Document ID: chunk:federal_register_of_legislation:F2024L00378:body:0:p6
Version: federal_register_of_legislation:F2024L00378
Segment Type: other
Provision Reference: 
Character Range: 14963–17788

also observed that not including disclosure objectives is consistent with the approach proposed by the IASB in its Subsidiaries without Public Accountability: Disclosures project.
     BC17            The Board noted that the IASB has tentatively decided not to include the disclosure objective in its proposed amendments to add supplier finance arrangement disclosures to the IFRS for SMEs Accounting Standard.
     BC18            The Board considered this feedback and decided that, for consistency with the IASB's tentative approach, it would not add the disclosure objective proposed in ED 328 to this Standard. As AASB 1060 was developed based on the requirements in the IFRS for SMEs Accounting Standard, the Board considered that following the IASB's tentative approach was appropriate. However, the Board noted its intention to monitor future IASB decisions about supplier finance arrangement disclosures in the IFRS for SMEs Accounting Standard and consider whether further amendments are required to AASB 1060 at that time.
     BC19            In considering the IASB's tentative approach and proposed amendments to the IFRS for SMEs Accounting Standard and the forthcoming Subsidiaries without Public Accountability: Disclosures Standard, the Board observed that the IASB is not proposing to include:
          (a)                    transition relief in the IFRS for SMEs Accounting Standard. The IASB does not consider transition relief necessary as it expects to issue the amendments at least two years before their application date. (The IASB has not yet considered whether transition relief may be required in the Subsidiaries without Public Accountability: Disclosures Standard.) The Board, however, considered that it is necessary to add transition relief to AASB 1060 given the short time frame between the issue of these amendments and their application date. Consequently, the transition reliefs proposed in ED 328 are included in paragraph 119C of this Standard; and
          (b)                   the final sentence in paragraph 119A of this Standard in the IFRS for SMEs Accounting Standard. However, the IASB has tentatively decided to include this sentence in proposed amendments to the Subsidiaries without Public Accountability: Disclosures Standard. The Board considered the additional information about some finance arrangements that are outside the scope of supplier finance arrangements is useful for Tier 2 entities and decided to retain this information.

Effective date
     BC20            The Board decided that the amendments should be made effective for annual periods beginning on or after 1 January 2024 that end on or after 30 June 2024, with earlier application permitted, as proposed in ED 328. This is consistent with the effective date of AASB 2023-1 for most Tier 1 entities.