3 Feb. 2012
The AASB has now released summary and detailed work programs updated to reflect recent IASB changes.... 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
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
18 Jan. 2012
The Australian Accounting Standards Board (AASB) would like to welcome Liane Papaelias and Carmen Ridley to the Board.... Read more
22 Dec. 2011
The AASB has issued ED 224 Transition Guidance (proposed amendments to AASB 10 Consolidated Financial Statements), which incorporates IASB ED/2011/7. The ED proposes amendments to AASB 10 with the objective of providing clarification regarding the transition requirements upon implementation of AASB 10.... Read more
15 Dec. 2011
The AASB has issued AASB 2011-13 Amendments to Australian Accounting Standard – Improvements to AASB 1049 which clarifies some of the requirements in AASB 1049.... Read more
9 Dec. 2011
The Action Alert no. 148, for the 121st meeting of the AASB, which was held on 7-8 December 2011, is now available.... Read more
8 Dec. 2011
The AASB has issued Tier 2 Supplement to ED 222 Revenue from Contracts with Customers which sets out the disclosures proposed in AASB ED 222 from which it is proposed entities applying Tier 2 reporting requirements should be exempt.... Read more
1 Dec. 2011
The Australian Accounting Standards Board (AASB) has issued Exposure Draft ED 223 Superannuation Entities.... Read more
30 Nov. 2011
The revised agenda for AASB meeting 121 to be held on 7-8 December 2011 is now available.... Read more
18 Nov. 2011
The AASB has issued ED 222 Revenue from Contracts with Customers, which incorporates IASB ED/2011/6. ED/2011/6 contains proposals to clarify the principles for recognising revenue. It is a re-exposure of revised proposals first exposed by the AASB in July 2010 in ED 198 Revenue from Contracts with Customers.... Read more
17 Nov. 2011
Following the IASB’s release of IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine, the AASB has issued AASB Interpretation 20 of the same name (and related AASB 2011-12 Amendments to Australian Accounting Standards arising from Interpretation 20). The Interpretation clarifies when production stripping costs should lead to the recognition of an asset and how that asset should be initially and subsequently measured.... Read more
14 Nov. 2011
All compilations for reporting periods beginning on or after 1 July 2011 are now available, with the publication of 15 compiled Standards and Interpretations on the AASB website.... Read more
11 Nov. 2011
An agenda is now available for The Third Annual Asian-Oceanian Standard-Setters Group Meeting, 23-24 November 2011.... Read more
8 Nov. 2011
The AASB staff’s second questionnaire on the initial accounting for intangible assets acquired in business combinations under IFRS 3/IAS 38 or similar GAAP closes on 15 December 2011. This second questionnaire is seeking the views of users of financial statements. If you have not yet done so, please take the opportunity to participate by clicking on https://www.surveymonkey.com/s/33M55GN. ... Read more
3 Nov. 2011
The Third Annual Asian-Oceanian Standard-Setters Group (AOSSG) Meeting is being hosted by the Australian Accounting Standards Board. The Meeting will be held at the Park Hyatt Melbourne Hotel on 23 and 24 November 2011. You can register at http://www.aossg.org/meetings-and-events as an observer.... Read more
27 Oct. 2011
The Action Alert no. 147, for the 120th meeting of the AASB, which was held on 26 October 2011, is now available.... Read more
25 Oct. 2011
The AASB has issued ED 221 Government Loans (proposed amendments to AASB 1 First-time Adoption of Australian Accounting Standards), which incorporates IASB ED/2011/5.... Read more
19 Oct. 2011
The AASB has submitted comments to the IFRS Interpretations Committee on the IFRS Interpretations Committee tentative agenda decision relating to IAS 12 Income Taxes – Rebuttable presumption to determine the manner of recovery.... Read more
12 Oct. 2011
The agenda for the AASB meeting on 26 October 2011 is now available. This meeting is now one day only.... Read more
23 Sep. 2011
Click here for links to the 2010/11 RDR versions of Standards and Interpretations that apply to that financial year. Just look for the shading, to see which disclosures have been cut back for early adopters of RDR.... Read more
