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21 Jun. 2018

June 2018 Action Alert and podcast available

Important progress was made at AASB 14 June 2018 meeting including: 

  • Implementation Guidance for NFP Public Sector Licensors – The Board considered the submissions received on ED 283. The revised implementation guidance will include more guidance and examples illustrating how to identify performance obligations of non-Intellectual Property licences in accordance with AASB 15, and will substantially retain the guidance in ED 283 to determine a licence from a tax. Read about more decision in the action alert.
  • Reduced Disclosure Requirements: Recent Standards – The Board confirmed the RDR amendments for AASB 16 Leases, AASB 1058 Income of Not-for-Profit Entities, and decided to make no RDR concession to AASB 1059 Service Concession Arrangements.
  • Consolidated and Separate/Individual Financial Statements – The Board discussed the need for parent and subsidiary financial statements in the light of consolidated financial statements, based on an initial draft of a staff Research Report. The Board decided that further outreach to cover investors and preparers, in addition to lenders, should be carried out in relation to the for-profit private sector and consider the relevance of the project in other sectors.

Read the Action Alert
Listen to the podcast