This Technical Update provides you with an overview of Australian Accounting Standards, Interpretations and IFRIC Agenda decisions issued up to 1 June 2023. It outlines:
- Australian Accounting Standards mandatorily applicable for the first time for years ended 30 June 2023;
- Australian Accounting Standards available for early adoption for years ended 30 June 2023; and
- IFRIC Agenda decisions made during the year.
In addition to ensuring that your Organisation has appropriately applied all the new relevant standards in their financial report, this publication can help you to meet your disclosure obligations under AASB 108 Accounting Policies, Change in Accounting Estimates and Errors. Organisations are required to disclose the:
- impact of the initial application of new accounting standards
- potential impact of standards issued but not yet effective
Organisations preparing Tier 2 Simplified Disclosure financial statement do not have to disclose the potential impact of standards issued but not yet effective.