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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.

28 Sep. 2016
Simplifying income recognition for not-for-profit entities

New income recognition requirements for not-for-profit (NFP) entities are now available for comment as a ‘fatal flaw’ draft.... Read more

16 Sep. 2016
Boards hold joint strategy meeting

On Monday, 12 September, Board members and staff of both the AASB and AUASB conducted a joint strategy meeting.  The purpose of the meeting was to reflect on the common challenges and opportunities that face both Boards and also how the Boards might better serve the Australian economy given significant technological change. Also in attendance was Bill Edge, Chair of the Financial Reporting Council.... Read more

7 Sep. 2016
Updated AASB Standard-setting Work Program

The AASB has updated its standard-setting work program as at 7 September 2016. Redeliberations on the Income of Not-for-Profit Entities project are now complete, and the standard is targeted for issue in Q4 2016. Timing of redeliberation on the AASB’s project on Service Concession Arrangement: Grantor has been updated to Q4 2016.

1 Sep. 2016
Justin Lachal appointed to new National Director role

The Australian Accounting Standards Board (AASB) and the Australian Auditing and Assurance Standards Board (AUASB) are pleased to announce the appointment of Justin Lachal to the role of National Director, supporting both the AASB and the AUASB.... Read more

1 Sep. 2016
AASB October 2016 Meeting Cancelled

The AASB has cancelled its 18-19 October 2016 meeting. However, the AASB plans to have a one day meeting in November 2016. The meeting on 13-14 December 2016 is expected to run as scheduled.

1 Sep. 2016
August 2016 Action Alert is now available

Important progress at August 2016 meeting: Income of NFP Entities – AASB 10XX Income of Not-for-profit Entities is to be effective from 1 January 2019, consequently AASB 15 will be deferred for NFP entities to the same date; Insurance – scope of forthcoming insurance standard to be clarified for public sector entities. Full text of Action Alert for this meeting now available on AASB website.

30 Aug. 2016
FRC seeks applications for membership of the AASB and AUASB 2016-17

The Financial Reporting Council is seeking applications from interested persons for appointment of members of the AUASB and AASB.  Applications are sought by 11 September 2016.... Read more

22 Aug. 2016
Agenda and Board Papers for AASB meeting, 30-31 August 2016

The Agenda and Board Papers for the AASB meeting No.153 to be held on 30-31 August  2016, are now available.

3 Aug. 2016
Australia and Korea take lead role in improving consistency of global accounting

Australia and Korea are taking a lead role in tackling practical issues around the consistency of International Financial Reporting Standards (IFRS), with the launch of a new report on differences in the interpretation of common accounting terms in Korea and Australia.... Read more

28 Jul. 2016
Public sector specific financial instruments

Some financial instruments are unique to the public sector, such as

• special drawing rights;
• currency in circulation; and
• monetary gold,

Neither International Financial Reporting Standards nor International Public Sector Accounting Standards specifically address these instruments.... Read more

21 Jul. 2016
Amendments to AASB 2

Having difficulty accounting for certain types of share-based payment transactions under AASB 2 Share-based Payment? The AASB has issued AASB 2016-5 Amendments to Australian Accounting Standards – Classification and Measurement of Share-based Payment Transactions.... Read more

4 Jul. 2016
Clarifying the Definition of a Business and Accounting for Previously Held Interests

Having difficulty applying the definition of a business? Exposure Draft
ED 275 Definition of a Business and Accounting for Previously Held Interests proposes to amend AASB 3 Business Combinations and AASB 11 Joint Arrangements to clarify this and accounting for previously held interests.

Comments on ED 275 are requested to the AASB by 23 September 2016.

30 Jun. 2016
Simplified impairment requirements bring cost savings to Australian NFPs

If you are an NFP entity with specialised assets, you will be pleased to know that impairment requirements for such assets have been simplified.... Read more

30 Jun. 2016
Updated AASB Standard-setting Work Program – 30 June 2016

The AASB has updated its standard-setting work program as at 30 June 2016. The AASB’s project on Depreciated Replacement Cost as a Measure of Value in Use is now complete with the making of a Standard amending AASB 136 Impairment of Assets. Expected publications in July – Standard amending AASB 2 Share-based Payment clarifying the classification and measurement of share-based payment transactions and an Exposure Draft exposing proposals on Definition of a Business and Remeasurement of Previously Held Interests.

24 Jun. 2016
New AASB subscription service

The AASB will be launching a new subscription service from 1 July 2016 and discontinuing our current subscription service. To receive future updates from the AASB, please subscribe to our new mailing list.

23 Jun. 2016
June 2016 Action Alert is now available

Important progress at June 2016 meeting: Income of NFP Entities – focus to be ‘resource inflows’, examples on perpetual endowments and a principle on capital grants; Service Concession Arrangements – financial liability model for ‘shadow’ user payments; Insurance – noted significant differences from existing GAAP, agreed more background needed on public sector insurer impacts, overall support for likely revised standard; RDR – agreed draft Australia-NZ Policy Statement for determining Tier 2 disclosures. Full text of Action Alert for this meeting now available on AASB website.

23 Jun. 2016
International Edition (25-16)

In this week’s international update: The IASB made its announcement of 2 new membership vacancies, as well as amendments for IFRS 2 Share-based payment transactions. The FASB issued a new guidance on accounting for credit losses. 

