

Australian Accounting Standard AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improve-ments Volume 11 is set out on pages 5–9.  All the paragraphs have equal authority.

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;
      1.                    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