Media releases

Liane Papaelias and Carmen Ridley join the AASB Board

The Australian Accounting Standards Board (AASB) would like to welcome Liane Papaelias and Carmen Ridley to the Board.... Read more

The AASB’s work will complement the work of the Australian Charities and Not-for-profits Commission

The Australian Charities and Not-for-profits Commission Implementation Taskforce has recently issued a Discussion Paper on the key aspects of the Australian Charities and Not-for-profits Commission (ACNC), including the new reporting framework that it will administer.... Read more

AASB issues further improvements to financial reporting requirements of governments

The Australian Accounting Standards Board (AASB) has issued AASB 2011-13 Amendments to Australian Accounting Standard – Improvements to AASB 1049, which clarifies some of the requirements in AASB 1049 Whole of Government and General Government Sector Financial Reporting. The amendments will improve the GAAP/GFS harmonisation financial reporting requirements of the Commonwealth, State and Territory Governments.... Read more

AASB proposals for Superannuation Reporting Reform

The Australian Accounting Standards Board (AASB) has issued Exposure Draft ED 223 Superannuation Entities as a further step in the comprehensive review of the general purpose financial reporting requirements applicable to superannuation entities being conducted in light of developments in the superannuation industry since AAS 25 Financial Reporting by Superannuation Plans was originally promulgated and the introduction of International Financial Reporting Standards (IFRSs).... Read more

The Third Annual Asian-Oceanian Standard-Setters Group Meeting in Melbourne

National Standard Setters from Asian Oceanian region met in Australia on 23 and 24 November 2011 for the Third Annual Asian-Oceanian Standard-Setters Group (AOSSG) meeting, hosted by the Australian Accounting Standards Board (AASB). The meeting, which focused on current developments in International Financial Reporting Standards (IFRS), was also attended by members of the International Accounting Standards Board and by Lynn Wood, Chair of the Australian Financial Reporting Council who gave the opening address.... Read more

Asian-Oceanian Standard-Setters Group (AOSSG) Meeting

Twenty National Standard setters from Asia and Oceania will meet in Australia on 22nd and 23rd November 2011 for the Third Annual Asian-Oceanian Standard-Setters Group (AOSSG) meeting, hosted by the Australian Accounting Standards Board (AASB). The meeting will also be attended by members of the International Accounting Standards Board, including the new Chairman, Hans Hoogervorst. The meeting will focus on current developments in International Financial Reporting Standards (IFRS).... Read more

Warren McGregor to Assist AASB

The Chairman of the Australian Accounting Standards Board (AASB), Kevin Stevenson, announced today that Warren McGregor, would be returning in November to assist the AASB on a part-time consulting basis. Warren was a foundation board member of the IASB from 2001 until 30 June 2011 and formerly was Executive Director of the AASB/AARF.... Read more

Investment Entities proposals could have far-reaching impacts

In September 2011 the Australian Accounting Standards Board (AASB) issued ED 220, which incorporates International Accounting Standards Board (IASB) ED/2011/4 Investment Entities.... Read more

AASB issues amendments to presentation of items of other comprehensive income

The AASB has issued AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income.... Read more

AASB issues amendments to the accounting for employee benefits

The AASB has issued improvements to the accounting by employers for defined benefit plans through amendments to AASB 119 Employee Benefits.... Read more

The AASB issues a Standard on fair value measurement

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

AASB issues improvements to accounting requirements for consolidated financial statements, joint arrangements and off balance sheet vehicles

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

Extending AASB 124 Related Party Disclosures to the Not-for-Profit Public Sector

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

De-regulation of consolidation requirements

The Australian Accounting Standards Board (AASB) has issued two Amending Standards to extend relief from consolidation, the equity method and proportionate consolidation to not-for-profit entities and Tier 2 entities in particular circumstances.  This builds on the de-regulation of general purpose financial reporting introduced through AASB 1053 Application of Tiers of Australian Accounting Standards in 2010 and the AASB expects Tier 2 entities to be the main beneficiaries of the relief.... Read more

AASB to remove individual KMP disclosure requirements

The Australian Accounting Standards Board (AASB) has issued AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements.  AASB 2011-4 amends AASB 124 Related Party Disclosures with effect for reporting periods beginning on or after 1 July 2013.  Early adoption is not permitted.... Read more

Proposals on Reporting by Not-for-Profit Entities within the General Government Sector

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

AASB review of financial reporting requirements of governments

The AASB issued Exposure Draft ED 211 Proposed Amendments to AASB 1049 in March 2011 as a result of a post-implementation review of AASB 1049 Whole of Government and General Government Sector Financial Reporting.  The objective of the post-implementation review is to identify any significant application issues with a view to improving financial reporting by government including the consistency of financial reporting across jurisdictions. ED 211 has two comment periods during which constituents are encouraged to submit their written comments.... Read more

