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INTRODUCTION
The objective of this Technical Accounting (TA) Alert is to:
This TA Alert incorporates all the relevant pronouncements and developments as at 17 July 2025. Entities should also take into account any new pronouncements issued, or developments taking place, after this date if they are relevant for the financial year and/or half-year ended 30 June 2025.
For a list of all the pronouncements issued by the AASB and the IASB that are not yet effective, refer to our latest TA Alert on this topic on our website.
OVERVIEW
The new and revised Australian accounting requirements that are mandatory for the first time to annual and/or half-year reporting periods ending 30 June 2025 are summarised on the overleaf.
| Standard / Interpretation | Mandatory effective date (Annual periods beginning on or after…) | Applicable for the first time to year ended 30 June 2025 | Applicable for the first time to half-year ended 30 June 2025 |
|---|---|---|---|
|
AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as current or non-current
|
1 January 2024
|
Yes
|
No
|
|
AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback
|
1 January 2024
|
Yes
|
No
|
|
AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants
|
1 January 2024
|
Yes
|
No
|
|
AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities
|
1 January 2024
|
Yes
|
No
|
|
AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements
|
1 January 2024
|
Yes
|
No
|
|
AASB 2023-3 Amendments to Australian Accounting Standards – Disclosure of Non-current Liabilities with Covenants: Tier 2
|
1 January 2024
|
Yes
|
No
|
|
AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability
|
1 January 2025
|
No
|
Yes
|
|
AASB 2024-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements: Tier 2 Disclosures
|
1 January 2024
|
Yes
|
No
|
|
AASB 2024-4a Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128
|
1 January 2025
|
No
|
Yes
|
FIRST TIME APPLICATION TO FULL-YEAR REPORTING PERIODS ENDED 30 JUNE 2025
There are several new and revised standards that became effective for the annual/half-year periods ended 30 June 2025. This TA Alert focuses only on standards and interpretations with relatively significant changes.
There are no new and revised standards that are likely to have any significant impact on entities.
OTHER DEVELOPMENTS THAT ARE RELEVANT TO ANNUAL PERIODS ENDING 30 JUNE 2025
The Australian Securities and Investments Commission (ASIC) have recently released focus areas for their financial reporting and audit surveillance program for 30 June 2025. A Technical Accounting Alert has been included on our website discussing these focus areas.
FURTHER INFORMATION
If you wish to discuss any of the information included in this Technical Accounting Alert, please get in touch with your Grant Thornton Relationship Partner or a member of the National Assurance Quality Team at national.assurance.quality@au.gt.com.
If you wish to discuss any of the information included in this Technical Accounting Alert, please get in touch with your local Grant Thornton Australia contact or a member of the National Assurance Quality Team using the link below.