16 Jun. 2016
International Edition (24-16)

In this week’s international update: IASB released a webinar on the Principles of Disclosure project, and agenda papers for the July ASAF meeting. EFRAG recommends endorsement of Recognition of Deferred Tax Assets for Unrealised Losses: Amendments to IAS 12.

9 Jun. 2016
International Edition (23-16)

In this week’s international update: Agendas for the IFRS Advisory Council meeting and the joint meeting of the CMAC and the Global Preparers Forum are available. The IOSCO proposed guidance on non-GAAP financial measures. EFRAG recommends endorsement of the IASB's amendments to IAS 7.

8 Jun. 2016
Agenda and Board Papers for AASB meeting, 21-22 June 2016

The Agenda and Board Papers for the AASB meeting No.152 to be held on 21-22 June 2016, are now available.

2 Jun. 2016
International Edition (22-16)

In this week’s international update: IFRS Foundation strengthens cooperation with IOSCO for IFRS standards development and application to promote capital markets transparency.

26 May. 2016
International Edition (21-16)

In this week’s international update: IASB appointed Yang Zheng and Bertrand Perrin to the IFRS Interpretations Committee. KASB has published its research report showing that foreign investors have enlarged their investment portfolios to include smaller firms since the adoption of IFRS.

19 May. 2016
International Edition (20-16)

In this week’s international update: The IASB has confirmed amendments to the current insurance contracts Standard and reappointed Maria Helena Santana and Lynn Wood as Trustees of the IFRS Foundation.

13 May. 2016
National Director role for both AASB & AUASB

A new role of National Director for the AASB & AUASB has been created. If you are interested in helping the Boards contribute to investor confidence in the Australian market, have strong management, strategic planning and HR skills, and are seeking a genuine leadership opportunity, apply now

12 May. 2016
Clarifications to AASB 15

Having difficulty identifying a performance obligation under AASB 15 Revenue from Contracts with Customers? The AASB has issued AASB 2016-3 Amendments to Australian Accounting Standards – Clarifications to AASB 15, clarifying how to identify a performance obligation.... Read more

12 May. 2016
International Edition (19-16)

In this week’s international update: Hans Hoogervorst highlights the consequences of using non-GAAP metrics in company reporting. FASB clarifies guidance in Revenue from Contracts with Customers.

5 May. 2016
International Edition (18-16)

In this week’s International Update: The ECON of the European Parliament criticises the current activities and governance of international accounting standard-setting bodies. The IASB released the April IFRS for SMEs Update.

2 May. 2016
New Financial Reporting Council Chair appointed

Congratulations to William (Bill) Edge on his appointment as Financial Reporting Council (FRC) Chair.  Kris Peach, Chair Australian Accounting Standards Board (AASB), and Merran Kelsall, Chair Auditing and Assurance Standards Board (AUASB), said “We welcome Bill’s appointment.  His skills and experience from public practice and academia will enable the FRC to support the AASB and AUASB in achieving the important objective of maintaining confidence in the Australian economy.  We look forward to working closely with him.”

http://agh.ministers.treasury.gov.au/media-release/005-2016/

28 Apr. 2016
Updated AASB Standard-setting Work Program – 28 April 2016

The AASB has updated its standard-setting work program as at 28 April 2016.  Forthcoming Standards include Clarifications to AASB 15 and Depreciated Replacement Cost as a Measure in Value in Use.  Exposure Drafts targeted for issue in Q2 include Definition of a Business and Remeasurement of Previously Held Interests.  Timing of ED on Reduced Disclosure Requirements updated to Q3.

28 Apr. 2016
International Edition (17-16)

In this week’s International Update: The IASB released the April 2016 IASB update summarising its April meeting. The Korea Accounting Standards Board (KASB)'s research report indicates the costs of IFRS adoption outweigh benefits for Korean preparers.

21 Apr. 2016
April 2016 Action Alert is now available

Key issues progressed at the April 2016 meeting: Service Concession Arrangements – with the help of stakeholder feedback, areas were identified in which new guidance would be needed; Reduced Disclosure Requirements – agreed how differences of approach compared with NZASB would be addressed; Income of NFP Entities – agreed on approach to identifying donation components in contracts for transfer of goods/services; Clarifications to AASB 15 – agreed to adopt amendments to IFRS 15 on revenue.  The full text of the Action Alert for this meeting is now available on the AASB website.

21 Apr. 2016
International Edition (16-16)

In this week’s International Update: The IASB released a staff webcast discussing the definition of a lease and news that more companies listed in Japan have adopted IFRS. The FASB issued Accounting Standards Update, which clarifies guidance on licensing and identifying performance obligations in Revenue from Contracts with Customers. 

14 Apr. 2016
International Edition (15-16)

In this week’s International Update: The IASB issued Clarifications to IFRS 15 and published agenda papers for its April meeting.

7 Apr. 2016
International Edition (14-16)

In this week’s International Update: The IASB published an article that discusses the new leases standard and updates on IFRS IC, GPF, and CMAC meetings. Also, FEE considers the reputation and relevance of the accounting profession.

6 Apr. 2016
Agenda and Board Papers for AASB meeting, 20 April 2016

The Agenda and Board Papers for the AASB meeting No.151 to be held on 20 April 2016, are now available.

