Congratulations to William (Bill) Edge on his appointment as Financial Reporting Council (FRC) Chair. Kris Peach, Chair Australian Accounting Standards Board (AASB), and Merran Kelsall, Chair Auditing and Assurance Standards Board (AUASB), said “We welcome Bill’s appointment. His skills and experience from public practice and academia will enable the FRC to support the AASB and AUASB in achieving the important objective of maintaining confidence in the Australian economy. We look forward to working closely with him.”
The AASB has updated its standard-setting work program as at 28 April 2016. Forthcoming Standards include Clarifications to AASB 15 and Depreciated Replacement Cost as a Measure in Value in Use. Exposure Drafts targeted for issue in Q2 include Definition of a Business and Remeasurement of Previously Held Interests. Timing of ED on Reduced Disclosure Requirements updated to Q3.
In this week’s International Update: The IASB released the April 2016 IASB update summarising its April meeting. The Korea Accounting Standards Board (KASB)'s research report indicates the costs of IFRS adoption outweigh benefits for Korean preparers.
Key issues progressed at the April 2016 meeting: Service Concession Arrangements – with the help of stakeholder feedback, areas were identified in which new guidance would be needed; Reduced Disclosure Requirements – agreed how differences of approach compared with NZASB would be addressed; Income of NFP Entities – agreed on approach to identifying donation components in contracts for transfer of goods/services; Clarifications to AASB 15 – agreed to adopt amendments to IFRS 15 on revenue. The full text of the Action Alert for this meeting is now available on the AASB website.