Document ID: chunk:federal_register_of_legislation:F2023C00406:body:0:p2
Version: federal_register_of_legislation:F2023C00406
Segment Type: other
Provision Reference: 
Character Range: 3031–6302

instrument
Withdrawal of AASB pronouncements Aus100.2
Appendix
Application guidance
Illustrative Examples
COMPILATION DETAILS
Deleted IAS 32 text

available on the AASB website
Basis for Conclusions on IAS 32

Australian Accounting Standard AASB 132 Financial Instruments: Presentation (as amended) is set out in paragraphs AusCF1 – Aus100.2 and the Appendix.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 132 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IAS 32
AASB 132 Financial Instruments: Presentation as amended incorporates IAS 32 Financial Instruments: Presentation as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IAS 32) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 132 also comply with IAS 32.
Not-for-profit entities' compliance with IAS 32 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IAS 32.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 132

The Australian Accounting Standards Board made Accounting Standard AASB 132 Financial Instruments: Presentation under section 334 of the Corporations Act 2001 on 7 August 2015.

This compiled version of AASB 132 applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 15 December 2022 (see Compilation Details).

Accounting Standard AASB 132

Financial Instruments: Presentation

Objective
1 [Deleted]
          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 objective of this Standard is to establish principles for presenting financial instruments as liabilities or equity and for offsetting financial assets