News

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

Directors, trustees and others responsible for the preparation of financial statements make continuous judgements about materiality. The AASB Practice Statement 2 Making Materiality Judgements provides practical guidance and examples which may help in discussions with auditors and regulators. The AASB’s practice statement includes examples that are specific to not-for-profit private and public sector entities.

Office closure: our offices will be closed for the holiday period on 5 pm Friday 22 December and will re-open at 9 am on Monday 8 January 2018. We wish you a happy and safe holiday.

New Australian Accounting Standards: Three narrow-scope amending Standards and a new principal version of AASB 1048 have been released.... 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

2017 AASB Research Forum – presentations available: Held on Friday 24 November at the University of Melbourne, Department of Accounting, the forum brought together academics, practitioners and regulators to explore the topic of effective communication of financial and narrative reporting. View the presentations.

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.

We are pleased to announce Professor Christine Helliar will be the new AASB Research Director.  The University of South Australia Business School, where she is a Professor at the School of Commerce, is providing Professor Helliar on a part time contract basis.... Read more

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

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 Discussion Paper: Improving Financial Reporting for Australian Charities – this Paper aims to facilitate conversation in the charity sector with regard to providing input into the upcoming ACNC legislative review.... 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.

Registration now open: AASB Outreach: Australian Reporting Framework – Charities: November's outreach sessions are designed to inform charities and stakeholders to assist them in preparing for the upcoming Australian Charities and Not-for-profits Commission legislative review commencing 3 Dec 2017. Read more.

Media release: Australian charities are burdened with a financial reporting regime that’s overly complex and inconsistent and which fails to promote the sector’s accountability or efficiency, according to research undertaken by the Australian Accounting Standards Board (AASB). Read more.

Save the date: Next month, as part of our Australian Financial Reporting Framework project, the AASB will  undertake outreach designed to inform stakeholders who will feed into the ACNC legislative review. This will follow the release of a research paper and a consultation paper... Read more

Invitation to comment: draft Standard-Setting Frameworks: In order to best develop AASB Standards and determine when specific guidance or modifications are needed, the AASB has prepared draft Standard-Setting Frameworks for constituents to use when submitting requests for changes in the AASB Standards... Read more

Earlier this month, the IFRS Foundation issued the case study report, Better Communication in Financial Reporting – Making disclosures more meaningful which looks at six companies from varied industries and countries – including Australia’s Wesfarmers – and describes their process to improve disclosures.... Read more

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.

Australian insurers will be well-represented at an international group that will support the implementation of a new insurance standard that aims to improve international comparability.... Read more

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

Proposals to make narrow-scope amendments to AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors are now available for public consultation. The proposed amendments would clarify the definition of accounting policies and add a definition of accounting estimates, as well as clarify the distinction between the two. The amendments are a consequence of the IFRS Interpretations Committee being made aware of divergent practice in distinguishing accounting policies from accounting estimates, which could affect an entity’s profit or loss. Comments to the AASB are requested by 17 November 2017.

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.

We are pleased to announce the appointment of Damian Paull to the role of National Director, AASB and AUASB. Damian is a proven CEO with an excellent track record of leadership, change management and building high performance teams.... Read more

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.

2017 Research Forum – keynote confirmed: We are pleased to announce that IASB Vice Chair Sue Lloyd will be delivering the keynote speech at this year’s Research Forum. The forum will take place at Melbourne University’s Faculty of Accounting on Friday 24 November. Registration will open shortly.

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.

Are you in your final year of studies (or graduated in the past two years) and have a keen interest in accounting issues? The AASB invites you to apply for its 12-month graduate program. Successful applicants will have the opportunity to develop in-depth technical knowledge and skills and gain a comprehensive understanding of Australian accounting standards setting. Further information.

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

Proposals to define and restrict use of unusual and infrequent items will significantly improve financial statements...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.

The Agenda and Board Papers for the AASB meeting No.152 to be held on 21-22 June 2016, are now available.

In this week’s international update: IFRS Foundation strengthens cooperation with IOSCO for IFRS standards development and application to promote capital markets transparency.

