Document ID: chunk:federal_register_of_legislation:F2024C00047:front:0:p3
Version: federal_register_of_legislation:F2024C00047
Segment Type: other
Provision Reference: 
Character Range: 5930–8977

explains the two tiers of reporting requirements.

Accounting Standard AASB 7

The Australian Accounting Standards Board made Accounting Standard AASB 7 Financial Instruments: Disclosures under section 334 of the Corporations Act 2001 on 7 August 2015.

This compiled version of AASB 7 applies to annual periods beginning on or after 1 January 2024 but before 1 July 2026.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 22 June 2023 (see Compilation Details).

Accounting Standard AASB 7

Financial Instruments: Disclosures

Objective
1 The objective of this Standard is to require entities to provide disclosures in their financial statements that enable users to evaluate:
(a) the significance of financial instruments for the entity's financial position and performance; and
(b) the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the reporting period, and how the entity manages those risks.
AusCF1 AusCF entities are:
               (a) not-for-profit entities; and
               (b) for-profit entities that are not applying the Conceptual Framework for Financial Reporting (as identified in AASB 1048 Interpretation of Standards).
          For AusCF entities, the term 'reporting entity' is defined in AASB 1057 Application of Australian Accounting Standards and Statement of Accounting Concepts SAC 1 Definition of the Reporting Entity also applies.  For-profit entities applying the Conceptual Framework for Financial Reporting are set out in paragraph Aus1.1 of the Conceptual Framework.
2 The principles in this Standard complement the principles for recognising, measuring and presenting financial assets and financial liabilities in AASB 132 Financial Instruments: Presentation and AASB 9 Financial Instruments.

Scope
3 This Standard shall be applied by all entities to all types of financial instruments, except:
(a) those interests in subsidiaries, associates or joint ventures that are accounted for in accordance with AASB 10 Consolidated Financial Statements, AASB 127 Separate Financial Statements or AASB 128 Investments in Associates and Joint Ventures. However, in some cases, AASB 10, AASB 127 or AASB 128 require or permit an entity to account for an interest in a subsidiary, associate or joint venture using AASB 9; in those cases, entities shall apply the requirements of this Standard and, for those measured at fair value, the requirements of AASB 13 Fair Value Measurement. Entities shall also apply this Standard to all derivatives linked to interests in subsidiaries, associates or joint ventures unless the derivative meets the definition of an equity instrument in AASB 132.
(b) employers' rights and obligations arising from employee benefit plans, to which AASB 119 Employee Benefits applies.
(c) [deleted]
(d) insurance contracts as defined in AASB 17 Insurance Contracts or investment contracts with discretionary participation features within the scope of AASB