Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards
  • Type: Regulatory update
  • Date: 29/01/2014

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

14RU-001 New hedging standard available for adoption in Australia 

This Reporting Update announces the approval by the AASB of the new hedging rules contained in IFRS 9 (2013) Financial Instruments.

On 20 December 2013, the Australian Accounting Standards Board approved Amending Standard AASB 2013-9 Amendments to Australian Accounting Standards – Conceptual Framework, Materiality and Financial Instruments.

 

This amending standard includes the new hedging requirements contained in IFRS 9 Financial Instruments (2013) issued by the International Accounting Standards Board in November 2013.

 

Key insights

  • New hedging rules approved by AASB in December 2013.
  • AASB 9 (2013) Financial Instruments is now available for early adoption.
  • Mandatory application date for years commencing on or after 1 January 2017.
 

Financial Reporting & Accounting Standards

By adopting International Financial Reporting Standards (IFRS), Australia has taken an important step in delivering more transparent financial information for shareholders and regulators.