20 Sep. 2011
The closing date for registration to attend the roundtable meetings on ED 212 and ED 214 has been extended until Friday, 30 September 2011 for Sydney, and Friday, 14 October 2011 for Melbourne.... Read more
12 Sep. 2011
The AASB has issued ED 220 Investment Entities (incorporating IASB ED/2011/4) which proposes criteria for identifying an ‘investment entity’ and how such an entity would measure its investments.... Read more
9 Sep. 2011
The Financial Reporting Council is seeking applications from interested persons for appointment as a member of the AASB. Applications are sought by 7 October 2011.... Read more
8 Sep. 2011
The AASB are inviting constituents to attend a roundtable meeting to discuss the proposals in ED 212 Not-for-Profit Entities within the General Government Sector and ED 214 Extending Related Party Disclosures to the Not-for-Profit Public Sector.... Read more
6 Sep. 2011
The AASB has issued improvements to the accounting by employers for defined benefit plans through amendments to AASB 119 Employee Benefits.... Read more
6 Sep. 2011
The AASB has issued Exposure Draft ED 219 AASB 13 Fair Value Measurement and AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13: Tier 2 Proposals, which sets out the disclosures in AASB 13 and the disclosures amended in other Australian Accounting Standards arising from AASB 13 from which it is proposed entities applying Tier 2 disclosure requirements should be exempt. An analysis of the proposed reduced disclosure requirements in AASB 13 and AASB 2011-8 is available on the AASB website.... Read more
6 Sep. 2011
The AASB has issued AASB 2011-9 Amendments to Australian Accounting Standards - Presentation of Items of Other Comprehensive Income. AASB 2011-9 requires entities to group items presented in other comprehensive income on the basis of whether they are potentially reclassifiable to profit or loss subsequently (reclassification adjustments). The Standard is applicable from 1 July 2012, with early adoption allowed.... Read more
6 Sep. 2011
The AASB has issued Simplified Exposure Draft, ED 218 Presentation of Items of Other Comprehensive Income: Tier 2 Proposals, which analyses the new and substantively modified disclosure requirements arising from AASB 2011-9 that were not included in the requirements of IAS 1 Presentation of Financial Statements at the time IFRS for SMEs was issued.... Read more
5 Sep. 2011
The Australian Accounting Standards Board (AASB) has issued AASB 13 Fair Value Measurement (and related AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13). AASB 13 brings together, in a single source, guidance for all fair value measurements required in other Standards.... Read more
1 Sep. 2011
The AASB has issued ED 216 AASB 12 Disclosure of interests in Other Entities: Tier 2 Proposals and ED 217 AASB 127 Separate Financial Statements: Tier 2 Proposals, which set out the disclosures in AASB 12 and AASB 127 from which it is proposed entities applying Tier 2 reporting requirements should be exempt. An analysis of ED 216 and an analysis of ED 217 in relation to the proposed reduced disclosure requirements are available on the AASB website.... Read more
31 Aug. 2011
The AASB has issued a suite of six related Standards that together improve the accounting requirements for consolidated financial statements, joint arrangements and off balance sheet vehicles. They are applicable from 1 January 2013, with early adoption allowed by for-profit entities.... Read more
24 Aug. 2011
The first ever Australian IFRS Foundation conference will be held in Melbourne on 25 November 2011. The event allows delegates exclusive access to the global standard setters to gain in-depth knowledge on the impact of IFRS for the Asia-Oceania region. Register at http://www.charteredaccountants.com.au/IFRS2011... Read more
19 Aug. 2011
Following a recent AASB staff research questionnaire for preparers, advisors, auditors and regulators on the initial accounting for intangible assets acquired in business combinations under IFRS 3 Business Combinations and IAS 38 Intangible Assets (or similar GAAP), a separate, but related, survey for users of financial statements is now available at https://www.surveymonkey.com/s/33M55GN.... Read more
16 Aug. 2011