In this week’s international update: IASB appointed Yang Zheng and Bertrand Perrin to the IFRS Interpretations Committee. KASB has published its research report showing that foreign investors have enlarged their investment portfolios to include smaller firms since the adoption of IFRS.

In this week’s international update: The IASB has confirmed amendments to the current insurance contracts Standard and reappointed Maria Helena Santana and Lynn Wood as Trustees of the IFRS Foundation.

A new role of National Director for the AASB & AUASB has been created. If you are interested in helping the Boards contribute to investor confidence in the Australian market, have strong management, strategic planning and HR skills, and are seeking a genuine leadership opportunity, apply now. 

Having difficulty identifying a performance obligation under AASB 15 Revenue from Contracts with Customers? The AASB has issued AASB 2016-3 Amendments to Australian Accounting Standards – Clarifications to AASB 15, clarifying how to identify a performance obligation.... Read more

In this week’s international update: Hans Hoogervorst highlights the consequences of using non-GAAP metrics in company reporting. FASB clarifies guidance in Revenue from Contracts with Customers.

In this week’s International Update: The ECON of the European Parliament criticises the current activities and governance of international accounting standard-setting bodies. The IASB released the April IFRS for SMEs Update.

Congratulations to William (Bill) Edge on his appointment as Financial Reporting Council (FRC) Chair.  Kris Peach, Chair Australian Accounting Standards Board (AASB), and Merran Kelsall, Chair Auditing and Assurance Standards Board (AUASB), said “We welcome Bill’s appointment.  His skills and experience from public practice and academia will enable the FRC to support the AASB and AUASB in achieving the important objective of maintaining confidence in the Australian economy.  We look forward to working closely with him.”

http://agh.ministers.treasury.gov.au/media-release/005-2016/

The AASB has updated its standard-setting work program as at 28 April 2016.  Forthcoming Standards include Clarifications to AASB 15 and Depreciated Replacement Cost as a Measure in Value in Use.  Exposure Drafts targeted for issue in Q2 include Definition of a Business and Remeasurement of Previously Held Interests.  Timing of ED on Reduced Disclosure Requirements updated to Q3.

In this week’s International Update: The IASB released the April 2016 IASB update summarising its April meeting. The Korea Accounting Standards Board (KASB)'s research report indicates the costs of IFRS adoption outweigh benefits for Korean preparers.

Key issues progressed at the April 2016 meeting: Service Concession Arrangements – with the help of stakeholder feedback, areas were identified in which new guidance would be needed; Reduced Disclosure Requirements – agreed how differences of approach compared with NZASB would be addressed; Income of NFP Entities – agreed on approach to identifying donation components in contracts for transfer of goods/services; Clarifications to AASB 15 – agreed to adopt amendments to IFRS 15 on revenue.  The full text of the Action Alert for this meeting is now available on the AASB website.

In this week’s International Update: The IASB released a staff webcast discussing the definition of a lease and news that more companies listed in Japan have adopted IFRS. The FASB issued Accounting Standards Update, which clarifies guidance on licensing and identifying performance obligations in Revenue from Contracts with Customers. 

In this week’s International Update: The IASB issued Clarifications to IFRS 15 and published agenda papers for its April meeting.

In this week’s International Update: The IASB published an article that discusses the new leases standard and updates on IFRS IC, GPF, and CMAC meetings. Also, FEE considers the reputation and relevance of the accounting profession.

The Agenda and Board Papers for the AASB meeting No.151 to be held on 20 April 2016, are now available.

We are pleased to announce a new forum for accounting firms of all sizes to engage directly with the AASB.... Read more

In this week’s International Update: The IASB and other Corporate Reporting Dialogue (CRD) members outlined the common principles in their application of materiality. The SEC Chief Accountant James V. Schnurr shared his thoughts on the new U.S. GAAP and IFRS revenue standards.

Tier 1 entities to provide disclosures that help users of financial statements evaluate cash and non-cash changes in their financing activities. Requirements set out in AASB 2016-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 107 apply to annual periods beginning on or after 1 January 2017.... Read more

In this week’s International Update: The IASB continues to support stakeholders to understand the requirements and implementation of IFRS 16 Leases.

