Document ID: chunk:federal_register_of_legislation:F2024L01194:body:0:p2
Version: federal_register_of_legislation:F2024L01194
Segment Type: other
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Character Range: 3141–6403

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 the language used in AASB 7 with the language used in AASB 13;
      2.                     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';
      3.                    AASB 10 to amend paragraph B74 in relation to determining de facto agents of an entity; and
      4.                     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.

Accounting Standard AASB 2024-3
The Australian Accounting Standards Board makes Accounting Standard AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11 under section 334 of the Corporations Act 2001.
Keith Kendall
Dated 5 September 2024 Chair – AASB

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

Objective
This Standard amends:
      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);
as a consequence of the issuance of International Financial Reporting Standard Annual Improvements to IFRS Standards ‒ Volume 11 by the International Accounting Standards Board in July 2024.

Application
The amendments set out in this Standard apply to entities and financial statements in accordance with the application of the other Standards set out in AASB 1057 Application of Australian Accounting Standards.
This Standard applies to annual periods beginning on or after 1 January 2026.  The amendments to individual Standards may be applied earlier, separately from the amendments to the other Standards.
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 1
Paragraph 39AK is added.  For ease of reading, this paragraph has not been underlined.

Effective