1 Apr. 2016
AASB Accounting Firms Forum – Are Accounting Standards Working?

We are pleased to announce a new forum for accounting firms of all sizes to engage directly with the AASB.... Read more

31 Mar. 2016
International Edition (13-16)

In this week’s International Update: The IASB and other Corporate Reporting Dialogue (CRD) members outlined the common principles in their application of materiality. The SEC Chief Accountant James V. Schnurr shared his thoughts on the new U.S. GAAP and IFRS revenue standards.

24 Mar. 2016
Tier 1 requirements to help users evaluate changes in debt

Tier 1 entities to provide disclosures that help users of financial statements evaluate cash and non-cash changes in their financing activities. Requirements set out in AASB 2016-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 107 apply to annual periods beginning on or after 1 January 2017.... Read more

24 Mar. 2016
International Edition (12-16)

In this week’s International Update: The IASB continues to support stakeholders to understand the requirements and implementation of IFRS 16 Leases.

24 Mar. 2016
Applications for the 2017 AASB Graduate Program – Closing date extended to Friday 6 May 2016

The Australian Accounting Standards Board (AASB) has extended the closing date for the 2017 AASB Graduate Program applications to Friday 6 May 2016.... Read more

17 Mar. 2016
International Edition (11-16)

In this week’s International Update: Agenda papers for the March IFRIC meeting and April ASAF meeting are available. On the agenda at ASAF, among others, are the Agenda Consultation and the Conceptual Framework.

16 Mar. 2016
AASB LinkedIn Discussion Group

Share your views with the AASB via the AASB LinkedIn Discussion Group. AASB staff will be regularly posting questions and comments on current and upcoming AASB projects in this Discussion Group, actively seeking timely feedback from constituents. The Discussion Group is a quick avenue for you to share your views and concerns with the AASB, particularly if you do not have the time to prepare a formal comment letter to the AASB. In this era of continuous change in financial reporting requirements, you can now connect with the AASB and its staff anytime you want.

10 Mar. 2016
International Edition (10-16)

The 10-16 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 Mar. 2016
International Edition (09-16)

The 09-16 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 Mar. 2016
Updated AASB Standard-setting Work Program – 3 March 2016

The AASB has updated its standard-setting work program as at 3 March 2016.  Forthcoming Standards include Classification of Liabilities and Depreciated Replacement Cost as a Measure in Value in Use.  Several Exposure Drafts also targeted for issue in Q2 including Definition of a Business and Reduced Disclosure Requirements.

1 Mar. 2016
Now available for early adoption – Leases and amendments to Income Taxes

Do you have any leasing arrangements? Do you hold fixed rate bonds or other debt instruments measured at fair value for which DTAs might now need to be recognised? December 2015 reporters will now need to consider the implications of two new Standards in disclosures of Standards issued but not yet effective. ... Read more

25 Feb. 2016
February 2016 Action Alert is now available

A productive first meeting for 2016: Board approves Leases Standard and amendments to AASB 112; proceeds with amendments to (1) AASB 136 to clarify the role of AASB 13 in determining recoverable amount of non-cash generating specialised assets of NFP entities and (2) AASB 107 to require entities to make disclosures about liabilities arising from financing activities.; makes progress on Income for NFP Entities and Service Concession Arrangements: Grantor projects. The full text of the Action Alert for this meeting is now available on the AASB website.

25 Feb. 2016
Reporting Service Performance Information in the Not-for-Profit Sector - Webinar

ED 270 Reporting Service Performance Information – what do the proposals mean?... Read more

25 Feb. 2016
International Edition (08-16)

The 08-16 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.

18 Feb. 2016
International Edition (07-16)

The 07-16 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.

11 Feb. 2016
International Edition (06-16)

The 06-16 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.

11 Feb. 2016
Agenda for AASB meeting, 23-24 February 2016

The Agenda for the 150th meeting of the AASB, to be held on 23-24 February 2016, is now available.

11 Feb. 2016
Board Papers for AASB meeting, 23-24 February 2016

Board Papers for the AASB meeting No.150 to be held on 23-24 February 2016, are now available.

5 Feb. 2016
Updated AASB Research Centre Work Program

The AASB has updated its Research Centre work program as at 5 February 2016.

4 Feb. 2016
International Edition (05-16)

The 05-16 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.

2 Feb. 2016
Proposed new international accounting requirements for public sector combinations and employee benefits

New public sector international proposals for entity combinations, including accounting for amalgamations and employee benefits.... Read more

29 Jan. 2016
AASB seeking an Assistant Project Manager or Project Manager

Are you ready to take the next step in your career and influence global and Australian financial reporting requirements? Is technical accounting analysis and research your strength? Join the AASB, a leading national standard setter, as an Assistant Project Manager or Project Manager and make your mark in financial reporting. ... Read more

28 Jan. 2016
International Edition (04-16)

The 04-16 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.

21 Jan. 2016
International Edition (03-16)

The 03-16 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 Jan. 2016
Long awaited transparency for lease obligations

The new lease accounting standard brings much needed transparency to lessee lease obligations, bringing all leases onto the balance sheet.  Although it’s taken more than three decades, investors will finally have reliable information about leasing obligations, with less need for “rules of thumb” and guesses about the impact of lease obligations on a lessee’s debt gearing/leverage.... Read more

14 Jan. 2016
International Edition (02-16)

The 02-16 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.

