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This section contains the latest news and events from the AASB, information of relevance to the media, including media releases, media contact details, speeches and newsletters.

31 Jul. 2014

International Edition (27-14)

The 27-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

25 Jul. 2014

AASB issues two ‘adverse comment’ EDs

The AASB has issued ED 251 Revenue from Contracts with Customers – Tier 2 proposals and ED 252 Proposal to supersede AASB Interpretation 1042 Subscriber Acquisition Costs in the Telecommunications Industry.... Read more

24 Jul. 2014

International Edition (26-14)

The 26-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

23 Jul. 2014

Updated AASB Standard-setting Work Program

The AASB has updated its standard-setting work program as at 21 July.

18 Jul. 2014

July 2014 Action Alert is now available

Action Alert No. 166, for the 139th meeting of the AASB, which was held on 16-17 July 2014, is now available.

17 Jul. 2014

International Edition (25-14)

The 25-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

14 Jul. 2014

AASB comments to the IASB on Insurance Contracts tentative decision

The AASB has submitted a comment letter to the IASB in relation to one of the tentative decisions made by the IASB (published in the May 2014 IASB Update) in relation to Exposure Draft ED/2013/7 Insurance Contracts.... Read more

11 Jul. 2014

The AASB submits comments to the IASB regarding its Post-implementation Review of IFRS 3 “Business Combinations”

The AASB has submitted a comment letter in response to the IASB’s Request for Information relating to the post-implementation review of IFRS 3 Business Combinations.... Read more

11 Jul. 2014

AASB notes release of the IFRS AU Taxonomy 2014

The AASB notes that the IFRS AU Taxonomy 2014, which companies can choose to use for lodging financial statements with the ASIC, has been released and is available from the SBR website. This Taxonomy is relevant for reporting periods ending on or after 30 June 2014.... Read more

10 Jul. 2014

The AASB comments on the IFRS Interpretation Committee’s agenda decisions in relation to IAS 32 Financial Instruments: Presentation

The AASB has submitted a comment letter to the IFRS Interpretations Committee concerning the Committee’s agenda decisions on IAS 32 Financial Instruments: Presentation. ... Read more

3 Jul. 2014

International Edition (24-14)

The 24-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

3 Jul. 2014

Board Papers for AASB meeting, 16-17 July 2014

Board Papers for the AASB meeting No.139 to be held on 16-17 July 2014 are now available.

3 Jul. 2014

Agenda for AASB meeting, 16-17 July 2014

The Agenda for the 139th meeting of the AASB, to be held on 16-17 July 2014 is now available.

2 Jul. 2014

Acting AASB Chair appointed

Angus Thomson has been appointed Acting Chair of the AASB for a period of no longer than three months beginning on 1 July 2014 and ending the earlier of 30 September 2014 or when the position is permanently filled.

26 Jun. 2014

International Edition (23-14)

The 23-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

26 Jun. 2014

The AASB issues amendments to AASB 1053 Application of Tiers of Australian Accounting Standards

The AASB has issued Australian Accounting Standard AASB 2014-2 Amendments to AASB 1053 - Transition to and between Tiers, and related Tier 2 Disclosure Requirements on 23 June 2014.... Read more

20 Jun. 2014

AASB issues new Research Report

The AASB Research Centre has published Research Report No. 1 Application of the Reporting Entity Concept and Lodgement of Special Purpose Financial Statements, to inform public debate about requirements to lodge financial statements and their quality.  The principal authors are Professor Peter Carey (Deakin University), Associate Professor Brad Potter (Melbourne University) and Professor George Tanewski (Deakin University).... Read more

19 Jun. 2014

International Edition (22-14)

The 22-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

17 Jun. 2014

AASB issues new Standards

The AASB has approved AASB 2014-1 Amendments to Australian Accounting Standards and AASB 14 Regulatory Deferral Accounts.  AASB 2014-1 is an omnibus Amending Standard addressing a range of topics, including those affected by annual improvements, defined benefit plans – employee contributions, and financial instruments.  AASB 14 is an interim Standard, and only applies to first-time adopters of Australian Accounting Standards who conduct rate-regulated activities.  The Standards are available on the AASB website.  Click here to view the Media Release.

