AASB 9 Financial Instruments was operative from 1 January, bringing significant revisions to their classification, measurement, hedging, and impairment. AASB 7 Financial Instruments: Disclosures has been revised to reflect changes in AASB 9. Disclosures changes are extensive and cannot be an after-thought in financial-statement preparations. Boilerplate disclosures will not suffice. The session will:
- Focus on implementing the revised disclosure requirements
- Describe the disclosure objective and the application of materiality
- Address the revised disclosure requirements
- Provide illustrations of revised disclosures, and
- Recap other disclosure rules in AASB 9 that are poorly understood and applied.