News

IFRS Interpretations Committee agenda decisions from October 2019 to March 2020 have now been compiled by the IFRS Foundation.... Read more

IASB has recently issued a document responding to questions regarding the application of IFRS 9 Financial Instruments during this period of enhanced economic uncertainty arising from the covid-19 pandemic has been published today.... Read more

Feedback is sought on possible improvements to the information companies report about acquisitions of businesses and about goodwill in order to provide investors with the information they need.... Read more

AASB staff have prepared two key facts documents to explain removal of special purpose financial statements and the new simplified disclosure standard.... Read more

In response to the evolving situation regarding COVID-19, AASB-AUASB staff are working remotely as a precautionary measure. Our operations are continuing full-time and staff are contactable by email and telephone. In the interests of public safety, AASB-AUASB staff will not be holding face-to-face meetings until further notice. We encourage our stakeholders to follow similar safety measures as the wider community works together to overcome the impact of COVID-19.

A new, separate disclosure Standard, AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities, will replace the current Reduced Disclosure Framework (RDR) and provide disclosure relief to all entities that are reporting under Tier 2 of the Differential Reporting Framework. The new Standard applies from 1 July 2021, but early adoption is permitted. 
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For annual periods beginning on or after 1 July 2021, certain types of for-profit private sector entities will no longer be able to prepare special purpose financial statements under AASB Standards.... Read more

This AASB–AUASB Joint FAQ describes the key considerations and impacts on financial reporting and auditing arising from the Coronavirus (COVID-19) pandemic. As these concerning events continue to develop, all entities are likely to be affected in some way.... Read more

Attempting to promote consistency in financial reporting, AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current aims to help companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity.... Read more

The International Public Sector Accounting Standards Board (IPSASB) has recently issued three Exposure Drafts proposing new recognition and measurement requirements for revenue transactions and transfer expenses. Comments are due to the IPSASB by 15 September 2020.... Read more

Certain types of for-profit private sector entities will no longer be able to prepare Special Purpose Financial Statements under AASB Standards, for periods beginning on or after 1 July 2021.  From the same date, a revised GPFS Tier 2 framework, Simplified Disclosures, will replace the current RDR framework. ... Read more

The Staff FAQs for not-for-profit entities regarding the accounting for research grants have been updated.... Read more

Are you a not-for-profit (NFP) entity? Evidence suggests that NFPs report more extensive information regarding accountability when required by regulators. Mandating the reporting of service performance information would be beneficial to narrow the gap between stakeholders’ information needs and what is currently reported by NFPs.... Read more

The AASB is looking to appoint an additional ‘at large’ member to the Board, starting in July 2020, and running for a three year term (with a possible extension available). More information about the positions can be found here: http://www.frc.gov.au/recruitment/ 

Affecting all entities, significant changes are proposed to the presentation and disclosure in financial statements by Exposure Draft ED 298 General Presentation and Disclosure. You are invited to provide your feedback on defining new subtotals, including ‘operating profit’, as well as requiring more rigorous disclosure of ‘management performance measures’, also known as ‘non-IFRS financial information’, in a single note to the audited financial statements.
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For governments that prepare whole of government general purpose financial statements and General Government Sector (GGS) financial statements, recent changes have been made to the disclosure requirements for GFS measures of key fiscal aggregates and related GAAP/GFS Reconciliations.... Read more

AASB 16 Leases and AASB 1049 Whole of Government and General Government Sector Financial Reporting were amended in respect of not-for-profit lessees’ right-of-use assets arising under concessionary leases... Read more

Are you a not-for-profit entity with December year-end that receives research grants? If so, you will now have an option to apply the Revenue and Income Standards (ie AASB 15 and AASB 1058) to research grants for annual reporting periods beginning on or after 1 July 2019, instead of 1 January 2019. This provides you with an extended implementation period for research grants only. Refer to AASB 2019-6 Amendments to Australian Accounting Standards Research Grants and Not-for-Profit Entities for more details.
AASB 2019-6 also includes amendments to Illustrative Examples accompanying AASB 15.... Read more

AASB staff presented a webinar on 4th December as part of our education activities on the application of AASB 15 and AASB 1058 in accounting for research grants. The slide pack can be found under the Hot Topics section of the website. The recording of the webinar is available on YouTube here.

Upcoming Webinar – Accounting for Research Grants
Date and time – Wednesday, 4 December 2019, 3:00 pm-4:00 pm... Read more

New disclosure requirements for Not-for-Profit (NFP) Private Sector Entities preparing Special Purpose Financial Statements (SPFS) on compliance with recognition and measurement requirements effective for annual reporting periods ending on or after 30 June 2020.... Read more

Entities that intend to comply with IFRS Standards will now be required to disclose the potential effect of new IFRS Standards that have not yet been issued by the AASB as Australian Accounting Standards.... Read more

The Action Alert for the 21 November AASB Board Meeting is now available.

On Monday 18 November, we hosted a webinar as part of our consultation and education on the proposals in Exposure Draft ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities. Links to the webinar recording and slide pack can also be found under the Hot Topics section of our website.

On Monday 18 November, we hosted a webinar as part of our consultation and education on the proposals in Exposure Draft ED 295 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities. Links to the webinar recording and slide pack can also be found under the Hot Topics section of our website.

Everything you never wanted to know about the AASB’s processes for setting standards is now set out in a revised Due Process Framework document!... Read more

AASB Chair, Kris Peach, welcomed the appointment of a new member of the Australian Accounting Standards Board, as announced on Monday by the Financial Reporting Council (FRC).... Read more

Changes are proposed to AASB 1049 to allow relief from disclosure of GFS measures of key fiscal aggregates and GAAP/GFS reconciliations. A fatal flaw review draft is open for comment to the AASB by 6 December 2019.... Read more

The AASB issued a Fatal-Flaw Review version of an amending Standard AASB 2019-X Amendments to Australian Accounting Standards – Class of Right-of-Use Assets arising under Concessionary Leases regarding not-for-profit entities’ right-of-use (ROU) assets. It is open for comment until Friday, 29 November 2019.... Read more

Upcoming Webinar: ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities. Learn more

Upcoming Webinar: ED 295 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-profit Tier 2 Entities. Learn more

The IFRS Foundation’s first biannual Compilation of Agenda Decisions brings together agenda decisions published by the IFRS Interpretations Committee from January to September, 2019. Future compilations will be published twice a year (April and October). You can view them here

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

AASB staff have prepared a summary of key facts about the proposed simplified disclosure standard (ED 295). This explains the background for the proposals, which disclosures have been removed from the RDR disclosures, and which disclosures would be added if the proposals are approved. 

