Changes in Australian Accounting Standards 

The following information is a summary list of new Australian Accounting Standards and amendments to existing Standards. Where available, the effective date of the amendments or new standards are listed.

Links to the full text of the following standards and interpretations can be found on the AASB website: www.aasb.gov.au/Pronouncements.aspx.

New Accounting Standards and amendments effective in 2022-23

Accounting Standard

AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments

AASB 2020-6 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current – Deferral of Effective Date

AASB 2021-7a Amendments to Australian Accounting Standards – 
Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections [general editorials]

AASB 2022-3 Amendments to Australian Accounting Standards – Illustrative Examples for Not-for-Profit Entities accompanying AASB 15

New Accounting Standards and amendments effective 2023-24 or later

Accounting Standard
Effective

AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

2025-26

AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current

2023-24

AASB 17 Insurance Contracts (Appendix D)

2023-24

AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates

2023-24

AASB 2021-5 Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction

2023-24

AASB 2021-6 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies: Tier 2 and Other Australian Accounting Standards

2023-24

AASB 2021-7c Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections [deferred AASB 10 and AASB 128 amendments in AASB 2014-10 apply]

2025-26

AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback

2024-25

AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants

2023-24

AASB 2022-7 Editorial Corrections to Australian Accounting Standards and Repeal of Superseded and Redundant Standards

2023-24

AASB 2022-8 Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments

2023-24

AASB 2022-9 Amendments to Australian Accounting Standards – Insurance Contracts in the Public Sector

2026-27

AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities

2024-25

AASB 2021-7b Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections [AASB 17 editorials]

2023-24

AASB 2022-1 Amendments to Australian Accounting Standards – Initial Application of AASB 17 and AASB 9 – Comparative Information

2023-24

Note: Links to the full text of the above Standards and Interpretations can be found on the AASB website: www.aasb.gov.au/Pronouncements.aspx

Last updated: 19/01/2023