AASB enacts deferral of AASB 9 and further RDR exemptions

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17 Sep 2012

The Australian Accounting Standards Board (AASB) has approved two new amending standards that give effect to the deferral of AASB 9 'Financial Instruments', and introduce further disclosure exemptions for those entities applying Australia's 'reduced disclosure requirements' (RDR).

AASB 2012-6 Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures (link to AASB website) amends the mandatory effective date of AASB 9 Financial Instruments so that AASB 9 is required to be applied for annual reporting periods beginning on or after 1 January 2015 instead of 1 January 2013.  AASB 2012-6 also modifies the relief from restating prior periods by amending AASB 7 Financial Instruments: Disclosures to require additional disclosures on transition from AASB 139 Financial Instruments: Recognition and Measurement to AASB 9 in some circumstances.  These change give effect to the amendments made by the IASB in December 2011 through Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7).

AASB 2012-7 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements (link to AASB website) makes amendments for entities preparing general purpose financial statements under the RDR.  AASB 2012-7 is the culmination of the proposals in a number of exposure drafts issued by the AASB over recent months in response to developments by the IASB, such as change to the presentation of comprehensive income, the 'suite of five' standards on consolidation and joint arrangements, and the annual improvements process.

The amendments relate to amended disclosures in the following Standards:

  • AASB 7 Financial Instruments: Disclosures
  • AASB 12 Disclosure of Interests in Other Entities
  • AASB 101 Presentation of Financial Statements
  • AASB 127 Separate Financial Statements.

AASB 2012-7 applies to annual reporting periods beginning on or after 1 July 2013.

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