AASB Staff FAQs for Not-for-Profit Entities – Research Grants: updated to clarify the Chart 3 – Research Findings analysis of how paragraph 35(a) of AASB 15 applies, and by adding new examples to assess whether a transfer of goods or services occurs under research grants

Fatal-flaw review draft of amendments to research grant examples accompanying AASB 15

Changes are proposed to the examples addressing when a required transfer of research findings represents a sufficiently specific performance obligation, to remove the references to re-performing research activities.  Comments are due to the AASB by 8 November 2019.... Read more

The AASB is running a series of roundtables for the for-profit and not-for-profit sectors, in regards to ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities, and ED 295 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-profit Tier 2 Entities... Read More

The AASB currently has two vacancies available for a pair of outstanding candidates to join the Board, starting in January 2020 and running for a three year term (with a possible extension available). More information about the positions can be found here: http://www.frc.gov.au/recruitment/

Treasury is now accepting applications for the role of AASB Chair, which is expected to commence in February 2020 on either a full or part-time basis. The Chair of the AASB has statutory responsibility for the management of the Office of the AASB. The successful candidate will represent the AASB as a member of the Financial Reporting Council, which has strategic oversight responsibilities in relation to accounting and auditing standard setting in Australia. The AASB also works closely with the International Accounting Standards Board in the development of global accounting standards. To assist in the process, current Chair Kris Peach has accepted an extension of her term to February 2020, and will not be participating in this appointment process. 

To learn more about this opportunity, please visit here: https://bit.ly/2lM03UG

ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities is proposing to remove the ability of for-profit large proprietary, unlisted public (other than companies limited by guarantee) and small foreign-controlled companies to publicly lodge special purpose financial statements (SPFS) with the Australian Securities and Investments Commission (ASIC).... Read more

Research Report 11 findings indicate that for the 36% of charities lodging special purpose financial statements (SPFS) with ACNC, the transparency of these SPFS is poor. Only 26% of charities preparing SPFS state whether they comply with all recognition and measurement (R&M) requirements in Australian Accounting Standards, 30% state they do not comply, and for the remaining 44%, it is not clear whether or not they complied with R&M requirements.... Read more

The AASB commissioned a research project into how extensively special purpose financial statements (SPFS) are used by for-profit large proprietary, small foreign controlled companies and unlisted public companies (other than companies limited by guarantee) lodging with ASIC, remains extensive at 71% (2011 66%).... Read more

ED 296 Disclosure of Accounting Policies proposes amendments to help entities provide accounting policy disclosures that are more useful to primary users of financial statements.

Please submit your comments to the AASB by 28 October 2019 via the AASB website, LinkedIn or email.... Read more

ED 295 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities proposes replacing the current Reduced Disclosure Requirements (RDR) in the Australian Accounting Standards (AAS) with a new, separate disclosure standard (the Simplified Disclosure Standard) that would apply to all entities that report under Tier 2 of the differential reporting framework set out in AASB 1053 Application of Tiers of Australian Accounting Standards.

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ED 294 Deferred Tax related to Assets and Liabilities arising from a Single Transaction proposes narrow scope amendments to AASB 112 Income Taxes. According to the proposed amendments, the initial recognition exemption in the Standard would not apply to leases and decommissioning obligations—transactions for which companies recognise both an asset and a liability. The proposed amendments would result in companies recognising deferred tax on such transactions. Please submit your comments to the AASB by 18 October 2019 via the AASB website, LinkedIn or email.

AASB staff will present on the Exposure Draft proposing amendments to the Standards to replace the existing definition of a not-for-profit entity with a substantive definition and add implementation guidance.  The proposed definition has two interdependent parts: (1) the primary objective to provide goods or services for community or social benefit, and (2) the provision of any equity is to support that objective rather than for a financial return to equity holders.  The ED also proposes various key indicators to assist in determining whether an entity meets the definition of a NFP entity.

In addition to discussing the details of the proposals, staff will also cover the illustrative examples in the proposed Implementation Guidance.

The webinar is scheduled for Tuesday 27 August 2019, from noon AEST. 

To register click here.

AASB staff will present on the recently issued Exposure Draft proposing to require entities lodging special purpose financial statements (SPFS) with the Australian Securities and Investments Commission and not-for-profit entities lodging SPFS with the Australian Charities and Not-for-profits Commission to disclose an explicit statement as to whether or not the accounting policies applied in the SPFS comply with all the recognition and measurement requirements in Australian Accounting Standards.... Read more

The AASB Insurance Transition Resource Group (TRG) will meet with Sue Lloyd, IASB Vice-Chair, on 22 August 2019 at 9am to discuss the proposed amendments to IFRS 17 Insurance Contracts.

The session will be hosted by EY Sydney and will be open to the public.

Save the date and book your place now, as spaces are limited!

ED 293 proposes to require entities lodging special purpose financial statements (SPFS) with the Australian Securities and Investments Commission and not-for-profit entities lodging SPFS with the Australian Charities and Not-for-profits Commission to disclose an explicit statement as to whether or not the accounting policies applied in the SPFS comply with all the recognition and measurement (R&M) requirements in Australian Accounting Standards (AAS).... Read more

ED 292 proposes targeted amendments to AASB 17. It also proposes to defer the effective date of AASB 17 by one year to annual reporting periods beginning on or after 1 January 2022. Please submit your comments to the AASB by 30 August 2019... Read more

Each year, the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB) invite one or more graduate or postgraduate Accounting students to participate in their Graduate Program. The Graduate Program will allow students to gain experience and exposure to all facets of accounting and auditing standard setting, from the technical behind-the-scenes work required to create or amend standards, through to project management, communications, and research. Applications close August 30, 2019, click here for further information

The AASB and AUASB experienced technical difficulties between 9am on Friday, June 21 and 3pm on Monday, June 24. As a result, incoming emails were not received. We apologise for this inconvenience and kindly ask you to re-send any emails you attempted to send during this period. All email activity has resumed as normal and no further delays or interruptions are expected at this point in time.

The AASB is seeking to expand the membership of its academic advisory panel (AAP). The AAP brings together influential financial reporting academics to help the AASB meet its strategic objectives. Please refer to the Call for Applicants for more information and selection criteria. Applications are requested to research@aasb.gov.au by Wednesday 3 July.

This proposed Standard would amend the transitional relief available to grantors when implementing AASB 1059 Service Concession Arrangements: Grantors.  Comments are due 17 July 2019.... Read more

ED 291 Not-for-Profit Entity Definition and Guidance proposes to replace the existing definition of a not-for-profit (NFP) entity with a substantive definition. The proposed definition has two interdependent parts: (1) the primary objective to provide goods or services for community or social benefit, and (2) the provision of any equity is to support that objective rather than for a financial return to equity holders.... Read more

ED 290 Reference to the Conceptual Framework proposes narrow-scope amendments to AASB 3 Business Combinations to update the reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.... Read more

New Conceptual Framework for Financial Reporting:  A new Conceptual Framework has been issued for for-profit private sector entities that have public accountability and are required by legislation to comply with Australian Accounting Standards. ... Read more

Kris Peach (AASB Chair) and Roger Simnett (AUASB Chair) recently sat down with John Purcell, Policy Adviser ESG at CPA Australia to discuss climate-related risks disclosures.

