New accounting requirements for public sector grantors of service concession arrangements are now available for comment to the AASB as a ‘fatal-flaw’ draft until 14 March 2017. These new requirements will address the lack of a specific Australian Accounting Standard for the accounting for Service Concession Arrangements (SCA) from the grantor’s perspective. The requirements could result in significant assets and liabilities being added to government balance sheets. Read More
The FRC is seeking to appoint to the AASB an individual who has significant academic experience, particularly in conducting and evaluating empirical research in a business related area. It is expected that the successful applicant will be appointed from 1 May 2017. Applications are sought by Monday 13 March 2017. FRC position outline / Selection criteria / Appointment framework / Remuneration Tribunal policy document.
The inaugural AASB Research Forum, held in November 2016 at the University of Technology Sydney, included a keynote delivery by IASB Vice-Chair Sue Lloyd. Her presentation Research and Standard-setting – How to contribute to the IASB's work is now available for download via the AASB website.
Financial reports are set to become more relevant and concise with significant proposed improvements to Reduced Disclosure Requirements (RDR). ED 277 Reduced Disclosure Requirements for Tier 2 Entities proposes changes to RDR and in some places major reductions to the requirements. The proposals are based on a new decision-making framework the AASB and NZASB have jointly developed to further assist any entities that prepare under RDR in either country. Comments, whether formal or informal, on the ED are requested by 26 May 2017. Read more