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.
- 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.