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 2024-25
Accounting Standard |
|---|
|
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 2022-06 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 Mandate agencies not to early adopt any of the new Standards / Interpretations. |
| 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 |
New Accounting Standards and amendments effective 2025-26 or later
Accounting Standard |
Effective |
|---|---|
|
AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability |
2025-26 |
|
AASB 17 Insurance Contracts |
2026-27 |
|
AASB 2022-9 Amendments to Australian Accounting Standards – Insurance Contracts in the Public Sector |
2026-27 |
|
AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments |
2026-27 |
|
AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11 |
2026-27 |
|
AASB 2025-1 Amendments to Australian Accounting Standards – Contracts Referencing Nature-dependent Electricity |
2026-27 |
|
AASB 2025-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments: Tier 2 Disclosures |
2026-27 |
|
AASB 18 Presentation and Disclosure in Financial Statements [for for-profit entities] |
2027-28 |
|
AASB 18 Presentation and Disclosure in Financial Statements [for not-for-profit and superannuation entities] |
2028-29 |
|
AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between Investor and its Associate or Joint Venture |
2028-29 |
|
AASB 2024-4b Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 [deferred AASB 10 and AASB 128 amendments in AASB 2014-10 apply] |
2028-29 |
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