13 Jun. 2014

AASB issues ED 250 Investment Entities: Applying the Consolidation Exception

The AASB has issued ED 250 Investment Entities: Applying the Consolidation Exception.  The AASB ED (which incorporates the IASB ED) seeks comments on the proposals to amend AASB 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures to clarify three issues related to the implementation of Investment Entities.... Read more

12 Jun. 2014

International Edition (21-14)

The 21-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

6 Jun. 2014

AASB issues new Superannuation Standard

AASB 1056 Superannuation Entities was issued on 5 June 2014.  It replaces AAS 25 Financial Reporting by Superannuation Plans with effect for annual reporting periods beginning on or after 1 July 2016 and can be applied early.... Read more

5 Jun. 2014

International Edition (20-14)

The 20-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

3 Jun. 2014

The AASB comments on the IPSASB’s Exposure Draft ED 54 Reporting Service Performance Information

The AASB has submitted a comment letter to the International Public Sector Accounting Standards Board in response to its Exposure Draft ED 54 Reporting Service Performance Information.... Read more

30 May. 2014

May 2014 Action Alert is now available

Action Alert No. 165, for the 138th meeting of the AASB, which was held on 28-29 May 2014, is now available.

29 May. 2014

International Edition (19-14)

The 19-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

22 May. 2014

International Edition (18-14)

The 18-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

15 May. 2014

International Edition (17-14)

The 17-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

15 May. 2014

Board Papers for AASB meeting, 28-29 May 2014

Board Papers for the AASB meeting No.138 to be held on 28-29 May 2014 are now available.

15 May. 2014

Agenda for AASB meeting, 28-29 May 2014

The Agenda for the 138th meeting of the AASB, to be held on 28-29 May 2014 is now available.

8 May. 2014

International Edition (16-14)

The 16-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

6 May. 2014

6-7 March 2014 IFASS meeting Report, Charter for the IASB and National Standard-Setters and Model for National Standard-Setters

The Report on the 6-7 March 2014 meeting of the International Forum of Accounting Standard-Setters (IFASS) is now available. The Charter for the IASB and other National Standard-Setters Working together to develop and maintain global financial reporting standards (the Charter) and the Model for National Standard-Setters (the Model) have been finalised and are also available on the AASB website.... Read more

5 May. 2014

AASB issues ITC 31 re Accounting for Dynamic Risk Management

The AASB has issued ITC 31 ‘Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging’.... Read more

2 May. 2014

AASB comments to the IFRS Interpretations Committee on IAS 37 measurement of liabilities tentative agenda decision

The AASB has submitted a comment letter to the IFRS Interpretations Committee in relation to its tentative agenda decision not to add to its agenda a request to clarify the measurement of liabilities under IAS 37 Provisions, Contingent Liabilities and Contingent Assets in the context of emission trading schemes.  The request was made by the AASB.... Read more

1 May. 2014

International Edition (15-14)

The 15-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

29 Apr. 2014

AASB comments to the IASB on Insurance Contracts tentative decision

The AASB has submitted a comment letter to the IASB in relation to one of the tentative decisions made by the IASB (published in the March 2014 IASB Update) in relation to Exposure Draft ED/2013/7 Insurance Contracts.... Read more

17 Apr. 2014

International Edition (14-14)

The 14-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

16 Apr. 2014

AASB office closure for Public Holidays

The Office of the AASB will be closed during the following forthcoming public holidays:

Good Friday         Friday 18 April
Easter Monday    Monday 21 April
Anzac Day            Friday 25 April

Please note also due to testing of the IT System by external service providers, access to email will be unavailable during the period 22-24 April.