Listen to the Podcast here.

ED 289 Annual Improvements to Australian Accounting Standards 2018–2020 proposes to amend AASB 1 First-time Adoption of Australian Accounting Standards, AASB 9 Financial Instruments, AASB 16 Leases and AASB 141 Agriculture. Annual improvements are limited to changes that either clarify the wording in the Standard or correct relatively minor unintended consequences, oversights or conflicts between requirements in the Standards. Please submit your comments to the AASB by 31 July 2019 via the AASB website, LinkedIn or email.

The AASB is now open to receiving Expressions of Interest from academics for next year's Research Forum. For more information about the forum, as well as the submissions process, please click here

At the AASB Board meeting on 30 April, the Board made a decision to propose illustrative examples to help public sector entities apply some of the principles in AASB 13 Fair Value Measurement.... Read more

ED288 Interest Rate Benchmark Reform proposes to amend AASB 9 Financial Instruments and AASB 139 Financial Instruments: Recognition and Measurement, to provide relief from specific hedge accounting requirements that could have resulted in the discontinuation of hedge accounting due solely to the uncertainty arising from interest rate benchmark reform. Please submit your comments to the AASB by 31 May 2019 via the AASB website, LinkedIn or email.

The AASB and AUASB have released the latest version of Climate-related and other emerging risks disclosures: assessing financial statement materiality using AASB/IASB Practice Statement 2, which was originally published in December 2018.

Given investor statements on the importance of climate-related risks to their decision making, the impact of the materiality definition and AASB/IASB Practice Statement 2 Making Materiality Judgements, entities can no longer treat climate-related risks as merely a matter of corporate social responsibility, but should also consider them in the context of their financial statements.

Two years ago, we celebrated 50 years of accounting and audit standard setting in Australia, in what was an inspiring evening about where we've been, where we are, and where we want to go next. We look forward to hosting another alumni event later this year, and in the meantime, would like to share this short highlights video with you all.... Read more

Footprint News recently interviewed AASB Chair, Kris Peach, about climate risk disclosures and the guidance supplied by the AASB.

Are you a public sector entity that needs to account for the provision of emergency relief services or other general services, such as health care, education or defence? If yes, you are encouraged to provide comments to the International Public Sector Accounting Standards Board (IPSASB), on its recently issued Exposure Draft (ED) 67 Collective and Individual Services and Emergency Relief, which proposes guidance on accounting for collective and individual services (eg. defence and health care), as well as emergency relief. Comments are due to the IPSASB by 31 May 2019.... Read more

Join us for the Staff Commentary and FAQs for Co-operatives and Mutuals webinar on February 26, 2019.... Read more

The Australian Accounting Standards Board (AASB) in conjunction with Monash University, will be co-hosting the 2019 AASB Research Forum on Monday, November 25, where academics and financial reporting stakeholders from the for-profit and not-for-profit sectors will come together to discuss the following three research projects..... Read more

New compilations for reporting periods beginning on or after 1-1-19 have now been published on the AASB website..... Read more

Consequential amendments to support the AASB issuing the Conceptual Framework for Financial Reporting are set out in the proposed Standard AASB 2019-X.  Comments to the AASB on any fatal flaw with the consequential amendments are due by 22 March 2019.... Read more

It is with great sadness that we acknowledge the passing of Professor Graham Peirson, a prominent accounting academic and author, and a former member of the Australian Accounting Standards Board (2000-2002).... Read more

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

The AASB has clarified the definition of a business and the definition of ‘material’ through two new amending Standards.... Read more

If you are in an industry impacted by climate-related risks your financial reporting considerations have now changed as a result of your investors publicly stating that their decisions are being impacted by climate-related risks..... Read more

78% of primary users said if SPFS do not consistently apply recognition and measurement requirements in Australian Accounting Standards, then this is an issue that needs to be addressed.... Read more

Representatives of the Australian Accounting Standards Board (AASB) and the Accounting Standards Board of Japan (ASBJ) met on 4 December, 2018 in Tokyo, Japan. At this meeting, the Boards agreed to continue their collaboration in a joint project addressing intangible assets. Read more

AASB Chair, Kris Peach, welcomed the appointment of two new members of the Australian Accounting Standards Board, as announced today by the Financial Reporting Council (FRC).... Read more

ED 286 Amendments to Australian Accounting Standards – Right-of-Use Assets of Not-for-Profit Entities proposes a temporary option for not-for-profit lessees to elect to measure right-of-use assets at initial recognition at cost rather than at fair value for ‘peppercorn leases’. The Exposure Draft is open for comment until 7 December 2018.... Read more

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

The ATO supports the AASB’s consultation to enhance transparency for entities preparing special purpose financial statements (SPFS): The ATO has made the following statement this week:

“The ATO is supportive of the AASB’s proposed approach to consulting on a series of principles or concepts for enhancing the transparency of entities currently preparing Special Purpose Financial Statements as part of adopting the revised Conceptual Framework issued by the International Accounting Standards Board and for inclusion in Australian Accounting Standards by 2021.”

The AASB will continue to work with the ATO and other regulators to improve the consistency, comparability and transparency of financial reports prepared in accordance with Australian Accounting Standards.

ASIC supports the AASB’s consultation to remove special purpose financial statements: ASIC has made the following statement this week:

“ASIC fully supports the consultation to remove special purpose financial statements for entities regulated by ASIC and remove the subjective ‘reporting entity’ test under SAC 1 facilitating a comparable, consistent and transparent framework for preparation of financial statements in Australia.”

The AASB will continue to work with ASIC and other regulators to  improve the consistency, comparability and transparency of financial reports prepared in accordance with Australian Accounting Standards. 

Fatal-flaw review draft: Proposed Standard Amendments to Australian Accounting Standards – Deferral of AASB 1059: This proposed Standard would amend the mandatory effective date of AASB 1059 Service Concession Arrangements: Grantors so that AASB 1059 would be required to be applied for annual reporting periods beginning on or after 1 January 2020 instead of 1 January 2019 ... Read more

AASB Meeting: A shift in focus regarding the Conceptual Framework project – During the AASB meeting held on 4 September, the Board decided that proposals in ITC 39 will apply only to for-profit entities. The Board will continue working with the ACNC and other regulators in the not-for-profit (NFP) sector to develop a separate consultation document with targeted proposals for NFP private sector entities in due course. ... Read more

New Amending Standard AASB 2018-4: Implementation Guidance for Not-for-Profit Public Sector Licensors: This amending standard provides clarity for not-for-profit (NFP) public sector licensors around the application of Australian Accounting Standards for the revenue from licences they issue. ... Read more

Three vacancies currently exist for appointment as a part-time member of the Australian Accounting Standards Board (AASB). In addition, there is a possibility of appointing an extra at large member, should there be an outstanding candidate not meeting the three specific vacancies.... Read more

AASB 2018-3 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements is now available on the AASB website.... Read more

In response to increasing demand from investors and other stakeholders for more than just financial statements, the Financial Reporting Council (FRC) has released its Position Statement on External Reporting. ... Read more

Invitation to Comment: ITC 41 The AASB’s Approach to International Public Sector Accounting Standards. To continue contributing to the development of high-quality accounting standards for not-for-profit public sector entities, the AASB has developed a draft policy document that proposes to replace the AASB Approach to IPSASs.... Read more

AASB Staff FAQs for Co-operative and Mutual Enterprises: Developed for existing and potential members of Co-operative and Mutual Enterprises (CMEs) and users of their financial statements, this FAQ explores how these types of entities differ from other organisations, and what implications these differences might have when assessing their financial position and performance.