AASB/FRSB issue Standards facilitating Mutual Recognition

The Australian Accounting Standards Board (AASB) and the New Zealand Financial Reporting Standards Board (FRSB) today issued Australian Accounting Standards and New Zealand equivalents to International Financial Reporting Standards (NZ IFRSs) which complete the convergence work on accounting standards for publicly accountable for-profit Australian and New Zealand entities.... Read more

Changes proposed to improve financial reporting in the public sector

The AASB has issued Exposure Draft ED 211 Proposed Amendments to AASB 1049 as a result of a post-implementation review of AASB 1049 Whole of Government and General Government Sector Financial Reporting.  The Board decided to undertake a post-implementation review of AASB 1049 to identify any material issues at an operational level with a view to improving financial reporting because of the Standard’s particular significance for the public sector in Australia.  The post-implementation review also included consideration of the consistency of application of AASB 1049 across jurisdictions.... Read more

AASB staff lead a worldwide survey on initial accounting for intangible assets

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

AASB appoints deputy chair

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

Fair Value and Own Credit Risk

The AASB has today issued the next instalment of the revisions to the controversial financial instruments standards in a revised version of AASB 9. This phase deals with the vexed question of how to treat gains on an entity’s own debt instruments when these are marked to market and there is a change in the entity’s own credit risk.... Read more

Improvements to Hedge Accounting

The AASB has today issued ED 208 Hedge Accounting which outlines the IASB’s proposals for hedge accounting.  This is the next step in phase 3 of the IASB’s project to replace the accounting requirements for financial instruments.... Read more

Changes proposed to improve the financial reporting of leases

The AASB has issued ED 202 Leases, incorporating IASB proposals, which aims to improve the transparency of lease accounting and make financial statements more comparable for investors.... Read more

AASB proposes changes which may impact insurance company profits

The AASB has issued ED 201 Insurance Contracts for comment by 8 November 2010.... Read more

Trans-Tasman accounting standards one step closer

Australia and New Zealand are now one step closer to having a common set of financial reporting standards, as a result of the release of exposure drafts that will amend financial reporting standards in Australia and New Zealand.... Read more

AASB approves introduction of the Reduced Disclosure Requirements

The AASB has approved AASB 1053 Application of Tiers of Australian Accounting Standards, which will significantly reduce the disclosure burden and reduce the costs of preparing and auditing financial reports for most entities that currently apply full International Financial Reporting Standards (IFRSs) as adopted in Australia.... Read more

AASB disagrees with international measurement proposals for provisions

The AASB has sent a submission to the International Accounting Standards Board (IASB), which disagrees overall with the proposals in the IASB Exposure Draft Measurement of Liabilities in IAS 37.... Read more

The AASB seeks input on proposed new IFRS for Extractive Activities

A decision on whether to develop an International Financial Reporting Standard (IFRS) on extractive activities will be made by the International Accounting Standards Board (IASB), based on feedback on its discussion paper DP/2010/1 Extractive Activities. The AASB has issued this for comment in Australia as invitation to comment ITC 23.... Read more

AASB proposes radical regime shift to cut burden of disclosures

The Australian Accounting Standards Board (AASB) is seeking comments on exposure draft
ED 192 Revised Differential Reporting Framework... Read more

AASB ED 191 measurement proposals may create larger liabilities

The AASB has released ED 191 Measurement of Liabilities in IAS 37... Read more

AASB moves to simplify the classification of financial assets

The AASB today issued AASB 9 Financial Instruments, which simplifies the classifications of financial assets into those to be carried at amortised cost and those to be carried at fair value.... Read more

AASB proposes to reduce financial reporting burden for most Australian entities

The volume of disclosures required of most entities in the private and public sectors will be substantially reduced if proposals in a Consultation Paper by the Australian Accounting Standards Board (AASB) are adopted.... Read more

AASB proposes changes to strengthen the accounting for future credit losses

The AASB is seeking comments on an exposure draft ED 189 Financial Instruments: Amortised Cost and Impairment, which proposes to clarify the amortised cost model and to rationalise and improve the approach to measuring and reporting impairments of financial assets.... Read more

AASB appoints two deputy chairmen

Kevin Stevenson, Chairman of the Australian Accounting Standards Board (AASB), has announced the appointment of Co- Deputy Chairs of the AASB; Bruce Porter and Ian McPhee.... Read more

AASB seeks to enhance accountability of not-for-profit organisations

Donors and others interested in not-for-profit organisations are likely to be provided with financial reports that are more useful and easier to understand, as the result of a project recently approved by the AASB.... Read more

Improved transparency in reporting of super plan expenses is required, says AASB

Financial statements of superannuation plans need to be more transparent, according to an exposure draft released by the Australian Accounting Standards Board (AASB).

