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Accounting standards issued but not yet effective for 31 December 2024
What’s new for December 2024
AASB 18 Presentation and Disclosure in Financial Statements
Accounting standards issued but not yet effective for 30 June 2024
Accounting standards issued but not yet effective for 31 December 2023
AASB 2021-2 and AASB 2021-6 apply prospectively to annual reporting periods beginning on or after 1 January 2023.
AASB 2020-3 amends AASB 116 to prohibit entities from deducting from the cost of an item of Property, Plant and Equipment, any proceeds from selling items produced while bringing property, plant and equipment to the location and condition necessary for it to be capable of operating in a manner intended by management. Instead, these proceeds and related costs are required to be recognised in profit or loss.
The AASB has clarified presentation as current or non-current of loan arrangements subject to covenants by amending AASB 101 Presentation of Financial Statements) through the issuance of AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants.
In the words of Richard Olswang, Prudential Global IFRS 17 Actuarial Lead, IFRS 17 has the potential to be bigger than Solvency II and with APRA seeking an industry update as early as August, it’s important to understand the changes and the implications.
IFRS News is a quarterly publication by the Grant Thornton International Financial Reporting Standards team and it provides a global insight into developments in International Financial Reporting Standards. These developments have a direct impact on Australia since our standards mirror the international ones, albeit with a slightly different numbering system.
