Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p81
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 217414–220489

fair value through profit or loss, that financial instrument's fair value that has become the new carrying amount in accordance with paragraph 6.7.4 of AASB 9 and the related nominal or principal amount (except for providing comparative information in accordance with AASB 18AASB 101, an entity does not need to continue this disclosure in subsequent periods).
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Effective date and transition
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44KK AASB 18 issued in June 2024 amended paragraphs 3, 8, 20, 21, 24C, 24E, 24F, 24G, 44AA, 44FF, 44II, B5, B7 and B46, and added paragraphs 19A–19B and a related subheading. An entity shall apply those amendments when it applies AASB 18.
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Appendix B
Application guidance

Classes of financial instruments and level of disclosure (paragraph 6)
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Other disclosure – accounting policies (paragraph 21)
B5 Paragraph 21 requires disclosure of material accounting policy information, which is expected to include information about the measurement basis (or bases) for financial instruments used in preparing the financial statements. For financial instruments, such disclosure may include:
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Paragraph 27G of AASB 108 Basis of Preparation of Financial Statements 122 of AASB 101 also requires entities to disclose, along with material accounting policy information or other notes, the judgements, apart from those involving estimations, that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Nature and extent of risks arising from financial instruments (paragraphs 31–42)
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Quantitative disclosures (paragraph 34)
B7 Paragraph 34(a) requires disclosures of summary quantitative data about an entity's exposure to risks based on the information provided internally to key management personnel of the entity. When an entity uses several methods to manage a risk exposure, the entity shall disclose information using the method or methods that provide the most relevant and reliable information. AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors discusses relevance and reliability.
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Derecognition (paragraphs 42C–42H)
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Offsetting financial assets and financial liabilities
(paragraphs 13A–13F)
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Disclosure of the net amounts presented in the statement of financial position (paragraph 13C(c))
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B46 The amounts required to be disclosed by paragraph 13C(c) must be reconciled to the individual line item amounts presented in the statement of financial position. For example, if an entity applying the requirements of AASB 18 aggregates or disaggregates amounts presented in determines that the aggregation or disaggregation of individual financial statement line items amounts when the entity provides the amounts required by paragraph 13C(c)provides more relevant information, it must reconcile those the aggregated or disaggregated amounts disclosed in paragraph 13C(c) back to the individual line item amounts presented in the statement of financial position.

A footnote is added to 'AASB 108