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AASB Standard  AASB 2022-6
               December 2022

Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants
[AASB 101 and AASB Practice Statement 2]

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

Australian Accounting Standards Board
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Victoria   8007
AUSTRALIA

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

Other enquiries
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E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2022
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 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants

from page
Objective 5
Application 5
Amendments to AASB 101 5
AMENDMENTS TO AASB PRACTICE STATEMENT 2 7
Commencement of the legislative instrument 8

aVailable on the AASB website
IASB Basis for Conclusions – Amendments

Australian Accounting Standard AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants is set out on pages 5 – 8. All the paragraphs have equal authority.

Preface

Standards amended by AASB 2022-6
This Standard makes amendments to AASB 101 Presentation of Financial Statements (July 2015) and AASB Practice Statement 2 Making Materiality Judgements (December 2017).
These amendments arise from the issuance of International Financial Reporting Standard Non-current Liabilities with Covenants (Amendments to IAS 1) by the International Accounting Standards Board (IASB) in October 2022.

Main features of this Standard

Main requirements
This Standard amends AASB 101 to improve the information an entity provides in its financial statements about liabilities arising from loan arrangements for which the entity's right to defer settlement of those liabilities for at least twelve months after the reporting period is subject to the entity complying with conditions specified in the loan arrangement.
The Standard also amends an example in Practice Statement 2 regarding assessing whether information about covenants is material for disclosure.

Application date
This Standard applies to annual periods beginning on or after 1 January 2023.  Earlier application is permitted, provided AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current is