The Australian Accounting Standards Board (AASB) has extended the closing date for the 2017 AASB Graduate Program applications to Friday 6 May 2016.... Read more

In this week’s International Update: Agenda papers for the March IFRIC meeting and April ASAF meeting are available. On the agenda at ASAF, among others, are the Agenda Consultation and the Conceptual Framework.

Share your views with the AASB via the AASB LinkedIn Discussion Group. AASB staff will be regularly posting questions and comments on current and upcoming AASB projects in this Discussion Group, actively seeking timely feedback from constituents. The Discussion Group is a quick avenue for you to share your views and concerns with the AASB, particularly if you do not have the time to prepare a formal comment letter to the AASB. In this era of continuous change in financial reporting requirements, you can now connect with the AASB and its staff anytime you want.

The 10-16 edition of AASB International Update has been published. This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 09-16 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has updated its standard-setting work program as at 3 March 2016.  Forthcoming Standards include Classification of Liabilities and Depreciated Replacement Cost as a Measure in Value in Use.  Several Exposure Drafts also targeted for issue in Q2 including Definition of a Business and Reduced Disclosure Requirements.

Do you have any leasing arrangements? Do you hold fixed rate bonds or other debt instruments measured at fair value for which DTAs might now need to be recognised? December 2015 reporters will now need to consider the implications of two new Standards in disclosures of Standards issued but not yet effective. ... Read more

A productive first meeting for 2016: Board approves Leases Standard and amendments to AASB 112; proceeds with amendments to (1) AASB 136 to clarify the role of AASB 13 in determining recoverable amount of non-cash generating specialised assets of NFP entities and (2) AASB 107 to require entities to make disclosures about liabilities arising from financing activities.; makes progress on Income for NFP Entities and Service Concession Arrangements: Grantor projects. The full text of the Action Alert for this meeting is now available on the AASB website.

ED 270 Reporting Service Performance Information – what do the proposals mean?... Read more

The 08-16 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 07-16 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 06-16 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The Agenda for the 150th meeting of the AASB, to be held on 23-24 February 2016, is now available.

Board Papers for the AASB meeting No.150 to be held on 23-24 February 2016, are now available.

The AASB has updated its Research Centre work program as at 5 February 2016.

The 05-16 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

New public sector international proposals for entity combinations, including accounting for amalgamations and employee benefits.... Read more

Are you ready to take the next step in your career and influence global and Australian financial reporting requirements? Is technical accounting analysis and research your strength? Join the AASB, a leading national standard setter, as an Assistant Project Manager or Project Manager and make your mark in financial reporting. ... Read more

The 04-16 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 03-16 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The new lease accounting standard brings much needed transparency to lessee lease obligations, bringing all leases onto the balance sheet.  Although it’s taken more than three decades, investors will finally have reliable information about leasing obligations, with less need for “rules of thumb” and guesses about the impact of lease obligations on a lessee’s debt gearing/leverage.... Read more

The 02-16 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 01-16 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The Office of the AASB will close for the Christmas - New Year holiday period from 12.00 noon on Thursday 24th December and will re-open at 9.00am on Monday 4th January 2016. We take this opportunity to wish you a safe and happy Festive Season.

The 51-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

Application of the Sale or Contribution of Assets between an Investor and its Associate or Joint Venture amendments to AASB 10 and AASB 128 has been deferred to 1 January 2018. The AASB has issued AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 (which incorporates the IASB standard with the same name) to bring the deferral into effect. The amendments are deferred as the IASB is planning to address them as part of its longer term Equity Accounting project. However, early application of the amendments is still permitted.

The 50-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

Kris Peach, AASB Chair, welcomes the re-appointment to the AASB of: 

- Mr Peter Carlson, Partner, KPMG; and 
- Mr Peter Gibson, Assistant Secretary, Department of Finance.

This follows the FRC’s announcement that Mr Carlson is re-appointed for one year and Mr Gibson for three years.