10 Apr. 2014

April 2014 Action Alert is now available

Action Alert No. 164, for the 137th meeting of the AASB, which was held on 8-9 April 2014, is now available.

10 Apr. 2014

International Edition (13-14)

The 13-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

9 Apr. 2014

The AASB has issued Tier 2 Supplement to ED 249 Disclosure Initiative

The AASB has issued Tier 2 Supplement to ED 249 Disclosure Initiative, which sets out the disclosure proposed in AASB ED 249 from which it is proposed entities applying Tier 2 reporting requirements should be exempt. Comments are due to the AASB by 30 June 2014.

4 Apr. 2014

The AASB Research Centre has published an essay on the reporting entity concept

The AASB has published Essay 2014-1 "The Critical Role of the Reporting Entity Concept in Australian Financial Reporting". The Essay notes concerns about the application of the concept and comments on the future role the concept might have.

3 Apr. 2014

International Edition (12-14)

The 12-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

31 Mar. 2014

AASB issues Disclosure Initiative Exposure Draft

The AASB has issued ED 249 Disclosure Initiative Proposed Amendments to AASB 101, which incorporates IASB ED/2014/1 Disclosure Initiative Proposed Amendments to IAS 1.... Read more

28 Mar. 2014

Discussion Forum on Post-Implementation Review of IFRS 3 and AASB 3 Business Combinations

The AASB is holding a Discussion Forum in Melbourne on Tuesday, 29 April 2014 to discuss the extensive range of issues raised in the IASB’s consultation document in respect of its post-implementation review of IFRS 3 Business Combinations.  The Forum will be joined by IASB staff by videoconference.... Read more

28 Mar. 2014

AASB Submission to the IPSASB Governance Review Group

The AASB has made a submission to the IPSASB Governance Review Group.

27 Mar. 2014

International Edition (11-14)

The 11-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

26 Mar. 2014

Speech by Lynn Wood, Chairman of the FRC

Lynn Wood, Chairman of the Financial Reporting Council, delivered  a speech at the 17-18 March 2014 CFO Summit titled “Upholding Transparency: Telling Your Story through Effective Financial Reporting”.

26 Mar. 2014

Agenda for AASB meeting, 8-9 April 2014

The Agenda for the 137th meeting of the AASB, to be held on 8-9 April 2014 is now available.

26 Mar. 2014

Board Papers for AASB meeting, 8-9 April 2014

Board Papers for the AASB meeting No.137 to be held on 8-9 April 2014 are now available.

26 Mar. 2014

AASB comments on the IPSASB’s Exposure Drafts 48-52

The AASB comments on the IPSASB’s Exposure Drafts 48-52 regarding Interests in Other Entities.... Read more

20 Mar. 2014

Vale Professor Colin Ferguson (1949-2014)

The AASB and its staff were saddened to learn of the passing of Professor Colin Ferguson on 18 March 2014. Deputy Head of the Department of Accounting at the University of Melbourne, Colin did much to bring the academe and Industry together and was a strong supporter of standard-setting, especially auditing standards. His passing will affect the lives of a great many people.... Read more

20 Mar. 2014

International Edition (10-14)

The 10-14 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies. 

20 Mar. 2014

Applications for the 2015 AASB Graduate Program

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 2015 AASB Graduate Program.... Read more

18 Mar. 2014

Research Centre Staff Paper on Transitioning to and between Tiers

The AASB Research Centre has published a staff paper Transitioning to and between Tiers of General Purpose Financial Reporting to complement AASB ED 248 Amendments to AASB 1053 — Transition to and between Tiers, and related Tier 2 Disclosure Requirements.

14 Mar. 2014

The AASB has issued proposals to amend AASB 1053

The AASB has issued ED 248 Amendments to AASB 1053 – Transition to and between Tiers, and related Tier 2 Disclosure Requirements. Comments are requested to the AASB by 19 May 2014.