7 Jan. 2016
International Edition (01-16)

The 01-16 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 Dec. 2015
Christmas - New Year closure

The Office of the AASB will close for the Christmas - New Year holiday period from 12.00 noon on Thursday 24th December and will re-open at 9.00am on Monday 4th January 2016. We take this opportunity to wish you a safe and happy Festive Season.

24 Dec. 2015
International Edition (51-15)

The 51-15 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 Dec. 2015
Deferral of Amendments to AASB 10 and AASB 128

Application of the Sale or Contribution of Assets between an Investor and its Associate or Joint Venture amendments to AASB 10 and AASB 128 has been deferred to 1 January 2018. The AASB has issued AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 (which incorporates the IASB standard with the same name) to bring the deferral into effect. The amendments are deferred as the IASB is planning to address them as part of its longer term Equity Accounting project. However, early application of the amendments is still permitted.

17 Dec. 2015
International Edition (50-15)

The 50-15 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 Dec. 2015
Board Members re-appointed to the AASB

Kris Peach, AASB Chair, welcomes the re-appointment to the AASB of: 

- Mr Peter Carlson, Partner, KPMG; and 
- Mr Peter Gibson, Assistant Secretary, Department of Finance.

This follows the FRC’s announcement that Mr Carlson is re-appointed for one year and Mr Gibson for three years.

11 Dec. 2015
AASB issues ED 274

The AASB has published for comment ED 274 Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts (Proposed amendments to AASB 4), which incorporates IASB ED/2015/11 of the same name.... Read more

10 Dec. 2015
Joint AASB-KASB research project on terms of likelihood in IFRS

The AASB and Korea Accounting Standards Board (KASB) are conducting a research project on how auditors and preparers in Australia and Korea interpret terms of likelihood in IFRS. Findings from the preliminary analyses were presented at the November 2015 AOSSG and December 2015 ASAF meetings. A summary of the preliminary analyses and findings are available on the AASB website.

To date, 197 Australians (77 auditors and 120 preparers) responded to the survey. To finalize the project, we are aiming to have at least 100 Australian auditors responding to the survey. The survey is available here.

10 Dec. 2015
International Edition (49-15)

The 49-15 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 Dec. 2015
Updated AASB Standard-setting Work Program – 9 December 2015

The AASB has updated its standard-setting work program as at 9 December 2015.

4 Dec. 2015
International Edition (48-15)

The 48-15 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.

4 Dec. 2015
ED 270 Reporting Service Performance Information

The closing date for comment on ED 270 Reporting Service Performance Information has been deferred from 12 February 2016 to Friday 29 April 2016 to allow for further engagement with entities in the not-for-profit sector.

4 Dec. 2015
December 2015 Action Alert is now available

Action Alert No. 176, for the 149th meeting of the AASB, which was held on 2-3 December 2015, is now available.

26 Nov. 2015
International Edition (47-15)

The 47-15 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 Nov. 2015
AASB launches Project Advisory Panels (PAPs)

PAPs are a key initiative of the AASB with the objective of improving the quality of practical and relevant feedback available to the AASB. PAP membership is by invitation only and the AASB is pleased to note that PAP members are experts in their relevant fields and have significant practical experience. Their input is essential in helping the AASB make informed decisions.

The most recently formed PAP is for the Disclosure Initiative (DI) project. Please find attached a list of the Panel members for DI and the terms of reference for the PAP.

20 Nov. 2015
AASB issues ED 272 and ED 273

The AASB has released two Exposure Drafts: 1) ED 272 Transfers of Investment Property (Proposed amendments to AASB 140 Investment Property), which incorporates IASB ED/2015/9 Transfers of Investment Property (Proposed amendments to IAS 40 Investment Property) and 2) ED 273 Annual Improvements to IFRSs 2014-2016 Cycle, which incorporates IASB ED/2015/10 Annual Improvements to IFRSs 2014-2016 Cycle.... Read more

20 Nov. 2015
Scope Paragraphs for AASB 8 and AASB 133

AASB 2015-9 Amendments to Australian Accounting Standards – Scope and Application Paragraphs inserts scope paragraphs into AASB 8 and AASB 133 in place of application paragraph text in AASB 1057.... Read more

19 Nov. 2015
Agenda for AASB meeting, 2-3 December 2015

The Agenda for the 149th meeting of the AASB, to be held on 2-3 December 2015, is now available.

19 Nov. 2015
International Edition (46-15)

The 46-15 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.

19 Nov. 2015
Board Papers for AASB meeting, 2-3 December 2015

Board Papers for the AASB meeting No.149 to be held on 2-3 December 2015, are now available.

16 Nov. 2015
AASB defers effective date of AASB 15

AASB 2015-8 Amendments to Australian Accounting Standards – Effective Date of AASB 15 defers the effective date of AASB 15 Revenue from Contracts with Customers, to 1 January 2018.

12 Nov. 2015
International Edition (45-15)

The 45-15 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 Nov. 2015
Opportunity to comment on AASB’s 2017–2019 agenda

The AASB invites constituents to comment on the AASB’s domestic work program priorities for 2017 – 2019.  Invitation to Comment ITC 34 AASB Agenda Consultation 2017–2019 seeks feedback on both the AASB’s research and standard-setting project priorities.... Read more

5 Nov. 2015
International Edition (44-15)

The 44-15 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.

30 Oct. 2015
AASB issues ED 271

ED 271 IFRS Practice Statement: Application of Materiality to Financial Statements (incorporating the IASB’s ED) has been published for comment.... Read more

29 Oct. 2015
International Edition (43-15)

The 43-15 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.