The AASB has published for comment ED 274 Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts (Proposed amendments to AASB 4), which incorporates IASB ED/2015/11 of the same name.... Read more

The AASB and Korea Accounting Standards Board (KASB) are conducting a research project on how auditors and preparers in Australia and Korea interpret terms of likelihood in IFRS. Findings from the preliminary analyses were presented at the November 2015 AOSSG and December 2015 ASAF meetings. A summary of the preliminary analyses and findings are available on the AASB website.

To date, 197 Australians (77 auditors and 120 preparers) responded to the survey. To finalize the project, we are aiming to have at least 100 Australian auditors responding to the survey. The survey is available here.

The 49-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has updated its standard-setting work program as at 9 December 2015.

The 48-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The closing date for comment on ED 270 Reporting Service Performance Information has been deferred from 12 February 2016 to Friday 29 April 2016 to allow for further engagement with entities in the not-for-profit sector.

Action Alert No. 176, for the 149th meeting of the AASB, which was held on 2-3 December 2015, is now available.

The 47-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

PAPs are a key initiative of the AASB with the objective of improving the quality of practical and relevant feedback available to the AASB. PAP membership is by invitation only and the AASB is pleased to note that PAP members are experts in their relevant fields and have significant practical experience. Their input is essential in helping the AASB make informed decisions.

The most recently formed PAP is for the Disclosure Initiative (DI) project. Please find attached a list of the Panel members for DI and the terms of reference for the PAP.

The AASB has released two Exposure Drafts: 1) ED 272 Transfers of Investment Property (Proposed amendments to AASB 140 Investment Property), which incorporates IASB ED/2015/9 Transfers of Investment Property (Proposed amendments to IAS 40 Investment Property) and 2) ED 273 Annual Improvements to IFRSs 2014-2016 Cycle, which incorporates IASB ED/2015/10 Annual Improvements to IFRSs 2014-2016 Cycle.... Read more

AASB 2015-9 Amendments to Australian Accounting Standards – Scope and Application Paragraphs inserts scope paragraphs into AASB 8 and AASB 133 in place of application paragraph text in AASB 1057.... Read more

The Agenda for the 149th meeting of the AASB, to be held on 2-3 December 2015, is now available.

The 46-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

Board Papers for the AASB meeting No.149 to be held on 2-3 December 2015, are now available.

AASB 2015-8 Amendments to Australian Accounting Standards – Effective Date of AASB 15 defers the effective date of AASB 15 Revenue from Contracts with Customers, to 1 January 2018.

The 45-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB invites constituents to comment on the AASB’s domestic work program priorities for 2017 – 2019.  Invitation to Comment ITC 34 AASB Agenda Consultation 2017–2019 seeks feedback on both the AASB’s research and standard-setting project priorities.... Read more

The 44-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

ED 271 IFRS Practice Statement: Application of Materiality to Financial Statements (incorporating the IASB’s ED) has been published for comment.... Read more

The 43-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has updated its standard-setting work program as at 27 October 2015.

The AASB has issued an Agenda Decision in response to a request to consider whether for-profit public sector entities that are required to pay income tax equivalents under the National Tax Equivalent Regime (NTER) should continue to apply AASB 112 Income Taxes.

The AASB confirmed that NTER is, in substance, an income tax as defined in AASB 112.  On the basis of the analysis performed and in light of the existing requirements in Australian Accounting Standards, the AASB determined that an amendment to AASB 112 was not necessary. Consequently, the AASB decided not to add this issue to its agenda.

The IFRS Interpretations Committee has issued Draft IFRIC Interpretation DI/2015/1 Uncertainty over Income Tax Treatments and Draft IFRIC Interpretation DI/2015/2 Foreign Currency Transactions and Advance Consideration.

Comments to the AASB are requested by 21 December 2015 and to the IFRS Interpretations Committee by 19 January 2016.

All comments received will be placed on the public record.

AASB Extra - Exposure Draft ED 270 Reporting Service Performance Information is now available.  The ED proposes to require not-for-profit entities to report information about their service performance objectives and the achievement of those objectives.... Read more

Action Alert No. 175, for the 148th meeting of the AASB, which was held on 21-22 October 2015, is now available.