Open for registration: Roundtables – Enhancing financial reporting and replacing special purpose financial statements: The AASB is hosting a series of roundtables across Australia (Melbourne, Brisbane, Sydney, Adelaide, Darwin and Perth) in September to obtain constituents’ views on proposals put forward as part of our Revised Conceptual Framework project.

Register now.

AASB Surveys – Preparers and users of financial statements: The AASB invites you to contribute to our research by completing one, or both, of our 10-15 minute surveys. Developed to help us better understand what financial statements are currently being prepared as well the requirements of readers of for-profit entities’ financial statements, your response will feed into our Revised Conceptual Framework project.

New AASB Staff FAQ for Not-for-profit Entities: Developed in conjunction with BDO Australia, this is a first-release of an AASB Staff FAQ which addresses questions specific to not-for-profit entities in relation to AASB 15 Revenue from Contracts with Customers, AASB 1058 Income of Not-for-Profit Entities and AASB 16 Leases.

The AASB urges full commitment to the goal of a single, high-quality set of international accounting standards, in its submission to the European Commission's consultation on the EU framework for public reporting by companies.

AASB Chair Kris Peach appointed to the IASB Management Commentary Consultative Group: We are pleased to announce AASB Chair Kris Peach’s appointment to the IASB’s Management Commentary Consultative Group (Consultative Group). ... Read more

Invitation to Comment: ITC 40 Financial Instruments with Characteristics of Equity – The International Accounting Standards Board has recently published Discussion Paper DP/2018/1 Financial Instruments with Characteristics of Equity.... Read more

Webinar: Options for replacing Special Purpose Financial Statements – recording and slide pack available: On Thursday 21 June we hosted a webinar as part of our consultation on replacing the reporting entity concept and removing the option for special purpose financial statements. Links to the webinar recording and slide pack are included in the project's Hot Topic document.

June 2018 Action Alert and podcast available: Important progress was made at the AASB 14 June 2018 meeting on projects including Implementation Guidance for NFP Public Sector Licensors, Reduced Disclosure Requirements and Consolidated and Separate/Individual Financial Statements.... Read more

Conceptual Framework Briefing Sessions – summary document available: In May 2018, the AASB ran sessions in Melbourne, Sydney, Brisbane, Adelaide and Perth to brief stakeholders on the AASB’s proposed two-phased approach described in Consultation Paper ITC 39 to apply the IASB’s revised Conceptual Framework (RCF) in Australia. This summary document outlines the feedback received during those sessions.

Hot Topic update: Applying the IASB’s Revised Conceptual Framework and Solving the Reporting Entity and Special Purpose Financial Statement Problems. Recent updates on this project are included in this Hot Topic.... Read more

Podcast: AASB Chair Kris Peach speaks with Accountants Daily on issues around applying the IASB’s Revised Conceptual Framework and solving the reporting entity and special purpose financial statement problems. Also discussed are the upcoming accounting standards on financial instruments, revenue and leases. Listen.

Open for registration: Webinar – Options for replacing SPFS: this webinar forms part of the AASB’s consultation on how to introduce in Australia the recently issued IASB’s revised Conceptual Framework and its effect on financial reporting requirements. Further information.

Hot Topic released – Applying the IASB’s Revised Conceptual Framework and Solving the Reporting Entity and Special Purpose Financial Statement Problems: This Hot Topic provides an overview of the work the AASB has undertaken – including a series of research reports – with regard to the issues faced in introducing the IASB’s revised Conceptual Framework for Financial Reporting into Australia, and improving the consistency, comparability and transparency of financial reports prepared in accordance with Australian Accounting Standards.

New compilations for reporting periods beginning on or after 1-1-18​: New compilations for reporting periods beginning on or after 1-1-18 have now been published on the AASB website.... Read more

New AASB Consultation Paper released: The AASB is exploring how to introduce the IASB’s revised Conceptual Framework for Financial Reporting into Australia, as well as its impact on financial reporting requirements.... Read more

AASB Standard-setting frameworks finalised: Developed via public consultation, the AASB has finalised its Standard-setting frameworks for both for-profit and not-for-profit entities. The frameworks set out how the AASB uses IFRS Standards as a base to develop, issue and maintain Australian Accounting Standards; and to help identify when the AASB should undertake a project to modify IFRS and the form and extent of such modifications.

New AASB Research Report on public sector entities: The financial reporting framework that governs public sector entities has not been reviewed for many years. The public sector needs to be transparent and accountable to parliament for its financial outcomes, with the primacy of the budget and the provision of information for economic management, both nationally and internationally. ... Read more

AASB 2019 Research Forum – Expressions of Interest now open: The AASB is holding its next Research Forum in November 2019. EOIs are sought from academics to work with the AASB and members of its Academic Advisory Panel on research projects that will help the AASB meet its strategic objectives and enable academics to practically demonstrate the impact of their work. Submissions are due on Friday 22 June, 2018. Further information.

Joint AASB-AUASB Perth Forums – May: The AASB and AUASB are collaborating to host the following three forums in Perth next month. Go to the Upcoming Events page for further information and to register.

ED 285 Accounting Policy Changes proposes amendments to AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, that would simplify a voluntary change in accounting policy as a result of an IFRS Interpretations Committee agenda decision. Comments to the AASB are requested by Wednesday 27 June 2018, via the AASB website, LinkedIn or email.

Open for registration: Roundtables – Options for replacing Special Purpose Financial Statements: These roundtables (Melbourne, Sydney, Brisbane, Adelaide and Perth in May) will drive conversation around the end of special purpose financial statements for entities complying with Australian Accounting Standards, brought about by the IASB's upcoming issuance of the revised Conceptual Framework. Read more.

Representatives of the Australian Accounting Standards Board (AASB) and the Accounting Standards Board of Japan (ASBJ) met on 22 and 23 March, 2018 in Melbourne, Australia. This meeting was the first meeting between the AASB and members of the ASBJ. Read more.