28 Oct. 2015
Updated AASB Standard-setting Work Program – 27 October 2015

The AASB has updated its standard-setting work program as at 27 October 2015.

27 Oct. 2015
Agenda Decision – Accounting for Income Tax of Public Sector Entities

The AASB has issued an Agenda Decision in response to a request to consider whether for-profit public sector entities that are required to pay income tax equivalents under the National Tax Equivalent Regime (NTER) should continue to apply AASB 112 Income Taxes.

The AASB confirmed that NTER is, in substance, an income tax as defined in AASB 112.  On the basis of the analysis performed and in light of the existing requirements in Australian Accounting Standards, the AASB determined that an amendment to AASB 112 was not necessary. Consequently, the AASB decided not to add this issue to its agenda.

26 Oct. 2015
The IFRS interpretations Committee (IFRIC) issues two Draft Interpretations

The IFRS Interpretations Committee has issued Draft IFRIC Interpretation DI/2015/1 Uncertainty over Income Tax Treatments and Draft IFRIC Interpretation DI/2015/2 Foreign Currency Transactions and Advance Consideration.

Comments to the AASB are requested by 21 December 2015 and to the IFRS Interpretations Committee by 19 January 2016.

All comments received will be placed on the public record.

23 Oct. 2015
Reporting Service Performance Information summary document now available

AASB Extra - Exposure Draft ED 270 Reporting Service Performance Information is now available.  The ED proposes to require not-for-profit entities to report information about their service performance objectives and the achievement of those objectives.... Read more

23 Oct. 2015
October 2015 Action Alert is now available

Action Alert No. 175, for the 148th meeting of the AASB, which was held on 21-22 October 2015, is now available.

22 Oct. 2015
International Edition (42-15)

The 42-15 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 Oct. 2015
International Public Sector Accounting Standards Board (IPSASB) issues Exposure Draft (ED) 57 Impairment of Revalued Assets

The IPSASB has issued ED 57 Impairment of Revalued Assets with comments requested by 15 January 2016.... Read more

16 Oct. 2015
International Public Sector Accounting Standards Board (IPSASB) issues Exposure Draft (ED) 58 Improvements to IPSASs 2015

The IPSASB has issued ED 58 Improvements to IPSASs 2015 with comments requested by 15 January 2016.... Read more

15 Oct. 2015
International Edition (41-15)

The 41-15 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 Oct. 2015
Reporting Service Performance Information Education Sessions and Roundtables: Adelaide, Perth, Canberra, Sydney, Brisbane, and Melbourne

The AASB will be hosting a number of Education Sessions and Roundtables to engage with constituents on the recently issued Exposure Draft (ED) 270 Reporting Service Performance Information.... Read more

14 Oct. 2015
Melbourne Reporting Service Performance Information outreach events rescheduled

The AASB outreach events scheduled to take place in Melbourne on Monday 19 October 2015 have been rescheduled until Monday 16 November 2015. The AASB apologises for any inconvenience caused.

Click here to register.

8 Oct. 2015
International Edition (40-15)

The 40-15 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.

8 Oct. 2015
Agenda for AASB meeting, 21-22 October 2015

The Agenda for the 148th meeting of the AASB, to be held on 21-22 October 2015, is now available.

8 Oct. 2015
Board Papers for AASB meeting, 21-22 October 2015

Board Papers for the AASB meeting No.148 to be held on 21-22 October 2015, are now available.

1 Oct. 2015
International Edition (39-15)

The 39-15 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 Sep. 2015
The AASB is extending its comment period on ED 264 and ED 265

The AASB is extending its comment period on ED 264 Conceptual Framework for Financial Reporting and ED 265 Updating References to the Conceptual Framework, to be consistent with the IASB’s recent decision to extend the equivalent international exposure drafts by 30 days.  The revised deadline for comments to the AASB is 5 November 2015.

Comment letters should be submitted to the AASB here.

24 Sep. 2015
International Edition (38-15)

The 38-15 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 Sep. 2015
The External Reporting Board Appoints New Chief Executive

The AASB congratulates Warren Allen on his appointment as CEO of the External Reporting Board (XRB) New Zealand.

21 Sep. 2015
Reporting Service Performance Information Education Session and Roundtable: Melbourne

The AASB will be hosting an Education Session and a Roundtable in Melbourne to engage with constituents on the recently issued Exposure Draft (ED) 270 Reporting Service Performance Information on Monday 19 October.... Read more

17 Sep. 2015
Australian Accounting Standards Board is relocating

The Office of the AASB is relocating on Monday 21st September 2015.  Our new address is Podium Level, Level 14, 530 Collins Street, Melbourne. Our phone numbers, email and website address will remain the same.

Please note that AASB staff will not have access to emails and phone from Friday 18th till Sunday 20th September. AASB website and its content will be available as normal during this time.

17 Sep. 2015
International Edition (37-15)

The 37-15 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.

11 Sep. 2015
Tentative Agenda Decision – Accounting for Income Tax of Public Sector Entities

The AASB has issued a tentative agenda decision in response to a request to consider whether for-profit public sector entities that are required to pay income tax equivalents under the National Tax Equivalent Regime (NTER) should continue to apply AASB 112 Income Taxes.... Read more

10 Sep. 2015
International Edition (36-15)

The 36-15 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.