14 Mar. 2014

The AASB comments on the IFRS Interpretation Committee’s tentative agenda decision in relation to IAS 32 Financial Instruments: Presentation

The AASB has submitted a comment letter to the IFRS Interpretations Committee concerning the Committee’s tentative decision not to add to its agenda a request to clarify how an issuer would account for a particular financial instrument that is mandatorily convertible into a variable number of the issuer’s own shares (subject to a cap and a floor on the number of shares to be delivered).... Read more

13 Mar. 2014

The AASB comments on the proposed Annual Improvements to IFRSs 2012-2014 Cycle

The AASB has submitted a comment letter to the IASB on ED/2013/11 Annual Improvements to IFRSs 2012-2014 Cycle. The AASB has expressed general support for the IASB’s proposed amendments, but has also indicated some concerns with the proposals relating to servicing contracts, assets held for distribution, and determination of the discount rate.

28 Feb. 2014

The AASB has published a staff paper on disclosures and materiality

The AASB has published a staff paper titled “To Disclose or Not to Disclose: Materiality is the Question”.  The paper is designed to prompt preparers of financial statements to potentially rethink their criteria for determining which disclosures to include in their financial statements.... Read more

27 Feb. 2014

The AASB comments on Proposed amendments to the IFRS for Small and Medium-sized Entities

The AASB has submitted a comment letter to the IASB on ED/2013/9 Proposed amendments to the International Financial Reporting Standard for Small and Medium-sized Entities.... Read more

26 Feb. 2014

The AASB comments on the IFRS Interpretation Committee’s tentative agenda decision in relation to stapling arrangements

The AASB has submitted a comment letter to the IFRS Interpretations Committee’s tentative decision not to add to its agenda a request to clarify the interaction of the requirements in IFRS 3 Business Combinations (as revised in 2008) for identifying an acquirer with the requirements in IFRS 10 Consolidated Financial Statements for deciding whether control exists.... Read more

19 Feb. 2014

AASB Work Program

The AASB has updated its work program as at 18 February 2014.

14 Feb. 2014

February 2014 Action Alert is now available

Action Alert No. 163, for the 136th meeting of the AASB, which was held on 13 February 2014, is now available.

14 Feb. 2014

The AASB comments on IASB Conceptual Framework Discussion Paper

The AASB has submitted a comment letter to the IASB on DP/2013/1 A Review of the Conceptual Framework for Financial Reporting.... Read more

10 Feb. 2014

AASB issues ITC 30 re Review of Business Combinations Standard

The AASB has issued ITC 30 “Request for Comment on IASB Request for Information on Post-implementation Review: IFRS 3 Business Combinations”.  Comments to the AASB are requested by 2 May 2014.... Read more

5 Feb. 2014

International Public Sector Accounting Standards Board (IPSASB) issues Exposure Draft ED 54 Proposed Recommended Practice Guideline Reporting Service Performance Information

The AASB notes that the IPSASB has issued Exposure Draft ED 54 Proposed Recommended Practice Guideline Reporting Service Performance Information with comments requested by 31 May 2014.... Read more

4 Feb. 2014

The AASB comments on the IASB’s equity method proposals

The AASB has submitted a comment letter to the IASB on ED/2013/10 Equity Method in Separate Financial Statements (Proposed amendments to IAS 27).... Read more

4 Feb. 2014

New compiled versions of Standards and Interpretations from 1 July 2013

Sixty new compiled versions of Standards and Interpretations that apply to annual reporting periods beginning on or after 1 July 2013 have now been published on the AASB website.... Read more

31 Jan. 2014

Board Papers for AASB meeting, 13 February 2014

Board Papers for the AASB meeting No.136 to be held on 13 February 2014 are now available.

31 Jan. 2014

Agenda for AASB meeting, 13 February 2014

The Agenda for the 136th meeting of the AASB, to be held on 13 February 2014 is now available.

31 Jan. 2014

Fatal flaw review period closing soon on draft new Superannuation Standard

The comment period for the fatal flaw review draft Standard on Superannuation entities closes on 28 February 2014. 

