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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 Aug. 2014

International Edition (31-14)

The 31-14 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 Aug. 2014

Board Papers for AASB meeting, 3-4 September 2014

Board Papers for the AASB meeting No.140 to be held on 3-4 September 2014 are now available.

22 Aug. 2014

Agenda for AASB meeting, 3-4 September 2014

The Agenda for the 140th meeting of the AASB, to be held on 3-4 September 2014 is now available.

21 Aug. 2014

International Edition (30-14)

The 30-14 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.

21 Aug. 2014

AASB issues ED 253 Recognition of Deferred Tax Assets for Unrealised Losses

The AASB has issued ED 253 Recognition of Deferred Tax Assets for Unrealised Losses. The AASB ED (which incorporates the IASB ED of the same name) seeks comments on the proposals to amend AASB 112 Income Taxes to clarify how to account for deferred tax assets related to debt instruments measured at fair value when the entity reports tax losses. Comments to the AASB are requested by 20 November 2014.

18 Aug. 2014

FRC seeks applications for membership of the AASB in 2014-15

The Financial Reporting Council is seeking applications from interested persons for appointment as a member of the AASB.  Applications are sought by 5 September 2014.
Click here to view FRC Advertisement
Click here to view AASB Selection Criteria
Click here to view AASB Rules of Operation

18 Aug. 2014

AASB issues new Standards

The AASB has approved AASB 2014-3 Amendments to Australian Accounting Standards – Accounting for Acquisitions of Interests in Joint Operations and AASB 2014-4 Amendments to Australian Accounting Standards – Clarification of Acceptable Methods of Depreciation and Amortisation.   Both Standards have now been published on the AASB website.... Read more

14 Aug. 2014

International Edition (29-14)

The 29-14 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.

7 Aug. 2014

International Edition (28-14)

The 28-14 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 Aug. 2014

The AASB has submitted a comment letter to the IASB in response to ED/2014/1 Disclosure Initiative

The AASB has expressed strong support for the Disclosure Initiative project, the first stage of which is reflected in the proposals in ED/2014/1 Disclosure Initiative.  In the submission, the AASB has noted it strongly supports many of the proposals in the ED, including... Read more

5 Aug. 2014

AASB to host a Roundtable Discussion on IASB Discussion Paper on Accounting for Dynamic Risk Management

You are invited to participate in an AASB Roundtable to discuss the IASB’s Discussion Paper (IASB DP) Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging.... Read more

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

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.