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ED 303 Covid-19-Related Rent Concessions: Tier 2 Disclosures proposes amendments to AASB 1060 General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities, which will ensure that entities applying AASB 1060 continue to have all disclosure requirements in one place. Read More

COVID-19 is having an unprecedented impact on many Australian entities. To stimulate the economy and to support those entities that have been significantly affected by the economic impacts of the Coronavirus, governments are providing a range of financial support to them. For many entities, accounting for government support of this nature will not be something encountered previously. The AASB has released a new Staff FAQs to remind entities of the various Standards that may be applicable to for-profit and not-for-profit entities in accounting for government support. Read More

AASB 16 Leases has been amended to provide a practical expedient that permits lessees not to assess whether rent concessions that occur as a direct consequence of the covid-19 pandemic and meet specified conditions are lease modifications. Read More

Several small amendments have been issued via AASB 2020-3 Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments. The amendments include narrow-scope amendments as well as the Annual Improvements. Read More

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