8 Sep. 2015
Updated AASB Standard-setting Work Program – 8 September 2015

The AASB has updated its standard-setting work program as at 8 September 2015.

4 Sep. 2015
September 2015 Action Alert is now available

Action Alert No. 174, for the 147th meeting of the AASB, which was held on 2-3 September 2015, is now available.

3 Sep. 2015
Editorial reissuance of AASB Standards and Interpretations that incorporate IFRSs

The AASB has reissued most of its Standards but no disclosure is necessary under AASB 108 because the reissued versions will have no impact on financial statements in comparison with the previous versions.... Read more

3 Sep. 2015
International Edition (35-15)

The 35-15 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.

27 Aug. 2015
International Edition (34-15)

The 34-15 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.

21 Aug. 2015
AASB issues ED 270

Exposure Draft ED 270 Reporting Service Performance Information has been published for comment.  ED 270 addresses the gap in information required to assess performance of not-for-profit (NFP) entities.... Read more

20 Aug. 2015
International Edition (33-15)

The 33-15 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 Aug. 2015
Agenda for AASB meeting, 2-3 September 2015

The Agenda for the 147th meeting of the AASB, to be held on 2-3 September, is now available.

20 Aug. 2015
Board Papers for AASB meeting, 2-3 September 2015

Board Papers for the AASB meeting No.147 to be held on 2-3 September 2015, are now available.

18 Aug. 2015
Proposed amendments to AASB 136

Exposure Draft ED 269 Recoverable Amount of Non-cash-generating Specialised Assets of Not-for-Profit Entities has been issued.... Read more

18 Aug. 2015
AASB webinar on ED 260 Income of NFP Entities

Thank you to everyone who attended last week's AASB webinar on ED 260 Income of NFP Entities. The slides and recording are now available.

14 Aug. 2015
IASB proposes to defer indefinitely the amendments related to the sale or contribution of assets between an investor and its associate or joint venture.

ED 268 seeks your feedback on the IASB’s proposal to defer indefinitely the effective date of amendments that affect the gain or loss an entity recognises when assets are sold or contributed between an entity and an associate or joint venture in which it invests. These amendments are incorporated into AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, which is currently effective from 1 January 2016.... Read more

13 Aug. 2015
International Edition (32-15)

The 32-15 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.

13 Aug. 2015
The IASB offers you the chance to influence its next four-year agenda

Invitation to Comment ITC 33 Request for Comment on IASB Request for Views on 2015 Agenda Consultation seeks feedback on whether the IASB has the right balance of projects on its agenda and whether those projects are the most important to consider.  To prepare its own submission to the IASB, the AASB is seeking comments by 9 November 2015.... Read more

6 Aug. 2015
Proposed amendments to AASB 15

Exposure Draft ED 267 Clarifications to AASB 15 (incorporating the IASB ED/2015/6 Clarifications to IFRS 15) has been issued.... Read more

6 Aug. 2015
International Edition (31-15)

The 31-15 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.

5 Aug. 2015
Conceptual Framework proposals: Where are the concerns?

The latest Hot Topic Conceptual Framework proposals: Where are the concerns? summarises in one central location links to recent articles, reports, discussions and submissions from organisations and individuals that AASB staff think may be useful to Australian constituents interested in the current Conceptual Framework project.

30 Jul. 2015
International Edition (30-15)

The 30-15 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.

28 Jul. 2015
Navigating the ED 260 proposed changes to income recognition for not-for-profit entities

Education material being provided by the AASB staff to assist constituents in navigating the proposals in the ED.

27 Jul. 2015
Proposed changes to income recognition for not-for-profit entities – What do the proposals mean?

The Australian Accounting Standards Board (AASB) will be hosting Proposed changes to income recognition for not-for-profit entities – What do the proposals mean? on 13 August 2015 from 11.30am to 1.00pm.

The online webinar will address the key proposals in the AASB’s current Exposure Draft on Income of Not-for-Profit Entities. The webinar will be presented by Mark Shying, AASB Research Fellow and facilitated by AASB Technical Director, Nikole Gyles. The webinar is particularly relevant to not-for-profit private and public sector entities.

Participants can access the webinar from a computer, mobile or tablet device. Register here

24 Jul. 2015
Accounting Standards Advisory Forum (ASAF) July 2015

The July meeting of the Accounting Standards Advisory Forum (ASAF) saw the Forum’s membership meeting for the first time meet since the revised Forum’s membership was announced last month.... Read more

23 Jul. 2015
International Edition (29-15)

The 29-15 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 Jul. 2015
Updated AASB Standard-setting Work Program – 13 July 2015

The AASB has updated its standard-setting work program as at 13 July 2015.

16 Jul. 2015
International Edition (28-15)

The 28-15 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 Jul. 2015
AASB Conceptual Framework Discussion Forums and Disclosure Initiative Education Sessions

The AASB will be conducting AASB Discussion Forums in August and September on the IASB’s Conceptual Framework proposals.  The AASB will also be hosting an education session in Melbourne and Sydney on the IASB’s Disclosure Initiative project.  Sue Lloyd, IASB member, will be in attendance at some of these sessions.... Read more

13 Jul. 2015
AASB issues disclosure relief for not-for-profit public sector entities

The AASB has issued AASB 2015-7 Amendments to Australian Accounting Standards – Fair Value Disclosures of Not-for-Profit Public Sector Entities.  The Standard is effective for annual reporting periods beginning on or after 1 July 2016, and may be early adopted.... Read more

9 Jul. 2015
July 2015 Action Alert is now available

Action Alert No. 173, for the 146th meeting of the AASB, which was held on 8 July 2015, is now available.

