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

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The Fatal-Flaw Review Draft proposes amendments to AASB 1054 Australian Additional Disclosures to require disclosure by entities that intend to comply with IFRS Standards of the potential effect on their financial statements of new IFRS Standards that have not yet been issued by the AASB as Australian Accounting Standards. This would ensure IFRS compliance for for-profit publicly accountable entities when they comply with Australian Accounting Standards. Read More

The AASB issued AASB 2019-3 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform, which amends some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the interest rate benchmark reform. Read More

Do current financial reporting requirements for parent/subsidiary structures meet user needs in a cost-effective way? Research Report 13 addresses this question, which is an important aspect of the Australian financial reporting framework. Read More

The AASB issued AASB 2019-2 Amendments to Australian Accounting Standards – Implementation of AASB 1059  to amend the modified retrospective method set out in paragraph C4 of AASB 1059, and to provide a practical expedient to grantors of service concession to not apply AASB 16 Leases to assets that would be recognised as service concession assets under AASB 1059. Read More

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