22 May. 2013
The AASB issued an Agenda Decision (dated 22 May 2013) addressing the Board decision not to proceed with issuing a Standard on GAAP/GFS harmonisation for entities within the GGS.... Read more
21 May. 2013
The AASB has issued Exposure Draft ED 242 Leases, which incorporates the International Accounting Standards Board’s (IASB) ED/2013/6 of the same name, for comment by 14 August 2013. The AASB plans to hold Roundtables to discuss the proposals with Australian constituents during the comment period, details of which will be released in due course.... Read more
20 May. 2013
The AASB has issued ED 241 Amendments to AASB 1038 arising from AASB 10 in relation to consolidation and interests of policyholders. Comments to the AASB are requested by 7 August 2013. The ED proposes to remove the specific requirements in relation to consolidation from AASB 1038 Life Insurance Contracts, which would leave AASB 10 Consolidated Financial Statements as the sole source for consolidation requirements applicable to life insurer entities.... Read more
20 May. 2013
The Agenda for the 131st meeting of the AASB, to be held on 29-30 May 2013, is now available.... Read more
20 May. 2013
Board Papers for the 131st meeting of the AASB, to be held on 29-30 May 2013, are now available.... Read more
7 May. 2013
You are invited to participate in a AASB Roundtable to discuss the IASB’s Exposure Draft ED/2013/3 Financial Instruments: Expected Credit Losses (IASB ED). The IASB ED forms part of the IASB’s project to replace IAS 39 Financial Instruments: Recognition and Measurement, in particular relating to impairment of financial instruments. AASB Exposure Draft 237 includes the IASB’s ED.... Read more
3 May. 2013
The AASB has issued ED 240 Regulatory Deferral Accounts, which incorporates IASB ED/2013/5. Comments to the AASB are requested by 5 August 2013 and to the IASB by 4 September 2013.... Read more
11 Apr. 2013
Action Alert No. 157, for the 130th meeting of the AASB, which was held on 10 April 2013, is now available.... Read more
9 Apr. 2013
The AASB has issued ITC 28 Invitation to Comment on IASB Request for Information on Rate Regulation. Comments to the AASB are requested by 7 May 2013 and to the IASB by 30 May 2013.... Read more
9 Apr. 2013
The AASB has published an updated version of staff paper titled “Possible Financial Reporting Implications of the Fixed Price Phase of the Carbon Pricing Mechanism for Emitter Entities”. The paper is mainly updated in response to legislative changes since its first publication in July 2012. The paper is designed to assist AASB constituents in identifying the key general purpose financial reporting issues that may arise for emitter entities during the fixed price phase of the Carbon Pricing Mechanism (CPM) and possible accounting treatments in respect of those issues under current Australian Accounting Standards.... Read more
28 Mar. 2013
The AASB has issued ED 238 Consolidated Financial Statements – Australian Implementation Guidance for Not-for-Profit Entities. Comments to the AASB are due by 30 June 2013. ... Read more
28 Mar. 2013
The AASB has issued ED 239 Defined Benefit Plans: Employee Contributions (proposed amendments to AASB 119), which incorporates IASB ED/2013/4. Comments to the AASB are requested by 24 June 2013 and to the IASB by 25 July 2013.... Read more
19 Mar. 2013
The AASB and its staff were very sad to hear of the passing of Jean St. G. Kerr on Thursday, 14 March, 2013.... Read more
18 Mar. 2013
The AASB approved Australian Accounting Standards AASB 2013-2 Amendments to AASB 1038 – Regulatory Capital on 13 March 2013.... Read more
12 Mar. 2013
The AASB has issued ED 237 Financial Instruments: Expected Credit Losses, incorporating IASB ED/2013/3. ED 237 contains IASB proposals that would require earlier recognition of credit losses to replace the current incurred loss impairment requirement in AASB 139 Financial Instruments: Recognition and Measurement. Comments are due to the AASB by 10 May 2013 and to the IASB by 5 July 2013.... Read more
8 Mar. 2013
