AASB 2024-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements: Tier 2 Disclosures

Thursday, March 14, 2024

The amendments require a Tier 2 entity to provide additional disclosures about its supplier finance arrangements to enable users to assess the effects of these on the entity’s liabilities, cash flows and exposure to liquidity risk.

The amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities require an entity to disclose the terms and conditions of the arrangements, the carrying amount of the liabilities that are part of the arrangements, the carrying amount of those liabilities for which suppliers have already received payment from the finance providers, the range of payment due dates and the effects of non-cash changes.

AASB 2024-1 applies to annual periods beginning on or after 1 January 2024 that end on or after 30 June 2024, with earlier application permitted.

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