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Proposals to make narrow-scope amendments to AASB 116 Property, Plant and Equipment are now available. The proposals specify that proceeds from selling items produced while bringing an item of property, plant or equipment to the location and condition necessary for it to be capable of operating in the manner intended by management (eg inventory produced while testing machinery) are to be recognised in profit and loss, and should not be deducted from the cost of the asset. Comments to the AASB are required by 18 September 2017.

Australian Accounting Standards Board Research Director Professor Ann Tarca is the second Australian to be appointed to the International Accounting Standards Board (IASB). Announced overnight by the Trustees of the IFRS Foundation – the body responsible for the governance and oversight of the IASB ... read more

We are delighted to see AUASB Chair Roger Simnett recognised for his contribution to the accounting and auditing professions with his appointment to the Order of Australia as announced in yesterday's Queen's Birthday honours. See the AUASB announcement.

We are proud to announce this year’s AASB Research Forum will be hosted by the University of Melbourne, Department of Accounting. To be held on 24 November, the forum will explore the topic of effective communication of financial and narrative reporting. The following research papers will be presented for discussion  Read More

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