21 Jan. 2014

AASB submits comment letter to IASB

The AASB has submitted a comment letter to the IASB in relation to IASB Agenda decision - Disclosure requirements about an assessment of going concern.... Read more

20 Jan. 2014

AASB has approved four new Standards

On 20 December 2013, the AASB approved four new Standards:  AASB CF 2013-1 Amendments to the Australian Conceptual Framework; AASB 1031 Materiality; AASB 2013-9 Amendments to Australian Accounting Standards – Conceptual Framework, Materiality and Financial Instruments; and AASB 1048 Interpretation of Standards. The Standards are available on the AASB Website. Click here for further information.

23 Dec. 2013

AASB Amends AASB 9 Financial Instruments for Hedge Accounting

The AASB approved amending Standard AASB 2013-9 Amendments to Australian Accounting Standards – Conceptual Framework, Materiality and Financial Instruments on 20 December 2013. AASB 2013-9 incorporates the IASB’s Standard IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39).... Read more

20 Dec. 2013

AASB approves new Superannuation Standard for fatal flaw review

The Australian Accounting Standards Board (AASB) has approved a new Standard applying to superannuation entities, which is subject to fatal flaw review.... Read more

20 Dec. 2013

New compiled versions of Standards from 1 January 2013 – final batch – and from 31 March 2013

The fourth and final batch of new compiled versions of Standards and Interpretations that apply to annual reporting periods beginning on or after 1 January 2013 has now been published on the AASB website.  Compilations of AASB 1038 for periods ending on or after 31 March 2013 have also been published.... Read more

18 Dec. 2013

The AASB has issued Annual Improvements Exposure Draft

The AASB has issued ED 247 Annual Improvements to IFRSs 2012—2014 Cycle, which incorporates IASB ED/2013/11 of the same name.  Comments are requested to the AASB by 27 February 2014 and to the IASB by 13 March 2014.

17 Dec. 2013

AASB New Board Appointments and Retiring Members

Lynn Wood, Chairman of the Financial Reporting Council, has announced the appointment of five new members to join the AASB Board.... Read more

13 Dec. 2013

December 2013 Action Alert is now available

Action Alert No. 162, for the 135th meeting of the AASB, which was held on 11-12 December 2013, is now available.

6 Dec. 2013

The AASB has issued ED246 Equity Method in Separate Financial Statements

The AASB has issued ED 246 Equity Method in Separate Financial Statements, which incorporates IASB ED/2013/10. ... Read more

2 Dec. 2013

Agenda for AASB meeting, 11-12 December 2013

The Agenda for the 135th meeting of the AASB, to be held on 11-12 December 2013 is now available.

2 Dec. 2013

Board Papers for AASB Meeting, 11-12 December 2013

Board Papers for the AASB meeting no. 135 to be held on 11-12 December 2013 are now available.

15 Nov. 2013

Vale Anthony (Tony) T. Cope

Tony Cope passed away in the USA on 9 November 2013. Tony was a former member of both the FASB and the IASB.... Read more

8 Nov. 2013

AASB comment letter on IASB ED/2013/8

The AASB has submitted a comment letter to the IASB on its ED/2013/8.... Read more

4 Nov. 2013

AASB comment letter on IASB ED/2013/7 Insurance Contracts

The AASB has submitted a comment letter to the IASB on its ED/2013/7.... Read more

4 Nov. 2013

AASB issues Guidance for Not-for-Profit Entities

The AASB approved Australian Accounting Standard AASB 2013-8 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities – Control and Structured Entities on 31 October 2013.... Read more

28 Oct. 2013

New compiled versions of Standards from 1 January 2013 - Third batch

The third batch of new compiled versions of Standards and Interpretations that apply to annual reporting periods beginning on or after 1 January 2013 has now been published on the AASB website.  Further compilations will be published in batches as they are completed.... Read more

25 Oct. 2013

October 2013 Action Alert is now available

Action Alert No. 161, for the 134th meeting of the AASB, which was held on 23-24 October 2013, is now available.