The 42-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The IPSASB has issued ED 57 Impairment of Revalued Assets with comments requested by 15 January 2016.... Read more

The IPSASB has issued ED 58 Improvements to IPSASs 2015 with comments requested by 15 January 2016.... Read more

The 41-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB will be hosting a number of Education Sessions and Roundtables to engage with constituents on the recently issued Exposure Draft (ED) 270 Reporting Service Performance Information.... Read more

The AASB outreach events scheduled to take place in Melbourne on Monday 19 October 2015 have been rescheduled until Monday 16 November 2015. The AASB apologises for any inconvenience caused.

Click here to register.

The 40-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The Agenda for the 148th meeting of the AASB, to be held on 21-22 October 2015, is now available.

Board Papers for the AASB meeting No.148 to be held on 21-22 October 2015, are now available.

The 39-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB is extending its comment period on ED 264 Conceptual Framework for Financial Reporting and ED 265 Updating References to the Conceptual Framework, to be consistent with the IASB’s recent decision to extend the equivalent international exposure drafts by 30 days.  The revised deadline for comments to the AASB is 5 November 2015.

Comment letters should be submitted to the AASB here.

The 38-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB congratulates Warren Allen on his appointment as CEO of the External Reporting Board (XRB) New Zealand.

The AASB will be hosting an Education Session and a Roundtable in Melbourne to engage with constituents on the recently issued Exposure Draft (ED) 270 Reporting Service Performance Information on Monday 19 October.... Read more

The Office of the AASB is relocating on Monday 21st September 2015.  Our new address is Podium Level, Level 14, 530 Collins Street, Melbourne. Our phone numbers, email and website address will remain the same.

Please note that AASB staff will not have access to emails and phone from Friday 18th till Sunday 20th September. AASB website and its content will be available as normal during this time.

The 37-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has issued a tentative agenda decision in response to a request to consider whether for-profit public sector entities that are required to pay income tax equivalents under the National Tax Equivalent Regime (NTER) should continue to apply AASB 112 Income Taxes.... Read more

The 36-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has updated its standard-setting work program as at 8 September 2015.

Action Alert No. 174, for the 147th meeting of the AASB, which was held on 2-3 September 2015, is now available.

The AASB has reissued most of its Standards but no disclosure is necessary under AASB 108 because the reissued versions will have no impact on financial statements in comparison with the previous versions.... Read more

The 35-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 34-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

Exposure Draft ED 270 Reporting Service Performance Information has been published for comment.  ED 270 addresses the gap in information required to assess performance of not-for-profit (NFP) entities.... Read more

The 33-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The Agenda for the 147th meeting of the AASB, to be held on 2-3 September, is now available.

Board Papers for the AASB meeting No.147 to be held on 2-3 September 2015, are now available.

Exposure Draft ED 269 Recoverable Amount of Non-cash-generating Specialised Assets of Not-for-Profit Entities has been issued.... Read more

Thank you to everyone who attended last week's AASB webinar on ED 260 Income of NFP Entities. The slides and recording are now available.

ED 268 seeks your feedback on the IASB’s proposal to defer indefinitely the effective date of amendments that affect the gain or loss an entity recognises when assets are sold or contributed between an entity and an associate or joint venture in which it invests. These amendments are incorporated into AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, which is currently effective from 1 January 2016.... Read more

The 32-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

Invitation to Comment ITC 33 Request for Comment on IASB Request for Views on 2015 Agenda Consultation seeks feedback on whether the IASB has the right balance of projects on its agenda and whether those projects are the most important to consider.  To prepare its own submission to the IASB, the AASB is seeking comments by 9 November 2015.... Read more

The IPSASB has issued a Consultation Paper on Recognition and Measurement of Social Benefits with comments requested by 31 January 2016.... Read more

Exposure Draft ED 267 Clarifications to AASB 15 (incorporating the IASB ED/2015/6 Clarifications to IFRS 15) has been issued.... Read more

The 31-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The latest Hot Topic Conceptual Framework proposals: Where are the concerns? summarises in one central location links to recent articles, reports, discussions and submissions from organisations and individuals that AASB staff think may be useful to Australian constituents interested in the current Conceptual Framework project.