The Australian Accounting Standards Board (AASB) is currently seeking one or more outstanding Honours graduates or postgraduates in accounting, or closely related fields, to join the 2014 AASB Graduate Program.... Read more
7 Mar. 2013
Kevin Stevenson, Chairman of the Australian Accounting Standards Board (AASB), today announced two important new AASB initiatives that will take effect from 1 July 2013:
- the formation of a dedicated AASB Research Centre to ensure Australia can continue to be at the forefront of thought leadership in financial reporting; and,
- the appointment of a new Directorate to manage the AASB’s standard-setting function.... Read more
6 Mar. 2013
The AASB approved Australian Accounting Standards AASB 1055 Budgetary Reporting and AASB 2013-1 Amendments to AASB 1049 – Relocation of Budgetary Reporting Requirements on 5 March 2013. ... Read more
6 Mar. 2013
The AASB has issued Exposure Draft ED 236 Novation of Derivatives and Continuation of Hedge Accounting (proposed amendments to AASB 9 AASB 139), which incorporates IASB ED/2013/2. Comments to the AASB are requested by 25 March 2013 and to the IASB by 2 April 2013.... Read more
22 Feb. 2013
Action Alert No. 156, for the 129th meeting of the AASB, which was held on 20-21 February 2013, is now available.... Read more
12 Feb. 2013
Kevin Stevenson, Chairman of the Australian Accounting Standards Board (AASB), has announced the appointment of John O’Grady as one of the two Deputy Chairs of the AASB.... Read more
8 Feb. 2013
The AASB has published a second staff paper titled “Financial Reporting Implications of the Carbon Tax for Government”. The paper is designed to inform AASB constituents (in particular users) about the key general purpose financial reporting issues that may have implications for the Australian Government during the fixed price phase of the Carbon Pricing Mechanism (CPM). It addresses possible accounting treatments in respect of those issues based on current Australian Accounting Standards.... Read more
24 Jan. 2013
The AASB has incorporated an IASB correction into AASB ED 235 Recoverable Amount Disclosures for Non-Financial Assets (Proposed Amendments to AASB 136). The updated version of ED 235 can be accessed here.... Read more
22 Jan. 2013
The AASB has issued Exposure Draft ED 235 Recoverable Amount Disclosures for Non-Financial Assets (Proposed Amendments to IAS 36), which incorporates IASB ED/2013/1. Comments to the AASB are requested by 28 February 2013 and to the IASB by 19 March 2013.... Read more
17 Jan. 2013
A report on the 22-23 October 2012 meeting of the International Forum of Accounting Standard-Setters (IFASS) is now available. ... Read more
21 Dec. 2012
The AASB has issued Exposure Draft ED 233 Australian Additional Disclosures - Investment Entities. Comments to the AASB are requested by 29 March 2013.... Read more
20 Dec. 2012
Our mobile site is now up and running.... Read more
20 Dec. 2012
The AASB approved Australian Accounting Standard AASB 2012-11 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements and Other Amendments on 18 December 2012.... Read more
20 Dec. 2012
The AASB approved Australian Accounting Standard AASB 2012-10 Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments on 18 December 2012.... Read more
20 Dec. 2012
The AASB has issued Exposure Draft ED 234 Acquisition of an Interest in a Joint Operation (proposed amendments to AASB 11), which incorporates IASB ED/2012/7.... Read more
20 Dec. 2012
The AASB has issued Exposure Draft ED 232 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (proposed amendments to AASB 10 and AASB 128), which incorporates IASB ED/2012/6. ... Read more
20 Dec. 2012
The AASB is making available the Drafts of AASB 105X Budgetary Reporting and AASB 2012-XX Amendments to AASB 1049 – Relocation of Budgetary Reporting Requirements to provide an opportunity for constituents to familiarise themselves with the documents, as well as to provide comments on the final wording.... Read more
20 Dec. 2012
Mr Peter Gibson and Dr Peter Carlson have been appointed as members of the Board from 1 January 2013.... Read more