15 Oct. 2013

The AASB approved Australian Accounting Standard AASB 2013-7

The AASB approved Australian Accounting Standard AASB 2013-7 Amendments to AASB 1038 arising from AASB 10 in relation to consolidation and interests of policyholders on 14 October 2013.... Read more

14 Oct. 2013

AASB Occasional Paper advocates substantial change of thinking on liabilities

The Australian Accounting Standards Board (AASB) has published the first of its Research Centre Occasional Papers.... Read more

10 Oct. 2013

Board Papers for AASB meeting, 23-24 October 2013

Board Papers for the AASB meeting No.134 to be held on 23-24 October are now available.

10 Oct. 2013

Agenda for AASB meeting, 23-24 October 2013

The Agenda for the 134th meeting of the AASB, to be held on 23-24 October 2013 is now available.

1 Oct. 2013

AASB issues new Amending Standard

The AASB approved Australian Accounting Standard AASB 2013-6 Amendments to AASB 136 arising from Reduced Disclosure Requirements on 27 September 2013.... Read more

26 Sep. 2013

Updated AASB work program

The AASB has updated its work program as at 25 September 2013.

26 Sep. 2013

AASB eNewsletter Transparency is now available

The September 2013 edition of Transparency, the AASB’s eNewsletter has been published.

19 Sep. 2013

The AASB has issued Tier 2 Supplement to ED 242 Leases

The AASB has issued Tier 2 Supplement to ED 242 Leases, which sets out the disclosures proposed in AASB ED 242 from which it is proposed entities applying Tier 2 reporting requirements should be exempt.... Read more

18 Sep. 2013

AASB letter to IASB

The AASB has submitted its comment letter on ED/2013/6 Leases to the IASB.

12 Sep. 2013

AASB letter to IFRS IC re: Clarification of accounting for a business combination achieved by contract alone

The AASB has written to IFRS IC seeking clarification on the interaction of the IFRS 3 Business Combinations requirement for entities to identify an acquirer, with the requirement in IFRS 10 Consolidated Financial Statements for entities to prepare consolidated financial statements, specifically when the business combination was achieved by contract alone.

6 Sep. 2013

September 2013 Action Alert is now available

Action Alert No. 160, for the 133rd meeting of the AASB, which was held on 4-5 September 2013, is now available.

6 Sep. 2013

AASB letter to IFRS IC re: Clarification of measurement of liabilities under IAS 37 in the context of Emission Trading Schemes

The AASB has written to the IFRS Interpretations Committee to seek confirmation from the Committee on the previous positions taken in various IFRICs in regard to measurement of liabilities under IAS 37.

30 Aug. 2013

FRC seeks applications for membership of the AASB

The Financial Reporting Council is seeking applications from interested persons for appointment as a member of the AASB.  Applications are sought by 27 September 2013.... Read more

22 Aug. 2013

Board Papers for AASB meeting, 4-5 September 2013

Board Papers for the AASB meeting No.133 to be held on 4-5 September are now available.... Read more

22 Aug. 2013

Agenda for AASB meeting, 4-5 September 2013

The Agenda for the 133rd meeting of the AASB, to be held on 4-5 September 2013 is now available.... Read more

14 Aug. 2013

AASB Chairman Poses Challenge on Disclosure and Presentation

The Australian Accounting Standards Board (AASB) has published the first essay in the AASB Essay Series. AASB Essay 2013-1, Rethinking the Path from an Objective of Economic Decision Making to a Disclosure and Presentation Framework written by AASB Chairman and CEO, Kevin M Stevenson.... Read more

14 Aug. 2013

The AASB has issued AASB 2013-5

The AASB has issued AASB 2013-5 Amendments to Australian Accounting Standards – Investment Entities. These amendments apply to investment entities, whose business purpose is to invest funds solely for returns from capital appreciation, investment income or both.... Read more