The AASB has submitted comments to the IFRS Interpretations Committee on two tentative agenda decisions relating to IFRS 3 Business Combinations – business combinations involving newly formed entities.... Read more
12 Aug. 2011
To follow the Financial Reporting Council’s activities please subscribe to FRC alerts.... Read more
9 Aug. 2011
The AASB has issued ED 215 Mandatory Effective Date of IFRS 9, incorporating IASB ED/2011/3. ED 215 proposes amendments to AASB 9 Financial Instruments, issued in December 2009 and December 2010.... Read more
3 Aug. 2011
The AASB has released Invitation to Comment ITC 25, which includes the IASB’s Request for Views Agenda Consultation 2011.... Read more
3 Aug. 2011
The AASB will be hosting two Symposiums in Melbourne and Sydney in August 2011. The Symposiums will provide up-to-date information on projects currently being undertaken by the AASB that are particularly relevant to public sector and private sector not-for-profit entities.... Read more
2 Aug. 2011
The Australian Accounting Standards Board (AASB) has today issued ED 214 Extending Related Party Disclosures to the Not-for-Profit Public Sector. Accounting Standard AASB 124 Related Party Disclosures presently does not apply to general purpose financial statements of not-for-profit (NFP) public sector entities.... Read more
22 Jul. 2011
The AASB has issued two Amending Standards, AASB 2011-5 Amendments to Australian Accounting Standards – Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation and AASB 2011-6 Amendments to Australian Accounting Standards – Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation – Reduced Disclosure Requirements... Read more
20 Jul. 2011
The AASB has submitted comments to the IFRS Foundation Trustees on their Strategy Review “IFRSs as the Global Standard: Setting a Strategy for the Foundation’s Second Decade”.... Read more
11 Jul. 2011
Please note the Agenda for the 13-14 July 2011 AASB Meeting has been updated.... Read more
8 Jul. 2011
The AASB has made AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements, which amends AASB 124 Related Party Disclosures with effect from 2013.... Read more
8 Jul. 2011
The AASB has issued a Tier 2 Supplement to ED 201 Insurance Contracts. The AASB considers there to be no need for Tier 2 disclosure relief for entities with material insurance contracts and only those who do not agree with this view are asked to comment.... Read more
7 Jul. 2011
The AASB has issued ED 213 Improvements to IFRSs. Comments to the AASB are requested by 6 September 2011.... Read more
5 Jul. 2011
The Australian Accounting Standards Board (AASB) is undertaking a range of projects that have the potential to substantially affect financial reporting by public sector entities. One of those projects has reached a point where the AASB is seeking comments in relation to its proposals to change the financial reporting requirements for not-for-profit entities within the General Government Sector (including government departments and statutory authorities) of the State, Territory and Federal Governments. The proposals are contained in Exposure Draft ED 212 Not-for-Profit Entities within the General Government Sector, which is open for comment until 31 October 2011.... Read more
10 Jun. 2011
To encourage a greater response rate, the closing date for the AASB staff research questionnaire for preparers, advisors, auditors and regulators on initial accounting for intangible assets acquired in business combinations has been extended to Friday, 15 July 2011. Please take the final opportunity to participate in the questionnaire at https://www.surveymonkey.com/s/XYH98C5.... Read more
27 May. 2011
After considering comments on ED 211 Proposed Amendments to AASB 1049, the AASB issued AASB 2011-3 Amendments to Australian Accounting Standards – Orderly Adoption of Changes to the ABS GFS Manual and Related Amendments [AASB 1049] to be available for financial statements prepared for the year ended 30 June 2011. AASB 2011-3 is applicable to annual reporting periods beginning on or after 1 July 2012 with early adoption permitted.... Read more
26 May. 2011
The AASB staff research questionnaire for preparers, advisors, auditors and regulators on initially accounting for intangible assets acquired in business combinations is open until 17 June 2011.
