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Australian Accounting Standards Board Developing, issuing and maintaining Australian Accounting Standards and related pronouncements

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In response to today's joint media release by the Hon Josh Frydenberg MP – Treasurer of the Commonwealth of Australia and Senator the Hon Michaelia Cash – Minister for Small and Family Business, Skills and Vocational Education, announcing the Government have proposed to increase the thresholds for determining what constitutes a large proprietary company under the Corporations Act 2001,  Kris Peach, Chair of the Australian Accounting Standards Board (AASB) has welcomed the Minister’s announcement. The timing of the review of the threshold is particularly important given the consultation proposals the AASB is currently considering to simplify the Australian financial reporting framework and improve the trust in and transparency of financial reporting. Read More

Roundtable Summary: What we heard from stakeholders at the AASB’s September roundtables on Enhancing financial reporting and replacing SPFS. The AASB ran for-profit entity focussed roundtables across the country to obtain feedback from stakeholders on its Phase 2 proposals in ITC 39. Read the roundtable summary to find out what the AASB heard.

One-year deferral of AASB 1059 for service concession grantors: To assist implementation efforts, the AASB has deferred the effective date of AASB 1059 Service Concession Arrangements: Grantors to annual periods beginning on or after 1 January 2020, instead of 2019.   Read More

As users look beyond financial aspects when choosing where to invest their money, greater importance is being placed on the various non-financial reporting frameworks. In this article, AASB Chair Kris Peach, along with other leaders in this space, talk about how these various frameworks can reach greater global alignment and consistency. Read More

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