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AASB Standard  AASB 2024-2
               July 2024

Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments
[AASB 7 & AASB 9]

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

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Victoria   8007
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© Commonwealth of Australia 2024

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ISSN 1036-4803

Contents

Preface
Accounting Standard
AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments

from page
Objective 5
Application 5
Amendments to AASB 7 5
Amendments to AASB 9 7
COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT  11

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

Australian Accounting Standard AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments is set out on pages 5–11. All the paragraphs have equal authority.

Preface

Standards amended by AASB 2024-2
This Standard makes amendments to AASB 7 Financial Instruments: Disclosures (August 2015) and AASB 9 Financial Instruments (December 2014).
These amendments arise from the issuance of International Financial Reporting Standard Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) by the International Accounting Standards Board in May 2024.

Main features of this Standard

     Main requirements
This Standard amends AASB 7 and AASB 9 in response to feedback from the 2022 Post-implementation Review of the classification and measurement requirements in AASB 9 and related requirements in AASB 7 and the subsequent 2023 Exposure Draft.
This Standard amends requirements related to:
     (a)                    settling financial liabilities using an electronic payment system; and
     (b)                   assessing contractual cash flow characteristics of financial assets with environmental, social and corporate governance (ESG) and similar features.
This Standard also amends disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and adds disclosure requirements for financial instruments with contingent features