19 Dec. 2012
The AASB approved Australian Accounting Standard AASB 2012-9 Amendment to AASB 1048 arising from the Withdrawal of Australian Interpretation 1039 on 17 December 2012. AASB 2012-9 applies to annual reporting periods beginning on or after 1 January 2013. Earlier application of the Standard is permitted.... Read more
19 Dec. 2012
The AASB approved Australian Accounting Standard AASB 2012-8 Amendments to AASB 1049 – Extension of Transitional Relief for the Adoption of Amendments to the ABS GFS Manual relating to Defence Weapons Platforms on 17 December 2012.... Read more
18 Dec. 2012
The AASB has issued Exposure Draft ED 231 Clarification of Acceptable Methods of Depreciation and Amortisation, which incorporates IASB ED/2012/5. Comments to the AASB are requested by 1 March 2013 and to the IASB by 2 April 2013.... Read more
18 Dec. 2012
The AASB has issued Exposure Draft ED 230 Classification and Measurement: Limited Amendments to AASB 9 (proposed amendments to AASB 9 (2010)), which incorporates IASB ED/2012/4. Comments to the AASB are requested by 13 February 2013 and to the IASB by 28 March 2013.... Read more
28 Nov. 2012
The AASB has issued Exposure Draft ED 229 Annual Improvements to IFRSs 2011-2013 Cycle, which incorporates IASB ED/2012/2. Comments to the AASB are requested by 4 February 2013 and to the IASB by 18 February 2013.... Read more
26 Nov. 2012
The AASB has issued Exposure Draft ED 228 Equity Method: Share of Other Net Asset Changes, which incorporates IASB ED/2012/3. Comments to the AASB are requested by 8 February 2013 and to the IASB by 22 March 2013.... Read more
9 Nov. 2012
The AASB has submitted comments to the IPSASB on two recent Consultation Papers:
- Public Sector Combinations (June 2012); and
- Consultation on IPSASB Work Program 2013-2014 (July 2012).
The comment periods for these documents has now concluded.... Read more
8 Nov. 2012
The Board members and staff of the Australian Accounting Standards Board and Australian Auditing and Assurance Standards Board were saddened to hear that John Kenley passed away on 5 October in Castlemaine, Victoria, just short of his 88th birthday.... Read more
2 Nov. 2012
The IFRS Foundation has issued an Invitation to Comment Proposal to Establish an Accounting Standards Advisory Forum – for comment by 17 December 2012. It is proposed that 12 members be drawn from national standard-setters in the Americas, Europe, Asia-Oceania, and Africa, including two members from “the world at large”. This forum is a very significant change aimed at involving national standard-setters earlier in the IASB’s due process.... Read more
2 Oct. 2012
The AASB has issued ED 227 Proposed Amendments to AASB 1049 – Extension of Transitional Relief for the Adoption of Amendments to the ABS GFS Manual relating to Defence Weapons Platforms. Comments to the AASB are requested by 19 November 2012.... Read more
4 Sep. 2012
A revised Agenda for the 126th meeting of the AASB, to be held on 5-6 September is now available.... Read more
27 Aug. 2012
Click here for links to the Reduced Disclosure Requirements (RDR) versions of Standards and Interpretations that apply to the 2011/12 financial year. Just look for the shading, to see which disclosures have been removed for early adopters of RDR.... Read more
24 Aug. 2012
The AASB is hosting an IASB discussion forum to discuss the IASB's Request for Information (RFI) Post-implementation Review: IFRS 8 Operating Segments in Melbourne on 3 October 2012. The RFI forms part of the IASB's post-implementation review process for IFRS 8. The purpose of the discussion forum is for participants to share their experience of applying IFRS 8 in practice.... Read more
24 Aug. 2012
The Financial Reporting Council is seeking applications from interested persons for appointment as a member of the AASB. Applications are sought by 21 September 2012.... Read more
23 Aug. 2012
The AASB has issued Exposure Draft ED 226 Withdrawal of Australian Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia. Comments to the AASB are requested by 19 November 2012.... Read more
9 Aug. 2012