9 Jul. 2015
International Edition (27-15)

The 27-15 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.

7 Jul. 2015
Australian Accounting Standards Board Academic Panel launched to improve standard setting

The Australian Accounting Standards Board’s (AASB) Academic Advisory Panel has been launched this week. Academic research is crucial to Australia making an impact on international standard setting and enhancing Australian financial reporting.... Read more

3 Jul. 2015
Influential Executive role in New Zealand

The External Reporting Board (XRB) of New Zealand is looking for a CEO to help create a world-class standards framework that contributes to New Zealand’s excellent reputation and commercial integrity.

3 Jul. 2015
Agenda Decision on the Definition of Residual Value

The AASB has issued an Agenda Decision that may change the current practice of some not-for-profit public sector entities and could result in increased depreciation and further componentisation of assets.... Read more

2 Jul. 2015
International Edition (26-15)

The 26-15 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.

30 Jun. 2015
Australian Accounting Standards Board (AASB) retains International Accounting Standards Board (IASB) advisory board membership

The Australian Accounting Standards Board (AASB) has retained membership of the Accounting Standards Advisory Forum (ASAF), the prestigious advisory group to the International Accounting Standards Board (IASB), despite the membership shakeup.  The AASB will be working with the New Zealand Accounting Standards Board (NZASB).... Read more

25 Jun. 2015
Agenda for AASB meeting, 8 July 2015

The Agenda for the 146th meeting of the AASB, to be held on 8 July, is now available.

25 Jun. 2015
Board Papers for AASB meeting, 8 July 2015

Board Papers for the AASB meeting No.146 to be held on 8 July 2015, are now available.

25 Jun. 2015
International Edition (25-15)

The 25-15 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.

24 Jun. 2015
AASB issues proposed amendments for DB plans that have a refund available, have been amended, curtailed or settled

Are you accounting for a defined benefit plan that has a refund available, has been amended, curtailed or settled?  The AASB has issued Exposure Draft ED 266 Remeasurement on a Plan Amendment, Curtailment or Settlement/Availability of a Refund from a Defined Benefit Plan.... Read more

19 Jun. 2015
International Edition (24-15)

The 24-15 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.

11 Jun. 2015
International Edition (23-15)

The 23-15 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.

4 Jun. 2015
International Edition (22-15)

The 22-15 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.

1 Jun. 2015
AASB issues new Exposure Drafts ED 264 and ED 265

The AASB has issued Exposure Draft ED 264 Conceptual Framework for Financial Reporting and ED 265 Updating References to the Conceptual Framework.  ED 264 and ED 265 incorporate IASB ED/2015/3 Conceptual Framework for Financial Reporting and IASB ED/2015/4 Updating References to the Conceptual Framework respectively.... Read more

29 May. 2015
May 2015 Action Alert is now available

Action Alert No. 172, for the 145th meeting of the AASB, which was held on 27-28 May 2015, is now available.

28 May. 2015
International Edition (21-15)

The 21-15 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.

21 May. 2015
International Edition (20-15)

The 20-15 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.

21 May. 2015
AASB proposes deferral of revenue standard

The AASB has issued Exposure Draft ED 263 Effective Date of AASB 15 Revenue from Contracts with Customers. ED 263 incorporates IASB ED/2015/2 Effective Date of IFRS 15.... Read more

15 May. 2015
AASB launches online facility for submitting comment letters

The AASB has launched on its website a facility for respondents to submit comment letters on Exposure Drafts and other proposal documents.... Read more

14 May. 2015
International Edition (19-15)

The 19-15 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 May. 2015
Agenda for AASB meeting, 27-28 May 2015

The Agenda for the 145th meeting of the AASB, to be held on 27-28 May, is now available.

14 May. 2015
Board Papers for AASB meeting, 27-28 May 2015

Board Papers for the AASB meeting No.145 to be held on 27-28 May 2015, are now available.

13 May. 2015
AASB Not-for-Profit and Public Sector Education Sessions and Roundtables

The AASB will be hosting a number of events focussing on the AASB’s current, and recently completed, public sector and not-for-profit entity projects.... Read more

7 May. 2015
International Edition (18-15)

The 18-15 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. 2015
AASB issues proposals on service concession arrangements and fair value disclosures

The AASB has issued exposure drafts ED 261 Service Concession Arrangements: Grantor and ED 262 Fair Value Disclosures of Not-for-Profit Public Sector Entities for comment.  ED 261 addresses the gap in grantor accounting for service concession arrangements.  ED 262 proposes modification of AASB 13 for application by not-for-profit public sector entities.... Read more

4 May. 2015
AASB issues new Exposure Draft ED 260 Income of Not-for-Profit Entities

The AASB invites comments on ED 260 Income of Not-for-Profit Entities... Read more

30 Apr. 2015
International Edition (17-15)

The 17-15 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 Apr. 2015
International Edition (16-15)

The 16-15 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 Apr. 2015
Updated AASB Standard-setting Work Program - April 2015

The AASB has updated its standard-setting work program as at 17 April 2015.

