The AASB will be presenting two papers to the ASAF 2016 December Meeting. The first paper, Digital currency – A case for standard setting activity, A perspective by the Australian Accounting Standards Board, recommends the IASB develop a standard that addresses the accounting for investments in intangible assets or other commodity type assets that are not financial instruments or inventory. The second paper Country-by-country reporting: Update on AASB approach recommends standard-setters take a leadership role in improving income tax disclosures for users of financial reports.
Important progress at 14 November 2016 meeting: the board discussed pre-ballot drafts of the Income of Not-for-Profit Entities Standards. Transfers to enable an entity to acquire or construct a non-financial asset to be controlled by the entity must result in a recognisable asset and significant transition relief for some assets previously acquired but not accounted for under AASB 1004 Contributions. Full text of Action Alert for this meeting now available on AASB website.
Board Papers for the AASB meeting No. 154 to be held on 14 November, are now available.
The AASB and AUASB are excited to announce that we have commenced recruitment for a further two newly created roles: a Finance and Risk Manager and a Communications Manager. Click here for further information.