AASB 1 First-time Adoption of Australian Accounting Standards B2-B3: Derecognition of financial assets and liabilities: apply the AASB 9 rules prospectively from the transition date, with an option to apply them from an earlier chosen date if the needed information was captured at the time

What does B2-B3 require?

Financial assets and liabilities removed from the books under the previous GAAP before the transition date, as a result of transactions before that date, are not brought back. The AASB 9 derecognition rules apply to transactions from the transition date onward. The entity may instead apply those rules retrospectively from a date it selects, but only where the data required for applying AASB 9 to those earlier derecognitions was obtained when those transactions were first accounted for.