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If you are an NFP entity with specialised assets, you will be pleased to know that impairment requirements for such assets have been simplified. Read More

The AASB has updated its standard-setting work program as at 30 June 2016. The AASB’s project on Depreciated Replacement Cost as a Measure of Value in Use is now complete with the making of a Standard amending AASB 136 Impairment of Assets. Expected publications in July – Standard amending AASB 2 Share-based Payment clarifying the classification and measurement of share-based payment transactions and an Exposure Draft exposing proposals on Definition of a Business and Remeasurement of Previously Held Interests.

The AASB will be launching a new subscription service from 1 July 2016 and discontinuing our current subscription service. To receive future updates from the AASB, please subscribe to our new mailing list.

Important progress at June 2016 meeting: Income of NFP Entities – focus to be ‘resource inflows’, examples on perpetual endowments and a principle on capital grants; Service Concession Arrangements – financial liability model for ‘shadow’ user payments; Insurance – noted significant differences from existing GAAP, agreed more background needed on public sector insurer impacts, overall support for likely revised standard; RDR – agreed draft Australia-NZ Policy Statement for determining Tier 2 disclosures. Full text of Action Alert for this meeting now available on AASB website.

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