Document ID: chunk:federal_register_of_legislation:F2024L00973:body:0:p4
Version: federal_register_of_legislation:F2024L00973
Segment Type: other
Provision Reference: 
Character Range: 8621–11555

AASB 9. If an entity elects to apply only the amendments to the Application Guidance to Section 4.1 of AASB 9 (Classification of financial assets) for an earlier period in accordance with paragraph 7.1.13(b) of AASB 9, the entity shall also apply paragraphs 20B, 20C and 20D of this Standard at the same time. In either case, the entity need not provide the disclosures required by the amendments for any period presented before the date of its initial application of the amendments.
44MM In the reporting period in which an entity first applies AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments, the entity is not required to disclose the information that would otherwise be required by paragraph 28(f) of AASB 108.

Amendments to AASB 9
Paragraphs 7.1.12–7.1.13 and 7.2.47–7.2.49 and the heading before paragraph 7.2.47 are added. For ease of reading these paragraphs have not been underlined.

7.1  Effective date
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7.1.12 AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments, which amended AASB 7 and AASB 9, issued in July 2024, added paragraphs 7.2.47–7.2.49, B3.1.2A, B3.3.8–B3.3.10, B4.1.8A, B4.1.10A, B4.1.16A and B4.1.20A. It also amended paragraphs B4.1.10, B4.1.13, B4.1.14, B4.1.16, B4.1.17, B4.1.20, B4.1.21 and B4.1.23.  An entity shall apply these amendments for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted.
7.1.13 If an entity elects to apply these amendments for an earlier period, it shall either:
(a) apply all the amendments at the same time and disclose that fact; or
(b) apply only the amendments to the Application Guidance to Section 4.1 of this Standard (Classification of financial assets) for that earlier period and disclose that fact.

7.2  Transition
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Transition for Amendments to the Classification and Measurement of Financial Instruments
7.2.47 An entity shall apply AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments retrospectively, in accordance with AASB 108, except as specified in paragraphs 7.2.48–7.2.49. For the purposes of the requirements in these paragraphs, the date of initial application is the beginning of the annual reporting period in which the entity first applies the amendments.
7.2.48 An entity is not required to restate prior periods to reflect the application of these amendments. An entity may restate prior periods if, and only if, it is possible to do so without the use of hindsight. If an entity does not restate prior periods, it shall recognise the effect of initially applying these amendments as an adjustment to the opening balance of financial assets and financial liabilities and the cumulative effect, if any, as an adjustment to the opening balance of retained earnings (or other component of equity, as