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The 38-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

Compiled versions of Standards and Interpretations that apply to annual reporting periods beginning on or after 1 July 2014 have now been published on the AASB website. 

Most of the compilations incorporate amendments made by AASB 2014-1 Amendments to Australian Accounting Standards Part A – Annual Improvements 2010-2012 and 2011-2013 Cycles and Part C – Materiality.

The AASB has added a Basis for Conclusions to AASB 123 Borrowing Costs to explain its reasoning for retaining the option in the Standard for not-for-profit public sector entities to expense all borrowing costs as incurred.  AASB 123 was previously amended in April 2009 by AASB 2009-1 Amendments to Australian Accounting Standards – Borrowing Costs of Not-for-Profit Public Sector Entities to incorporate the option as an interim measure pending the outcome of related work.

The 37-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

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