Amendments to AASB 119 Employee Benefits through AASB 2018-2 will affect entities with defined benefit plans that modify plan requirements, and will clarify how to measure the net defined benefit liability (asset) and related amounts, such as the current service cost, when the modification occurs during a reporting period.... Read more

AASB submission: ACNC Legislative Review: After seeking the views of charity stakeholders through extensive outreach, the AASB last week made its submission to the ACNC Legislative Review, recommending further work be undertaken by the ACNC, AASB and the AUASB, in consultation with the sector, to develop a suitable reporting framework for registered charities. View the AASB submission

AASB 2018-1 Amendments to Australian Accounting Standards – Annual Improvements 2015–2017 Cycle now available on the AASB website. It is effective for annual periods beginning on or after 1  January 2019.... Read more

Webinar: The Australian Financial Reporting Framework for Charities: on 9 February we hosted a webinar on the Australian Financial Reporting Framework for Charities. This continues the conversation addressing how the framework for charities can be improved which we commenced last November through extensive outreach with charity stakeholders.... Read more

Have your say: AASB Draft Guidance on the Tax Transparency Code – comments due soon: The voluntary Tax Transparency Code (the Code) aims to promote transparency and comparability of key information about entities’ tax situations. At the request of the Board of Tax, the AASB prepared draft guidance to assist entities when performing the Code’s suggested tax reconciliation and the effective tax rate calculation.

 ... Read more

ED 284 Recent Standards – Reduced Disclosure Requirements proposes to provide disclosure concessions for Tier 2 entities for AASB 16 Leases, AASB 1058 Income of Not-for-Profit Entities and AASB 1059 Service Concession Arrangements: Grantors. Please submit comments to the AASB on ED 284 no later than Saturday 31 March 2018 via the website or standard@aasb.gov.au.

Revenue from licences issued by the public sector makes up a significant portion of public sector revenue, but it appears the accounting treatment for these licences under AASB 15 is unclear. To assist those NFP public sector entities that issue licences, the AASB has today released ED 283.... Read more

Important progress made at AASB 12 December 2017 meeting: The forthcoming revised IASB Conceptual Framework would have the effect of removing the existing reporting entity concept in Australia – one implication being the removal of ‘special purpose financial statements’ as a reporting option. The Board will consult with stakeholders on a staggered approach to adopting the revised framework. ... Read more

The AASB has updated its work program as at 27 November 2017. The revised work program includes a more detailed timeline of the Board activities and considerations planned for the forthcoming meetings.

Webinar: Australian Reporting Framework – Charities Following the outreach sessions held last month in Brisbane, Sydney, Adelaide and Melbourne, the AASB is hosting a webinar to share the feedback provided at those sessions and to further explore the type and nature of improvements that could be considered. Further details.

Have your say:  If insurance risk is economically the same, shouldn’t the accounting be the same?

To enhance consistency and comparability in accounting for public sector insurance or ‘insurance-like’ arrangements – whether they arise from contract or by statute – the AASB proposes criteria for identifying and accounting for such insurance-like arrangements.... Read more

The AASB Australian Financial Reporting Framework – Charities outreach sessions concluded on 29 November in Melbourne. These sessions provided a great opportunity for charity stakeholders to have their say and potentially drive a positive change for financial reporting within the sector. View the presentation and feedback summary document.

Have your say: government-delivered social benefit schemes

In a move to enhance the accountability and transparency of government-delivered social benefit schemes, IPSASB has proposed the introduction of recognition and measurement requirements via IPSASB ED 63 Social Benefits. We are keen to hear your views and encourage you to submit your comments... Read more

AASB Event: Accounting Firms Forum – Brisbane. We are pleased to announce the 2017 Accounting Firms Forum will be held in Brisbane on Wednesday 15 November. This event provides the opportunity for constituents to engage directly with the AASB.

The AASB has updated its standard-setting work program as at 13 October 2017.  The revised work program now includes projects that are undertaken by both the IASB and the IPSASB as well as the revised timing of various AASB projects.

AASB Forum featuring IASB Chair Hans Hoogervorst, 10 October, Melbourne: Hans' presentation The Future of Financial Reporting as well as an overview of the key points discussed by the panel are now available. Click here.

Call for feedback: The Australian Transition Resource Group (AASB TRG) for AASB 17 Insurance Contracts is calling for stakeholders to share their implementation questions to help promote a successful transition to the new Standard.
Further information. 

Important progress at 10 October 2017 meeting: the scope of the ED on accounting for revenue from licences issued by public sector entities will be limited to not-for-profit (NFP) public sector entities. The Board provided feedback on a draft Consultation Paper to improve the financial reporting framework for charities and decided to develop examples for NFP entities in relation to the IASB’s Practice Statement 2 Making Materiality Judgements.
Read the full Action Alert.

ED 282 Definition of Material – This ED proposes minor amendments to AASB 101 Presentation of Financial Statements and AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors to clarify the definition of ‘material’ and improve understanding of the current requirements...... Read more

Tax Transparency Code – FAQs and call for feedback: following the June Wolters Kluwer webinar on AASB draft guidance on the Tax Transparency Code, we have developed an FAQ document addressing questions raised about calculating ETRs. Click here to give us your feedback on the guidance via a five-minute survey.

Staff FAQs AASB 1056 Superannuation Entities has been updated to include guidance on Self Managed Superannuation Funds and insurance obligations.

Feedback Statement on the 2017-2019 Agenda Consultation process now available, summarising the AASB’s consideration of stakeholder feedback on potential projects. The recently updated AASB work program incorporates the outcomes.

AASB Strategy 2017-2021: In collaboration with the Auditing and Assurance Standards Board (AUASB), the AASB has developed its strategy for the period 2017/18 – 2020/21. View the strategy and its associated documents.

The FRC is looking to fill three vacancies on the AASB. Expertise in financial instruments, insurance, valuation of non-financial assets (preferably assets in the public sector), or as a user would be valuable. Applications are sought by Sunday 3 September 2017.... Read more

AASB August meeting podcast: Featuring AASB Chair Kris Peach, Technical Director Kala Kandiah and Technical Principal Clark Anstis, this ten-minute podcast summarises the outcomes of the Board’s discussions on a number of the AASB’s key projects.... Read more

Issued: Interpretation 23 Uncertainty over Income Tax Treatments has been issued and will be effective from 1 January 2019. Further information.

The primary objective of the AASB Research Centre is to provide thought leadership on financial reporting issues. Click here to view the proposed strategies and activities for the Centre to the period 2019.

We are pleased to extend our congratulations to Colin Pavlovich (Executive General Manager – Group Accounting, Assurance & Risk at Wesfarmers) for his recent appointment to IFRS' Global Preparers Forum.

Media release: the costs, benefits and risks of infrastructure and other public service projects will be more transparently and consistently reported to taxpayers under the new standard AASB 1059 Service Concession Arrangements: Grantors released today. Read more

Insurance accounting in Australia is now on the path to global harmonisation with the issue of AASB 17 Insurance Contracts, incorporating the recently published IFRS 17 Insurance Contracts. AASB 17 is effective for annual reporting periods beginning on or after 1 January 2021, to align with IFRS 17. Earlier application is permitted.

