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 |
|---|
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AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments |
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AASB 2020-6 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current – Deferral of Effective Date |
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AASB 2021-7a Amendments to Australian Accounting Standards – |
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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 |
|---|---|
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AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture |
2025-26 |
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AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current |
2023-24 |
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AASB 17 Insurance Contracts (Appendix D) |
2023-24 |
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AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates |
2023-24 |
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AASB 2021-5 Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction |
2023-24 |
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AASB 2021-6 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies: Tier 2 and Other Australian Accounting Standards |
2023-24 |
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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 |
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AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback |
2024-25 |
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AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants |
2023-24 |
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AASB 2022-7 Editorial Corrections to Australian Accounting Standards and Repeal of Superseded and Redundant Standards |
2023-24 |
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AASB 2022-8 Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments |
2023-24 |
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AASB 2022-9 Amendments to Australian Accounting Standards – Insurance Contracts in the Public Sector |
2026-27 |
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AASB 2022-10 Amendments to Australian Accounting Standards – Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities |
2024-25 |
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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 |
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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