30 Jul. 2013

AASB letter to IFRS IC re: Levies subject to a minimum activity threshold

The AASB has written to the IFRS Interpretations Committee to raise concerns in relation to the accounting for levies subject to a minimum activity threshold in applying IFRIC 21 Levies.... Read more

29 Jul. 2013

AASB to host Roundtable Discussions on IASB Proposals Relating to Insurance Contracts

You are invited to participate in an AASB Roundtable to discuss the IASB’s Exposure Draft ED/2013/7 Insurance Contracts (IASB ED).  The model proposed in ED/2013/7 includes some significant differences from the model proposed in the IASB’s ED/2010/8 Insurance Contracts issued in August 2010 (and incorporated in AASB ED 201 of the same name). AASB Exposure Draft ED 244 Insurance Contracts includes the revised IASB ED.... Read more

29 Jul. 2013

The AASB has updated Staff paper on Accounting for Carbon Tax by Emitters

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  updated from Version 2 to cover the potential implications of Interpretation 21 Levies published in June 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

25 Jul. 2013

The AASB today published ITC 29

The AASB today published ITC 29 A Review of the Conceptual Framework for Financial Reporting for public comment, which incorporates an IASB Discussion Paper of the same name.  The IASB Discussion Paper seeks initial views on important issues the IASB will consider as it develops an Exposure Draft of possible changes to its Conceptual Framework.... Read more

22 Jul. 2013

The AASB approved Australian Accounting Standard AASB 2013-4

The AASB approved Australian Accounting Standard AASB 2013-4 Amendments to Australian Accounting Standards – Novation of Derivatives and Continuation of Hedge Accounting on 19 July 2013.... Read more

19 Jul. 2013

July 2013 Action Alert is now available

Action Alert No. 159, for the 132nd meeting of the AASB, which was held on 17-18 July 2013, is now available.... Read more

12 Jul. 2013

The AASB has issued Tier 2 Supplement to ED 230

The AASB has issued Tier 2 Supplement to ED 230 Classification and Measurement: Limited Amendments to AASB 9, which sets out the disclosures proposed in AASB ED 230 from which it is proposed entities applying Tier 2 reporting requirements should be exempt.... Read more

12 Jul. 2013

The AASB has issued Tier 2 Supplement to ED 237

The AASB has issued Tier 2 Supplement to ED 237 Financial Instruments: Expected Credit Losses, which sets out the disclosures proposed in AASB ED 237 from which it is proposed entities applying Tier 2 reporting requirements should be exempt.... Read more

5 Jul. 2013

The AASB has issued ED 245

The AASB has issued ED 245 Agriculture: Bearer Plants, which incorporates IASB ED/2013/8.  Comments are requested to the AASB by 1 October 2013 and to the IASB by 28 October 2013.... Read more

4 Jul. 2013

Board Papers for AASB meeting, 17-18 July 2013

Board Papers for the AASB meeting No.132 to be held on 17-18 July are now available.... Read more

4 Jul. 2013

Agenda for AASB meeting, 17-18 July 2013

The Agenda for the 132nd meeting of the AASB, to be held on 17-18 July 2013 is now available.... Read more

4 Jul. 2013

AASB to host Roundtable Discussions on IASB Proposals Relating to Leases

You are invited to participate in an AASB Roundtable to discuss the IASB’s Exposure Draft ED/2013/6 Leases (IASB ED). The IASB ED is the IASB’s second Exposure Draft proposing requirements for the accounting for leases by lessees and lessors. The proposed model is significantly different from the model proposed in the IASB’s previous Leases ED released in 2010, and the current requirements in AASB 117 Leases (which incorporates IAS 17 of the same name), and is expected to have the most significant impact for lessees of operating leases and lessors of equipment/vehicle leases. AASB Exposure Draft ED 242 Leases includes the IASB ED.... Read more