AASB 1056 Superannuation Entities – the webinar recording, presentation and post-session Q&A document are now available via the website.

The AASB has updated its standard-setting work program as at 14 July 2017 ...... Read more

Employment opportunities at the AASB: we are seeking applicants for a number of technical roles including the Research Director role along with several Technical Manager positions. 
Further information.

AASB Provisional Strategy available for public comment: In collaboration with the Auditing and Assurance Standards Board (AUASB), the AASB has developed a provisional strategy for the period 2017/18 – 2020/21. The strategy is available for public comment until Friday 4 August ... read more

Media Release: More Australian companies could be recognising amounts in dispute with the Australian Tax Office (ATO) in financial reports, under new guidance from the IFRS Interpretations Committee (IFRIC). The IFRIC guidance will be issued by the Australian Accounting Standards Board (AASB) shortly. Read more

End of an era:  30 June 2017 marks the end of the AAS series of accounting standards, with AAS 25 Financial Reporting by Superannuation Plans being superseded by AASB 1056 Superannuation Entities from the current financial year.  The accounting profession’s Standards were first labelled as AAS Standards in 1979, and officially identified as ‘Australian Accounting Standard AAS X’ from 1989, with the issue of AAS 1 Profit and Loss or other Operating Statements.

Important progress at 27 June 2017 meeting: the Board decided the project scope of accounting for licences issued by not-for-profit public sector entities. A consultative document on not-for-profit private sector entities’ reporting thresholds and requirements will be developed and the Board decided to vote on AASB 10XY Service Concession Arrangements: Grantors early in July. Full text of Action Alert for this meeting is now available on AASB website.

Proposals to make narrow-scope amendments to AASB 116 Property, Plant and Equipment are now available. The proposals specify that proceeds from selling items produced while bringing an item of property, plant or equipment to the location and condition necessary for it to be capable of operating in the manner intended by management (eg inventory produced while testing machinery) are to be recognised in profit and loss, and should not be deducted from the cost of the asset. Comments to the AASB are required by 18 September 2017.

Australian Accounting Standards Board Research Director Professor Ann Tarca is the second Australian to be appointed to the International Accounting Standards Board (IASB). Announced overnight by the Trustees of the IFRS Foundation – the body responsible for the governance and oversight of the IASB ... read more

We are delighted to see AUASB Chair Roger Simnett recognised for his contribution to the accounting and auditing professions with his appointment to the Order of Australia as announced in yesterday's Queen's Birthday honours. See the AUASB announcement.

We are proud to announce this year’s AASB Research Forum will be hosted by the University of Melbourne, Department of Accounting. To be held on 24 November, the forum will explore the topic of effective communication of financial and narrative reporting. The following research papers will be presented for discussion ... Read more

Hosted by Wolters Kluwer on 26 June, in this webinar AASB Chair Kris Peach will walk participants through the AASB's guidance prepared to help corporations meet the Tax Transparency Code recommendations. Kris will be joined by Karen Payne, CEO of the Board of Taxation, who will provide background and history of the Tax Transparency Code.
Further details and registration

How useful are the disclosures of Level 3 fair value measurements? What issues do you encounter when applying the ‘highest and best use’ concept...... Read more

The AASB is seeking expressions of interest from suitably qualified academics to join one or more of three advisory bodies which assist the AASB to develop high quality standards for use in the for-profit and not-for-profit sectors in Australia.... Read more

Webinar: AASB 1056 Superannuation Entities – hosted by AASB CEO Kris Peach and Acting Assistant Technical Director Clark Anstis, this webinar will provide an opportunity to discuss implementation issues that have been raised with the AASB. Further information and registration.

A new report AASB and IPSASB Pronouncements – A comparison, gives Australian stakeholders a valuable resource to identify further improvements to not-for-profit (NFP) financial reporting, particularly the public sector. Read more

The FRC has announced the appointment of Professor Stephen Taylor as member of the Australian Accounting Standards Board (AASB). Professor Taylor is Professor of Accounting at UTS Business School. Read more

How can the effectiveness of disclosures for users of general purpose financial statements be improved? The AASB is pleased to announce outreach events in Melbourne, Perth and Sydney in June where you can have your say on the IASB’s Discussion Paper DP/2017/1 Disclosure Initiative – Principles of Disclosure. Further information and registration.

Australian insurance analysts and preparers will benefit from improved international comparability offered by IFRS 17 Insurance Contracts, issued today by the International Accounting Standards Board. ...Read more

A report released today gives Australian stakeholders a valuable resource for further conversation about the adoption of international accounting standards for the not-for-profit (NFP) public sector. The AASB Staff Report, AASB and IPSASB Pronouncements – A Comparison is a comprehensive analysis of how Australia’s AASB Accounting Standards differ from International Public Sector Accounting Standards.

Australian stakeholders (and international investors) wanting to see clearer and more consistent and comparable tax reporting this financial year will benefit from new guidance from the Australian Accounting Standards Board (AASB) on how to implement the Board of Taxation’s Voluntary Tax Transparency Code (the Code) ... read more

Preparers and auditors of not-for-profit financial statements now have the opportunity to better understand the extent and rationale to which Australian-specific modifications have been made to IFRS Standards, following today’s release of AASB Staff Paper: Modifications to Australian Accounting Standards for Not-for-Profit Entities.... Read more

The AASB is hosting a webinar on ED 277 Reduced Disclosure Requirements for Tier 2 Entities on Tuesday 23 May. Further information and to register.

The AASB has updated its work program as at 10 May 2017.  The revised work program includes the new projects the Board has decided to undertake and the revised timing of issue of a Standard on Service Concession Arrangements: Grantors. 

Did you miss the AASB’s Getting to Know AASB 1058 webinar, or just want to watch it again?  A recording of the webinar is now available on our YouTube channel: https://youtu.be/_qxBckvaQGQ.  Please see the description below the video for a link to download the presentation slides.

Proposals to make narrow-scope amendments to AASB 9 Financial Instruments to allow instruments with symmetric prepayment options to be measured at amortised cost are now available. The IASB is planning to issue the amendments in time for the mandatory effective date of IFRS 9 in January 2018, hence the short comment period.  Please submit any comments to the IASB by 24 May, or the AASB by 17 May.

From this year, superannuation funds will publish financial reports that clearly show the benefits members are entitled to, and whether the fund is likely to be able to pay those benefits ... read more

The AASB has published guidance to assist in understanding and implementing the requirements of AASB 1056 which applies to superannuation entities from the 2016/17 financial year.

