Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p121
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 334419–338200

in respect of the instrument or to settle it in a manner that results in liability classification. When a subsidiary in a group issues a financial instrument and a parent or other group entity agrees additional terms directly with the holders of the instrument (eg a guarantee), the group may not have discretion over distributions or redemption. Although the subsidiary may appropriately classify the instrument without regard to these additional terms in its individual financial statements, the effect of other agreements between members of the group and the holders of the instrument is considered in order to ensure that consolidated financial statements reflect the contracts and transactions entered into by the group as a whole. To the extent that there is such an obligation or settlement provision, the instrument (or the component of it that is subject to the obligation) is classified as a financial liability in consolidated financial statements.

A footnote is added to the end of paragraph 96A. New text is underlined.

  3A In June 2024 the AASB issued AASB 18 Presentation and Disclosure in Financial Statements and carried over these requirements in AASB 101 Presentation of Financial Statements to AASB 7 Financial Instruments: Disclosures.

A footnote is added to the end of paragraph 96C. New text is underlined.

  3B When it issued AASB 18, the AASB carried over these requirements in AASB 101 to AASB 7.

Paragraph IE32, Example 7 in paragraph IE32, paragraph IE33 and Example 8 in paragraph IE33 in the Illustrative examples accompanying AASB 132 are amended. New text is underlined and deleted text is struck through.

Illustrative examples
 ...

Entities such as mutual funds and co‑operatives whose share capital is not equity as defined in AASB 132

Example 7: Entities with no equity
IE32 The following example illustrates a format of a statement of comprehensive income and statement of financial position that may be used by entities such as mutual funds that do not have equity as defined in AASB 132 and that do not provide financing to customers as a main business activity. Other formats are possible.

Statement of comprehensive income for the year ended 31 December 20X1

                                                                         20X1      20X0
                                                                         CU        CU
Revenue                                                                  2,956     1,718
Expenses (classified by nature or function, in accordance with AASB 18)  (644)     (614)
Operating profit/profit before financing
Profit from operating activities                                         2,312     1,104
Finance costs
Interest expenses– other finance costs                                   (47)      (47)
Distributions– distributions to unitholders                              (50)      (50)
Change in net assets attributable to unitholders                         2,215     1,007

Statement of financial position at 31 December 20X1

                                                                                                                                     20X1                  20X0
                                                                                                                          CU         CU         CU         CU
ASSETS
Non-current assets (classified in accordance with AASB 18
AASB 101)                                                                                                                 91,374                78,484
Total non-current assets                                                                                                             91,374                78,484
Current assets (classified in accordance with AASB 18