The AASB is seeking to appoint a project manager to work on setting accounting standards for financial reporting by entities in the public and private sectors. Project managers play an important role in researching financial reporting issues, including preparing Board papers and presenting information to Board members and liaising with international and other national standard setters, with a view to becoming technical experts. Read More
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.