IPSASB Consultation Paper Financial Reporting for Heritage in the Public Sector sets out the IPSASB’s preliminary views on the accounting for heritage items.  Outcomes from the IPSASB project could be the catalyst for future change to the accounting for heritage assets in Australia.... Read more

The Agenda Decision published today clarifies that KMP related party transactions that occur outside a public services provider/taxpayer relationship will not always be material for disclosure... Read more

Coinciding with the release of IFRS 17, the AASB invites you to attend this unique opportunity to learn about this new standard from IASB Vice-Chair, Sue Lloyd. Sue will present on the key requirements of IFRS 17 and will be available to respond to your questions during the Q&A session that will follow. Click here for further information and to register.

Research Forum 2017: We are very pleased to advise we received 21 submissions of Expressions of Interest from researchers...Read more

ED 278 Improvements to AASB 8 Operating Segments proposes amendments to AASB 8 and AASB 134. Some of the main proposed changes to AASB 8 are:... Read more

Congratulations to former AARF Chair John McKenzie Hilliard AO FCA whose 70 years of membership with Chartered Accountants Australia & New Zealand (the Institute of Chartered Accountants) was recently commemorated. Read more.

The following events are running in Sydney, Canberra and Melbourne this month:

> Roundtable Discussion: Have your say on Reduced Disclosure Requirements
> Education Session: Get to Know AASB 1058 Income of Not-for-Profit Entities

The AASB has updated its standard-setting work program as at 30 March 2017... Read more

Accounting for income of not-for-profit entities has received a long-awaited overhaul with the issue of AASB 1058 Income of Not-for-Profit Entities in December 2016.

This education session provides a high-level overview of the key requirements of AASB 1058 and how they might apply to you.... Read more

Released today, an Australian Accounting Standards Board (AASB) report finds Australia’s adoption of the International Financial Reporting Standards (IFRS) has been relatively smooth for most Australian business entities. Extra support however, is warranted for not-for-profit (NFP) entities ... Read more

March 2017 Action Alert is now available
Important progress at 27 March 2017 meeting: the Board discussed feedback on the public fatal-flaw draft of Service Concession Arrangements: Grantors (SCA) and also its Related Party Disclosures agenda decision.  Some revisions and clarifications to be made to the draft SCA Standard with publication expected in the second quarter.  The Board decided to finalise its agenda decision regarding the materiality of key management personnel related party transactions of not-for-profit public sector entities with some amendments.  Full text of Action Alert for this meeting now available on AASB website.

This year’s Research Forum will be held in Melbourne on Friday 24 November, 2017 with the focus being on effective communication of financial and narrative reporting.

AASB Research Director, Professor Ann Tarca commented, “Consistent with the IASB’s strategy, the Forum will bring together academics and financial reporting stakeholders from the for-profit and not-for-profit sectors to discuss research addressing effective communication of financial and narrative reporting. ... Read more

New accounting requirements for public sector grantors of service concession arrangements are now available for comment to the AASB as a ‘fatal-flaw’ draft until 14 March 2017.

These new requirements will address the lack of a specific Australian Accounting Standard for the accounting for Service Concession Arrangements (SCA) from the grantor’s perspective. The requirements could result in significant assets and liabilities being added to government balance sheets.... Read more

The FRC is seeking to appoint to the AASB an individual who has significant academic experience, particularly in conducting and evaluating empirical research in a business related area. It is expected that the successful applicant will be appointed from 1 May 2017.

Applications are sought by Monday 13 March 2017.

FRC position outline / Selection criteria / Appointment framework / Remuneration Tribunal policy document.

The inaugural AASB Research Forum, held in November 2016 at the University of Technology Sydney, included a keynote delivery by IASB Vice-Chair Sue Lloyd.

Her presentation Research and Standard-setting – How to contribute to the IASB's work is now available for download via the AASB website.

Financial reports are set to become more relevant and concise with significant proposed improvements to Reduced Disclosure Requirements (RDR).  ED 277 Reduced Disclosure Requirements for Tier 2 Entities proposes changes to RDR and in some places major reductions to the requirements.  The proposals are based on a new decision-making framework the AASB and NZASB have jointly developed to further assist any entities that prepare under RDR in either country.  Comments, whether formal or informal, on the ED are requested by 26 May 2017. Read more

ED 276 Annual Improvements to Australian Accounting Standards 2015-2017 Cycle proposes amendments to AASB 112, AASB 123 and AASB 128.  The clarifications pertain to ...... Read more

We are excited to announce the appointment of Professor Ann Tarca to the position of Research Director at the AASB.

The appointment of an academic professor to this role recognises the vital contribution research plays in the development of high quality accounting standards.  The role will also lead to greater collaboration between academia, business and the AASB.... Read more

Coinciding with the release of IFRS 17 Insurance Contracts, the AASB hosted a presentation and Q&A session where participants could to speak directly with IASB Vice-Chair Sue Lloyd, who has broad knowledge on this topic. Sue's presentation, IFRS 17 – the first truly international IFRS Standard for insurance contracts, is now available.

The Offices of the AASB and AUASB will close for the Christmas - New Year holiday period from 5.00pm on Friday 23 December and will re-open at 9.00am on Tuesday 3 January 2017.  We take this opportunity to wish you a safe and happy Festive Season.

The AASB has updated its standard-setting work program as at 22 December 2016... Read more

As discussed at the AASB Board Meeting on 14 December, AASB Tentative Agenda Decision Materiality of Key Management Personnel Related Party Transactions for Public Sector Entities is now available for comment by 8 February 2017. The Tentative Agenda Decision addresses whether a transaction with a KMP related party, that is not part of a public services provider/taxpayer relationship, is always material for disclosure in financial statements.

Financial reporting for not-for-profit entities will now more closely reflect economic reality. Revenue from grants and donations will be recognised when any associated performance obligation to provide goods or services is satisfied, and not immediately upon receipt as usually occurs with current standards.... Read more

The Australian Accounting Standards Board (AASB) welcomes the the appointment of Professor Roger Simnett as new Chair of the Auditing and Assurance Standards Board (AUASB)....Read more

Australian Accounting Standards Board (AASB) Chair and CEO Kris Peach, along with the AASB staff thank outgoing board members, Peter Carlson, Anna Crawford and Steve Mitsas, whose board member terms end on 31 December 2016.... Read more

The AASB will be presenting two papers to the ASAF 2016 December Meeting. The first paper, Digital currency – A case for standard setting activity, A perspective by the Australian Accounting Standards Board, recommends the IASB develop a standard that addresses the accounting for investments in intangible assets or other commodity type assets that are not financial instruments or inventory.

The second paper Country-by-country reporting: Update on AASB approach recommends standard-setters take a leadership role in improving income tax disclosures for users of financial reports.

Important progress at 14 November 2016 meeting: the board discussed pre-ballot drafts of the Income of Not-for-Profit Entities Standards.  Transfers to enable an entity to acquire or construct a non-financial asset to be controlled by the entity must result in a recognisable asset and significant transition relief for some assets previously acquired but not accounted for under AASB 1004 Contributions.  Full text of Action Alert for this meeting now available on AASB website.