The 30-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

Education material being provided by the AASB staff to assist constituents in navigating the proposals in the ED.

The Australian Accounting Standards Board (AASB) will be hosting Proposed changes to income recognition for not-for-profit entities – What do the proposals mean? on 13 August 2015 from 11.30am to 1.00pm.

The online webinar will address the key proposals in the AASB’s current Exposure Draft on Income of Not-for-Profit Entities. The webinar will be presented by Mark Shying, AASB Research Fellow and facilitated by AASB Technical Director, Nikole Gyles. The webinar is particularly relevant to not-for-profit private and public sector entities.

Participants can access the webinar from a computer, mobile or tablet device. Register here

The July meeting of the Accounting Standards Advisory Forum (ASAF) saw the Forum’s membership meeting for the first time meet since the revised Forum’s membership was announced last month.... Read more

The 29-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has updated its standard-setting work program as at 13 July 2015.

The 28-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB will be conducting AASB Discussion Forums in August and September on the IASB’s Conceptual Framework proposals.  The AASB will also be hosting an education session in Melbourne and Sydney on the IASB’s Disclosure Initiative project.  Sue Lloyd, IASB member, will be in attendance at some of these sessions.... Read more

The AASB has issued AASB 2015-7 Amendments to Australian Accounting Standards – Fair Value Disclosures of Not-for-Profit Public Sector Entities.  The Standard is effective for annual reporting periods beginning on or after 1 July 2016, and may be early adopted.... Read more

Action Alert No. 173, for the 146th meeting of the AASB, which was held on 8 July 2015, is now available.

The 27-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The Australian Accounting Standards Board’s (AASB) Academic Advisory Panel has been launched this week. Academic research is crucial to Australia making an impact on international standard setting and enhancing Australian financial reporting.... Read more

The External Reporting Board (XRB) of New Zealand is looking for a CEO to help create a world-class standards framework that contributes to New Zealand’s excellent reputation and commercial integrity.

The AASB has issued an Agenda Decision that may change the current practice of some not-for-profit public sector entities and could result in increased depreciation and further componentisation of assets.... Read more

The 26-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The Australian Accounting Standards Board (AASB) has retained membership of the Accounting Standards Advisory Forum (ASAF), the prestigious advisory group to the International Accounting Standards Board (IASB), despite the membership shakeup.  The AASB will be working with the New Zealand Accounting Standards Board (NZASB).... Read more

The Agenda for the 146th meeting of the AASB, to be held on 8 July, is now available.

Board Papers for the AASB meeting No.146 to be held on 8 July 2015, are now available.

The 25-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

Are you accounting for a defined benefit plan that has a refund available, has been amended, curtailed or settled?  The AASB has issued Exposure Draft ED 266 Remeasurement on a Plan Amendment, Curtailment or Settlement/Availability of a Refund from a Defined Benefit Plan.... Read more

The 24-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 23-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 22-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has issued Exposure Draft ED 264 Conceptual Framework for Financial Reporting and ED 265 Updating References to the Conceptual Framework.  ED 264 and ED 265 incorporate IASB ED/2015/3 Conceptual Framework for Financial Reporting and IASB ED/2015/4 Updating References to the Conceptual Framework respectively.... Read more

Action Alert No. 172, for the 145th meeting of the AASB, which was held on 27-28 May 2015, is now available.

The 21-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 20-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has issued Exposure Draft ED 263 Effective Date of AASB 15 Revenue from Contracts with Customers. ED 263 incorporates IASB ED/2015/2 Effective Date of IFRS 15.... Read more

The AASB has launched on its website a facility for respondents to submit comment letters on Exposure Drafts and other proposal documents.... Read more

The 19-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The Agenda for the 145th meeting of the AASB, to be held on 27-28 May, is now available.

