Document ID: chunk:federal_register_of_legislation:F2023L00953:body:0:p2
Version: federal_register_of_legislation:F2023L00953
Segment Type: other
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Character Range: 3058–6061

amounts of those liabilities for which the suppliers have already received payment from the finance providers, the range of payment due dates and the effect of non-cash changes.

     Application date
This Standard applies to annual periods beginning on or after 1 January 2024. Earlier application is permitted.

Accounting Standard AASB 2023-1
The Australian Accounting Standards Board makes Accounting Standard AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements under section 334 of the Corporations Act 2001.

Keith Kendall
Dated 22 June 2023 Chair – AASB

Accounting Standard AASB 2023-1
Amendments to Australian Accounting Standards – Supplier Finance Arrangements

Objective
This Standard amends:
     (a)                    AASB 107 Statement of Cash Flows (August 2015); and
     (b)                   AASB 7 Financial Instruments: Disclosures (August 2015);
as a consequence of the issuance of International Financial Reporting Standard Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) by the International Accounting Standards Board in May 2023.

Application
The amendments set out in this Standard apply to entities and financial statements in accordance with the application of AASB 107 and AASB 7 set out in AASB 1057 Application of Australian Accounting Standards.
This Standard applies to annual periods beginning on or after 1 January 2024. This Standard may be applied to annual periods beginning before 1 January 2024. When an entity applies this Standard to such an annual period, it shall disclose that fact.
This Standard uses underlining, striking out and other typographical material to identify some of the amendments to a Standard, in order to make the amendments more understandable. However, the amendments made by this Standard do not include that underlining, striking out or other typographical material. Ellipses (…) are used to help provide the context within which amendments are made and also to indicate text that is not amended.

Amendments to AASB 107
Paragraphs 44F–44H and their related heading and paragraphs 62–63 are added. For ease of reading, these paragraphs and the heading have not been underlined. The heading before paragraph 53 is amended. New text in that heading is underlined.

Supplier finance arrangements
44F An entity shall disclose information about its supplier finance arrangements (as described in paragraph 44G) that enables users of financial statements to assess the effects of those arrangements on the entity's liabilities and cash flows and on the entity's exposure to liquidity risk.

44G Supplier finance arrangements are characterised by one or more finance providers offering to pay amounts an entity owes its suppliers and the entity agreeing to pay according to the terms and conditions of the arrangements at the same date as, or a date later than, suppliers are paid. These arrangements provide the entity with extended payment terms, or the entity's suppliers with early