Board Papers for the AASB meeting No. 154 to be held on 14 November, are now available.

The AASB and AUASB are excited to announce that we have commenced recruitment for a further two newly created roles: a Finance and Risk Manager and a Communications Manager. Click here for further information.

The AASB would like to invite you to a director-only discussion forum with IASB Vice-chair, Sue Lloyd. The IASB is looking for director feedback on issues including defining operating profit and EBIT, and improving the reliability of underlying earnings and other non-GAAP financial measures. Click here for event details and how to register.

The AASB and AUASB are excited to announce that we have commenced recruitment for four newly created technical roles: Research Director, AASB; Technical Director, AUASB; Project Manager, AASB; and an Assistant Project Manager, AUASB. Click here for further information.

The AASB would like to invite you to a CFO-only discussion forum with IASB Vice-chair, Sue Lloyd. The IASB is looking for direct CFO feedback on issues including defining operating profit and EBIT, and improving the reliability of underlying earnings and other non-GAAP financial measures. Click here for event details and how to register.

What are the key findings from the academic research about IFRS adoption in Australia? Find out from the AASB Research Report No. 3 – The impact of IFRS adoption in Australia: Evidence from academic research.... Read more

AASB 4 Insurance Contracts has been amended by AASB 2016-6 to allow entities to modify their application of AASB 9 Financial Instruments either through the 'overlay approach’ or by temporarily deferring AASB 9 when their activities are predominantly connected with insurance. The amendments do not apply to insurance contracts subject to AASB 1023 and AASB 1038.... Read more

Register Now: The AASB’s inaugural Research Forum will be held on 24 November 2016 at University of Technology Sydney. The forum will bring together a wide range of financial reporting stakeholders, including policy makers, preparers, auditors, analysts, directors, academics and standard-setters to discuss implications from recent academic research (on the key topics of the reporting framework and financial instruments with the characteristics of equity) and its contribution to future financial reporting. Further information is available from the AASB Upcoming Events Page.

The AASB would like to invite you to an investor-only discussion forum with IASB Board Member, Sue Lloyd. The IASB is looking for direct investor feedback on issues including defining operating profit and EBIT. Investor feedback on accounting standards is critical to ensuring investors get the information they need, without unnecessary detail, and that reported results are clear and consistent. Click here for more details and registration.

New income recognition requirements for not-for-profit (NFP) entities are now available for comment as a ‘fatal flaw’ draft.... Read more

On Monday, 12 September, Board members and staff of both the AASB and AUASB conducted a joint strategy meeting.  The purpose of the meeting was to reflect on the common challenges and opportunities that face both Boards and also how the Boards might better serve the Australian economy given significant technological change. Also in attendance was Bill Edge, Chair of the Financial Reporting Council.... Read more

The AASB has updated its standard-setting work program as at 7 September 2016. Redeliberations on the Income of Not-for-Profit Entities project are now complete, and the standard is targeted for issue in Q4 2016. Timing of redeliberation on the AASB’s project on Service Concession Arrangement: Grantor has been updated to Q4 2016.

The Australian Accounting Standards Board (AASB) and the Australian Auditing and Assurance Standards Board (AUASB) are pleased to announce the appointment of Justin Lachal to the role of National Director, supporting both the AASB and the AUASB.... Read more

The AASB has cancelled its 18-19 October 2016 meeting. However, the AASB plans to have a one day meeting in November 2016. The meeting on 13-14 December 2016 is expected to run as scheduled.

Important progress at August 2016 meeting: Income of NFP Entities – AASB 10XX Income of Not-for-profit Entities is to be effective from 1 January 2019, consequently AASB 15 will be deferred for NFP entities to the same date; Insurance – scope of forthcoming insurance standard to be clarified for public sector entities. Full text of Action Alert for this meeting now available on AASB website.

The Financial Reporting Council is seeking applications from interested persons for appointment of members of the AUASB and AASB.  Applications are sought by 11 September 2016.... Read more

The Agenda and Board Papers for the AASB meeting No.153 to be held on 30-31 August  2016, are now available.

Australia and Korea are taking a lead role in tackling practical issues around the consistency of International Financial Reporting Standards (IFRS), with the launch of a new report on differences in the interpretation of common accounting terms in Korea and Australia.... Read more

Some financial instruments are unique to the public sector, such as

• special drawing rights;
• currency in circulation; and
• monetary gold,

Neither International Financial Reporting Standards nor International Public Sector Accounting Standards specifically address these instruments.... Read more

Having difficulty accounting for certain types of share-based payment transactions under AASB 2 Share-based Payment? The AASB has issued AASB 2016-5 Amendments to Australian Accounting Standards – Classification and Measurement of Share-based Payment Transactions.... Read more

Having difficulty applying the definition of a business? Exposure Draft
ED 275 Definition of a Business and Accounting for Previously Held Interests proposes to amend AASB 3 Business Combinations and AASB 11 Joint Arrangements to clarify this and accounting for previously held interests.

Comments on ED 275 are requested to the AASB by 23 September 2016.

If you are an NFP entity with specialised assets, you will be pleased to know that impairment requirements for such assets have been simplified.... Read more

The AASB has updated its standard-setting work program as at 30 June 2016. The AASB’s project on Depreciated Replacement Cost as a Measure of Value in Use is now complete with the making of a Standard amending AASB 136 Impairment of Assets. Expected publications in July – Standard amending AASB 2 Share-based Payment clarifying the classification and measurement of share-based payment transactions and an Exposure Draft exposing proposals on Definition of a Business and Remeasurement of Previously Held Interests.

The AASB will be launching a new subscription service from 1 July 2016 and discontinuing our current subscription service. To receive future updates from the AASB, please subscribe to our new mailing list.

Important progress at June 2016 meeting: Income of NFP Entities – focus to be ‘resource inflows’, examples on perpetual endowments and a principle on capital grants; Service Concession Arrangements – financial liability model for ‘shadow’ user payments; Insurance – noted significant differences from existing GAAP, agreed more background needed on public sector insurer impacts, overall support for likely revised standard; RDR – agreed draft Australia-NZ Policy Statement for determining Tier 2 disclosures. Full text of Action Alert for this meeting now available on AASB website.

In this week’s international update: The IASB made its announcement of 2 new membership vacancies, as well as amendments for IFRS 2 Share-based payment transactions. The FASB issued a new guidance on accounting for credit losses. 

In this week’s international update: IASB released a webinar on the Principles of Disclosure project, and agenda papers for the July ASAF meeting. EFRAG recommends endorsement of Recognition of Deferred Tax Assets for Unrealised Losses: Amendments to IAS 12.

In this week’s international update: Agendas for the IFRS Advisory Council meeting and the joint meeting of the CMAC and the Global Preparers Forum are available. The IOSCO proposed guidance on non-GAAP financial measures. EFRAG recommends endorsement of the IASB's amendments to IAS 7.