Board Papers for the AASB meeting No.145 to be held on 27-28 May 2015, are now available.

The AASB will be hosting a number of events focussing on the AASB’s current, and recently completed, public sector and not-for-profit entity projects.... Read more

The 18-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has issued exposure drafts ED 261 Service Concession Arrangements: Grantor and ED 262 Fair Value Disclosures of Not-for-Profit Public Sector Entities for comment.  ED 261 addresses the gap in grantor accounting for service concession arrangements.  ED 262 proposes modification of AASB 13 for application by not-for-profit public sector entities.... Read more

The AASB invites comments on ED 260 Income of Not-for-Profit Entities... Read more

The 17-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 16-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has updated its standard-setting work program as at 17 April 2015.

Action Alert No. 171, for the 144th meeting of the AASB, which was held on 15 April 2015, is now available.

The 15-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 14-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The Agenda for the 144th meeting of the AASB, to be held on 15 April, is now available.

Board Papers for the AASB meeting No.144 to be held on 15 April 2015, are now available.

The 13-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has issued amendments to extend the scope of AASB 124 to include not-for-profit public sector entities.... Read more

The 12-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The Office of the Australian Accounting Standards Board (AASB) is looking for a suitably qualified and experienced accounting technical professional to join its technical team for a period of 12 months.... Read more

The 11-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 10-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 9-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The Australian Accounting Standards Board (AASB) is currently seeking one or more outstanding Honours graduates or postgraduates in accounting, or closely related fields, to join the 2016 AASB Graduate Program. Successful applicants will provide technical support to the AASB and actively participate in all stages of the standard-setting process.

Applications for the 2016 AASB Graduate Program are due by Friday, 17 April 2015.

The 8-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has issued a tentative agenda decision in response to a request to clarify whether residual value, as defined in AASB 116 Property, Plant and Equipment, includes the cost savings from the re-use of in-situ materials.... Read more

The AASB has updated its standard-setting work program as at 20 February 2015.

The 7-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

IFRS 9 Financial Instruments (2014) is now complete and with it comes a new impairment model. The new model, which is a ‘three-stage model’, is fundamentally different from the ‘incurred loss’ model in IAS 39 Financial Instruments: Recognition and Measurement, as it is aimed at capturing expected credit losses before the event that gives rise to credit impairment occurs.... Read more

Action Alert No. 170, for the 143rd meeting of the AASB, which was held on 11 February 2015, is now available.

The AASB has released ED 259 Classification of Liabilities (Proposed amendments to AASB 101), which incorporates IASB ED/2015/1 Classification of Liabilities (Proposed amendments to IAS 1).... Read more

The 6-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB approved two further new Australian Accounting Standards in January 2015.... Read more

The 5-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB approved 2 new Australian Accounting Standards in January 2015.... Read more

The Agenda for the 143rd meeting of the AASB, to be held on 11 February 2015 is now available.

Board Papers for the AASB meeting No.143 to be held on 11 February 2015 are now available.

The AASB made AASB 2015-1 Amendments to Australian Accounting Standards – Annual Improvements to Australian Accounting Standards 2012-2014 Cycle on 21 January 2015.  The Standard makes amendments to various Australian Accounting Standards arising from the IASB’s Annual Improvements process, and editorial corrections.... Read more

The 4-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The complete version of AASB 9 (2014) Financial Instruments has now been issued. It supersedes AASB 9 (2009), AASB 9 (2010) and AASB 139 Financial Instruments: Recognition and Measurement and applies to annual reporting periods beginning on or after 1 January 2018.... Read more

The AASB congratulates the former AASB Chair Kevin Stevenson and former AASB Deputy Chair Ian McPhee who have been recognised in the 2015 Australia Day awards.... Read more

The 3-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 2-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The 1-15 edition of AASB International Update has been published.  This Update provides a summary of the accounting activities of a number of International standard-setting and professional bodies.

The AASB has approved the following Standards:
• AASB 2014-9 Amendments to Australian Accounting Standards – Equity Method in Separate Financial Statements; and
• AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture.
The Standards will be made available on the AASB website shortly.... Read more