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ED 287 Onerous Contracts – Cost of Fulfilling a Contract proposes to amend AASB 137 to specify that the costs of fulfilling a contract include both incremental costs, such as the costs of materials, and an allocation of other costs directly related to the contract, such as the depreciation charge for equipment the company uses to fulfil contracts. Please submit your comments to the AASB by 22 March 2019 via the AASB website, LinkedIn or email.  

The AASB has issued AASB 2018-8 Amendments to Australian Accounting Standards – Right-of-Use Assets of Not-for-Profit Entities to provide a temporary option for not-for-profit lessees to elect to measure a class (or classes) of right-of-use assets arising under ‘concessionary leases’ at initial recognition at cost rather than at fair value. Read More

Our Offices will be closed for the holiday period on 12.00pm Friday 21 December and will re-open at 9.00am on Monday 7 January 2019.  We wish you a happy and safe holiday.

The Board is voting on an amending Standard that would provide a temporary option for not-for-profit lessees to elect to measure right-of-use assets arising under ‘concessionary leases’ at initial recognition at cost rather than at fair value. If approved in time, the Standard will be published on 24 December. Read More

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