INTRODUCTION
The objective of this Technical Accounting (TA) Alert is to:
- provide information on new and revised Accounting Standards that are mandatorily applicable for the first time to 31 December 2024 annual and/or half-year ends; and
- highlight other recent financial reporting developments.
This TA Alert incorporates all the relevant pronouncements and developments as at 18 November 2024. 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 ending 31 December 2024.
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: https://www.grantthornton.com.au/insights/technical-alert-hub/
OVERVIEW
The new and revised Australian accounting requirements that are mandatory for the first time to annual and/or half-year reporting periods ending 31 December 2024 are summarised on the overleaf.
Standard / Interpretation
|
Mandatory effective date (Annual periods beginning on or after…)
|
Applicable for the first time to year ending 31 December 2024
|
Applicable for the first time to half-year ending 31 December 2024
|
AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as current or non-current
|
|
|
|
AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback
|
|
|
|
AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants
|
|
|
|
AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities
|
|
|
|
AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements
|
|
|
|
AASB 2023-3 Amendments to Australian Accounting Standards – Disclosure of Non-current Liabilities with Covenants: Tier 2
|
|
|
|
AASB 2024-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements: Tier 2 Disclosures
|
|
|
|
FIRST TIME APPLICATION TO FULL-YEAR REPORTING PERIODS ENDING 31 DECEMBER 2024
There are several new and revised standards that became effective for the annual/half-year periods ending 31 December 2024. 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 31 DECEMBER 2024
ASIC focus areas for 31 December 2024
As at the date of this TA Alert, the Australian Securities and Investments Commission (ASIC) has not released its focus areas for their financial reporting and audit surveillance program for 31 December 2024. A Technical Accounting Alert will be included on our website discussing these focus areas once the information is available.
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.