ED 179 Superannuation Plans and Approved Deposit Funds proposes that super plans provide more detailed information about the amount and nature of the expenses they incur, such as administration expenses, commissions paid by the plan, trustee fees, and advertising and sponsorship expenses.... Read more

AASB proposes changes to reduce complexity of accounting for financial instruments

AASB is seeking comments about its exposure draft ED 184 Financial Instruments: Classification and Measurement, which proposes changes that would both improve information and reduce complexity in accounting for financial instruments.... Read more

AASB and FRSB issue ED on Reporting Income from Non-exchange Transactions

The Australian Accounting Standards Board (AASB) and the Financial Reporting Standards Board (FRSB) of the Institute of Chartered Accountants of New Zealand (NZICA) have released a joint Exposure Draft (ED) on reporting income from non-exchange transactions.... Read more

AASB proposes sweeping changes to Super and ADF Financial Statements

The way superannuation plans and approved deposit funds (ADFs) report financial results may change, as the result of proposals in ED 179 Superannuation Plans and Approved Deposit Funds.... Read more

New Zealand and Australia aligning approach to setting financial reporting standards for public sector and not-for-profit organisations

Not-for-profit and public benefit entities that operate on either side of the Tasman are a step closer to seeing financial reporting standards in Australia and New Zealand converge.... Read more

Consolidated Financial Statements proposals would not improve financial reporting, says AASB

The AASB has made a submission to the IASB, on Exposure Draft ED 10 Consolidated Financial Statements, outlining that the IASB needs to further consider the consolidation issues to ensure that a single consolidations standard is developed with a cohesive and comprehensive concept of control that can be applied consistently to all types of entities.... Read more

AASB releases Proposed Interpretation on accounting for superannuation contributions tax for defined benefit plans

Employer sponsors of defined benefit superannuation plans may need to alter the way they measure the amounts they recognise in financial statements for defined benefit plans, if proposed changes are approved of AASB Proposed Interpretation 10XX Australian Superannuation Contributions Tax for Defined Benefit Plans.... Read more

AASB invites comment on Proposed Interpretation

The AASB invites comment on Proposed Interpretation Australian Superannuation Contributions Tax for Defined Benefit Plans.... Read more

Apply for the 2010 AASB Graduate Intern Program

The AASB is now seeking applicants for the 2010 Graduate Intern Program. Applications close 24 April 2009... Read more

AASB moves a step closer to completing GAAP/GFS Harmonisation

AASB moves a step closer to completing GAAP/GFS Harmonisation... Read more

Not-for-profit entities required to re-measure assets acquired in a merger

The Australian Accounting Standards Board has issued AASB 2008-11 Amendments to Australian Accounting Standard – Business Combinations Among Not-for-Profit Entities [AASB 3], which has the effect of requiring assets acquired in a merger of not-for-profit entities to be re-measured, normally at fair value, as at the date of the merger... Read more

Discussion Paper advocates consistent fair value measurement of intangible assets

The inconsistent accounting treatments for particular types of intangible assets are addressed in a discussion paper released today by the Office of the Australian Accounting Standards Board (AASB) for comment by 15 May 2009.... Read more

Media release: AASB takes urgent action to assist with reclassifications of financial assets

AASB takes urgent action to assist with reclassifications of financial assets... Read more

Media release: AASB revolutionises the online search for pronouncements

The Australian Accounting Standards Board (AASB) has developed a revolutionary electronic solution, accessible via the AASB website, which enables users to identify and locate the accounting pronouncements (standards, interpretations and conceptual framework) relevant to their particular financial reporting period.
... Read more

Media release: AASB, AUASB introduce new websites with enhanced functionality

The Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB) are launching new websites, featuring new branding, simplified navigation and an electronic solution enabling users to locate and tailor the standards relevant to their particular financial reporting period.... Read more

Media release: AASB 2008-4 provides relief from duplication in financial reports

Disclosing entities that are companies (listed or unlisted) will continue to only disclose the remuneration of key management personnel in their director's report, and will not be required to duplicate the information in financial reports. This is a result of the release today of AASB 2008-4 Amendments to Australian Accounting Standard - Key Management Personnel Disclosures by Disclosing Entities, which amends AASB 124 Related Party Disclosures.... Read more

Media release: AASB invites comment on accounting for public/private infrastructure arrangements

The Australian Accounting Standards Board (AASB) has issued ITC 16 to invite comments on an International Public Sector Accounting Standards Board (IPSASB) Consultation Paper regarding Service Concession Arrangements. ITC 16 outlines proposals for the accounting by public sector organisations for the infrastructure created by private sector organisations.... Read more

Media release: AASB issues standard to improve accounting for mergers and acquisitions

The AASB has issued a revised version of AASB 3 Business Combinations, which clarifies some of the accounting requirements for mergers and acquisitions.... Read more