16 Apr. 2015
April 2015 Action Alert is now available

Action Alert No. 171, for the 144th meeting of the AASB, which was held on 15 April 2015, is now available.

16 Apr. 2015
International Edition (15-15)

The 15-15 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. 2015
International Edition (14-15)

The 14-15 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.

2 Apr. 2015
Agenda for AASB meeting, 15 April 2015

The Agenda for the 144th meeting of the AASB, to be held on 15 April, is now available.

2 Apr. 2015
Board Papers for AASB meeting, 15 April 2015

Board Papers for the AASB meeting No.144 to be held on 15 April 2015, are now available.

2 Apr. 2015
International Edition (13-15)

The 13-15 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.

1 Apr. 2015
AASB finalises amendments to AASB 124 Related Party Disclosures

The AASB has issued amendments to extend the scope of AASB 124 to include not-for-profit public sector entities.... Read more

26 Mar. 2015
International Edition (12-15)

The 12-15 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. 2015
Accounting Technical Professional - 12 month non-ongoing role

The Office of the Australian Accounting Standards Board (AASB) is looking for a suitably qualified and experienced accounting technical professional to join its technical team for a period of 12 months.... Read more

19 Mar. 2015
International Edition (11-15)

The 11-15 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.

12 Mar. 2015
International Edition (10-15)

The 10-15 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.

5 Mar. 2015
International Edition (9-15)

The 9-15 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 Mar. 2015
Applications for the 2016 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 2016 AASB Graduate Program. Successful applicants will provide technical support to the AASB and actively participate in all stages of the standard-setting process.

Applications for the 2016 AASB Graduate Program are due by Friday, 17 April 2015.

26 Feb. 2015
International Edition (8-15)

The 8-15 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 Feb. 2015
Tentative Agenda Decision – Recognition of Residual Value for Infrastructure Assets

The AASB has issued a tentative agenda decision in response to a request to clarify whether residual value, as defined in AASB 116 Property, Plant and Equipment, includes the cost savings from the re-use of in-situ materials.... Read more

20 Feb. 2015
Updated AASB Standard-setting Work Program - 20 February 2015

The AASB has updated its standard-setting work program as at 20 February 2015.

19 Feb. 2015
International Edition (7-15)

The 7-15 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.

18 Feb. 2015
IFRS Transition Resource Group for Impairment of Financial Instruments (ITG)

IFRS 9 Financial Instruments (2014) is now complete and with it comes a new impairment model. The new model, which is a ‘three-stage model’, is fundamentally different from the ‘incurred loss’ model in IAS 39 Financial Instruments: Recognition and Measurement, as it is aimed at capturing expected credit losses before the event that gives rise to credit impairment occurs.... Read more

13 Feb. 2015
February 2015 Action Alert is now available

Action Alert No. 170, for the 143rd meeting of the AASB, which was held on 11 February 2015, is now available.

12 Feb. 2015
AASB issues new Exposure Draft ED 259

The AASB has released ED 259 Classification of Liabilities (Proposed amendments to AASB 101), which incorporates IASB ED/2015/1 Classification of Liabilities (Proposed amendments to IAS 1).... Read more

12 Feb. 2015
International Edition (6-15)

The 6-15 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 Feb. 2015
AASB issues two new Standards

The AASB approved two further new Australian Accounting Standards in January 2015.... Read more

5 Feb. 2015
International Edition (5-15)

The 5-15 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.

2 Feb. 2015
AASB issues 2 new Standards

The AASB approved 2 new Australian Accounting Standards in January 2015.... Read more

30 Jan. 2015
Agenda for AASB meeting, 11 February 2015

The Agenda for the 143rd meeting of the AASB, to be held on 11 February 2015 is now available.

30 Jan. 2015
Board Papers for AASB meeting, 11 February 2015

Board Papers for the AASB meeting No.143 to be held on 11 February 2015 are now available.

30 Jan. 2015
AASB issues Annual Improvements to Australian Accounting Standards 2012-2014 Cycle

The AASB made AASB 2015-1 Amendments to Australian Accounting Standards – Annual Improvements to Australian Accounting Standards 2012-2014 Cycle on 21 January 2015.  The Standard makes amendments to various Australian Accounting Standards arising from the IASB’s Annual Improvements process, and editorial corrections.... Read more

29 Jan. 2015
International Edition (4-15)

The 4-15 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.

28 Jan. 2015
AASB 9 Financial Instruments (December 2014) issued by the AASB

The complete version of AASB 9 (2014) Financial Instruments has now been issued. It supersedes AASB 9 (2009), AASB 9 (2010) and AASB 139 Financial Instruments: Recognition and Measurement and applies to annual reporting periods beginning on or after 1 January 2018.... Read more

27 Jan. 2015
Standard-setters honoured in Australia Day awards

The AASB congratulates the former AASB Chair Kevin Stevenson and former AASB Deputy Chair Ian McPhee who have been recognised in the 2015 Australia Day awards.... Read more

22 Jan. 2015
International Edition (3-15)

The 3-15 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 Jan. 2015
International Edition (2-15)

The 2-15 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.

8 Jan. 2015
International Edition (1-15)

The 1-15 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.

8 Jan. 2015
AASB approves narrow scope amendments

The AASB has approved the following Standards:
• AASB 2014-9 Amendments to Australian Accounting Standards – Equity Method in Separate Financial Statements; and
• AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture.
The Standards will be made available on the AASB website shortly.... Read more