Click here for links to the twelve new compiled versions of Standards that apply to annual reporting periods beginning on or after 1 July 2012.... Read more
7 Aug. 2012
The European Financial Reporting Advisory Group (EFRAG) and the Italian standard setter Organismo Italiano di Contabilita (OIC) have issued a questionnaire on impairment requirements for goodwill in view of the IASB’s forthcoming post-implementation review of IFRS 3 Business Combinations. Interested parties are invited to complete the questionnaire by 30 September 2012. ... Read more
27 Jul. 2012
Action Alert No. 152, for the 125th meeting of the AASB, which was held on 25-26 July 2012, is now available.... Read more
24 Jul. 2012
The AASB has issued ITC 27 Request for Comment on IASB Request for Information on Post-implementation Review: IFRS 8 Operating Segments. Comments to the AASB are requested by 11 October 2012.... Read more
18 Jul. 2012
A revised Agenda for the 125th meeting of the AASB, to be held on 25-26 July is now available. ... Read more
16 Jul. 2012
The US SEC staff has published its final report on the Work Plan for consideration of incorporating IFRS into the US financial reporting regime. The IASB has published a response to the report. ... Read more
6 Jul. 2012
The AASB approved five new or revised Australian Accounting Standards on 29 June 2012.... Read more
15 Jun. 2012
The AASB and its staff note with sadness the passing of Professor Allan Barton on 9 June 2012... Read more
8 Jun. 2012
The IFRS Interpretations Committee has issued Draft IFRIC Interpretation DI/2012/1 Levies Charged by Public Authorities on Entities that Operate in a Specific Market.... Read more
8 Jun. 2012
The IFRS Interpretations Committee has issued Draft IFRIC Interpretation DI/2012/2 Put Options Written on Non-controlling Interests.... Read more
1 Jun. 2012
A report on the 29-30 March 2012 meeting of the International Forum of Accounting Standard-Setters (IFASS) [formerly known as the National Standard-Setters (NSS) Group] is now available.... Read more
16 May. 2012
AASB Board member, John O’Grady has been appointed to the IFRS Interpretations Committee for an initial three-year term from June 2012.... Read more
14 May. 2012
The AASB has submitted comments to the IPSASB on its Consultation Paper Reporting Service Performance Information (October 2011).... Read more
14 May. 2012
The AASB has issued ED 225 Annual Improvements to IFRSs 2010—2012 Cycle. Comments to the AASB are requested by 13 August 2012.... Read more
24 Apr. 2012
Notes on Superannuation Entity Roundtables in Sydney and Melbourne held on 12 and 13 April 2012 now available.... Read more
5 Apr. 2012
Board Papers for the 123rd meeting of the AASB, to be held on 18-19 April 2012, are now available.... Read more
14 Mar. 2012
The AASB has submitted comments to the IASB on ED/2011/6 Revenue from Contracts with Customers.... Read more
5 Mar. 2012
The Australian Accounting Standards Board (AASB) is currently seeking one or more outstanding Honours graduates or postgraduates in accounting, or closely related fields, to join the 2013 AASB Graduate Program.... Read more
1 Mar. 2012
The AASB has scheduled roundtables on ED 223 Superannuation Entities for 12 and 13 April.... Read more
24 Feb. 2012
The AASB is assisting the International Accounting Standards Board (IASB) in its post-implementation review (PIR) of IFRS 8 Operating Segments that is being conducted during 2012.... Read more
17 Feb. 2012
The Action Alert no. 149, for the 122nd meeting of the AASB, which was held on 15-16 February 2012, is now available.... Read more
3 Feb. 2012
The AASB has now released summary and detailed work programs updated to reflect recent IASB changes.... Read more
3 Feb. 2012
The Agenda for the 122nd meeting of the AASB, to be held on 15-16 February 2012 is now available.... Read more
3 Feb. 2012
Board Papers for the AASB meeting No.122 to be held on 15-16 February are now available.... Read more
18 Jan. 2012
The Australian Accounting Standards Board (AASB) would like to welcome Liane Papaelias and Carmen Ridley to the Board.... Read more