If you haven’t already done so, please take the opportunity provided by the questionnaire for you to provide input to suggestions to be developed by AASB staff for improvements to IFRS 3 and IAS 38. To access the questionnaire, please click https://www.surveymonkey.com/s/XYH98C5.... Read more
13 May. 2011
The AASB and the New Zealand FRSB have each issued Standards that complete the convergence work on accounting standards for publicly accountable for-profit Australian and New Zealand entities.... Read more
12 May. 2011
The AASB has recently written a letter to the IASB, expressing concerns with some of the tentative decisions made by the IASB in the Leases project. The aim of the AASB is to bring the issues raised in the letter to the attention of the IASB before the IASB finalises this important project.... Read more
12 May. 2011
The AASB has recently written a letter to the IASB, expressing concerns with some of the tentative decisions made by the IASB in the Revenue Recognition project. The aim of the AASB is to bring the issues raised in the letter to the attention of the IASB before the IASB finalises this important project.... Read more
12 May. 2011
The report of the National Standard Setters Meeting in New York, 24-25 March 2011, is now available. This and previous reports can be accessed via the following link: www.frc.org.uk/asb/about/nss.cfm... Read more
21 Apr. 2011
The AASB notes that the IPSASB has three consultation documents, on its draft Public Sector Conceptual Framework, open for comment. The IPSASB requests comments by 15 June 2011.... Read more
21 Mar. 2011
The AASB has issued Tier 2 Supplement to ED 210 Financial Instruments: Impairment, which sets out the disclosures proposed in AASB ED 210 from which it is proposed entities applying Tier 2 reporting requirements should be exempt.... Read more
7 Mar. 2011
The AASB has issued AASB Exposure Draft ED 211 Proposed Amendments to AASB 1049 which is a result of the post-implementation review of AASB 1049 Whole of Government and General Government Sector Financial Reporting.... Read more
3 Mar. 2011
The AASB has submitted comments to the IFRS Foundation Trustees on their review of strategies relating to the work of the IASB.... Read more
3 Mar. 2011
The AASB has issued Tier 2 Supplement to ED 208 Hedge Accounting, which sets out the disclosures proposed in AASB ED 208 from which it is proposed entities applying Tier 2 reporting requirements should be exempt.... Read more
22 Feb. 2011
The AASB staff are leading a worldwide online survey of preparers, advisors, auditors and regulators on the initial accounting for intangible assets acquired under IFRS 3 Business Combinations and IAS 38 Intangible Assets (or similar GAAP). A separate, but similar, survey of users of financial statements is expected to be initiated in the near future.... Read more
11 Feb. 2011
Kevin Stevenson, Chairman of the Australian Accounting Standards Board (AASB), has announced the appointment of Kris Peach as one of the two Deputy Chairs of the AASB. She joins Ian McPhee in that capacity.... Read more
10 Feb. 2011
The AASB is seeking to appoint two project managers and a senior project manager.... Read more
10 Feb. 2011
The AASB has issued ED 210 Financial Instruments: Impairment, incorporating IASB Supplement to ED/2009/12. ED 210 contains further IASB proposals, in addition to ED 189, specifically related to the credit impairment of financial assets measured at amortised cost that are managed on an open portfolio basis. These further proposals are a response to constituent comment on the IASB ED/2009/12 (ED 189) proposals.... Read more
10 Feb. 2011
The AASB has issued ED 209 Offsetting Financial Assets and Financial Liabilities (proposed amendments to AASB 7 and AASB 132, and proposal relating to Tier 2 disclosure requirements), incorporating IASB ED/2011/1, seeking input on the proposed requirements to qualify for netting of financial assets and financial liabilities on the balance sheet, and proposed disclosures relating to those financial instruments that qualify for netting.... Read more
2 Feb. 2011
The AASB has made a submission to the IASB on the IASB Request for Views on Effective Dates and Transition Methods. The AASB's submission supports a single date approach, following an appropriate implementation period to maintain comparability betweeen annual reporting periods, for the relevant IFRSs. ... Read more
13 Jan. 2011
You are invited to attend an outreach meeting with representatives of the IASB to discuss its exposure draft ED/2010/13 Hedge Accounting. The proposals aim to significantly change and simplify the existing requirements for the general hedge accounting model and closely align the accounting for these activities with the entity’s risk management strategy.... Read more
12 Jan. 2011
The submissions to the AASB on ITC 24 Request for Comment on IASB Request for Views on Effective Dates and Transition Methods are now available.... Read more
12 Jan. 2011
The AASB has issued AASB 2010-8 Amendments to Australian Accounting Standards – Deferred Tax: Recovery of Underlying Assets, AASB 2010-9 Amendments to Australian Accounting Standards – Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters and AASB 2010-10 Further Amendments to Australian Accounting Standards – Removal of Fixed Dates for First-time Adopters.... Read more