27 Jun. 2013

AASB issues a limited scope ED on accounting for insurance contracts

The Australian Accounting Standards Board (AASB) has issued Exposure Draft ED 244 Insurance Contracts, which incorporates the International Accounting Standards Board’s (IASB) ED/2013/7 of the same name. It is the IASB’s second Exposure Draft proposing requirements for the accounting for insurance contracts.... Read more

27 Jun. 2013

The AASB approved Australian Accounting Standards AASB 2013-3

The AASB approved Australian Accounting Standards AASB 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non-Financial Assets on 21 June 2013.... Read more

26 Jun. 2013

The AASB has issued Interpretation 21 Levies

The AASB has issued Interpretation 21 Levies that clarifies the circumstances under which a liability to pay a levy imposed by a government should be recognised, and whether that liability should be recognised in full at a specific date or progressively over a period of time.... Read more

25 Jun. 2013

New compiled versions of Standards from 1 January 2013 - Second batch

The second batch of new compiled versions of Standards and Interpretations that apply to annual reporting periods beginning on or after 1 January 2013 has now been published on the AASB website.  Further compilations will be published in batches as they are completed.... Read more

25 Jun. 2013

The AASB has issued ED 243 Withdrawal of AASB 1031 Materiality

The AASB has issued ED 243 Withdrawal of AASB 1031 Materiality, which proposes withdrawing AASB 1031 and making consequential amendments in other Australian Accounting Standards (including Interpretations). Comments to the AASB are requested by 23 August 2013.... Read more

24 Jun. 2013

Kevin Stevenson to be inducted into the Australian Accounting Hall of Fame

The AASB is pleased to advise that Kevin Stevenson, the Chair of the AASB, has recently been confirmed by the national Selection Committee of the Centre for Accounting and Industry Partnerships for induction into the Australian Accounting Hall of Fame.... Read more

5 Jun. 2013

New compiled versions of Standards from 1 January 2013

The first batch of new compiled versions of Standards and Interpretations that apply to annual reporting periods beginning on or after 1 January 2013 has now been published on the AASB website.  Some versions apply only to for-profit entities and some apply only to not-for-profit entities.  Further compilations will be published in batches as they are completed.... Read more

31 May. 2013

May 2013 Action Alert is now available

Action Alert No. 158, for the 131st meeting of the AASB, which was held on 29-30 May 2013, is now available.... Read more

28 May. 2013

Tier 2 Supplement to ED 235 Recoverable Amount Disclosures for Non-Financial Assets

The AASB has issued Tier 2 Supplement to ED 235 Recoverable Amount Disclosures for Non-Financial Assets, which sets out the disclosures proposed in AASB ED 235 from which it is proposed entities applying Tier 2 reporting requirements should be exempt.

An analysis of the proposed disclosure requirements is available on the AASB website.

Comments are due to the AASB by 15 July 2013.... Read more

22 May. 2013

AASB issues Agenda Decision GAAP/GFS Harmonisation for Entities Within the GGS

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

AASB issues revised proposals for accounting for leases

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

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

Agenda for AASB meeting, 29-30 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 AASB meeting, 29-30 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

AASB to host Roundtable Discussions on IASB Proposals relating to Financial Instruments: Expected Credit Losses

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

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

April 2013 Action Alert is now available

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

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 updated Staff paper on Accounting for Carbon Tax from the Emitters’ Perspective

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

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

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

Vale Jean St. G. Kerr

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 has issued AASB 2013-2 Amendments to AASB 1038 – Regulatory Capital

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

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

7 Mar. 2013

AASB establishes new Research Centre and Standard-setting Directorate

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 has issued AASB 1055 Budgetary Reporting

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 ED 236

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

February 2013 Action Alert is now available

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

AASB appoints Deputy Chair

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 Staff paper on Accounting for Carbon Tax from the Government’s Perspective

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

Editorial Correction to ED 235

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 ED 235

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

Report of IFASS Meeting 22-23 October 2012

A report on the 22-23 October 2012 meeting of the International Forum of Accounting Standard-Setters (IFASS) is now available. ... Read more