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30 Jan. 2015

AASB issues Annual Improvements to Australian Accounting Standards 2012-2014 Cycle

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.

The subject of the amendments arising from the IASB’s Annual Improvements process relate to the following:

  • Changes in methods of disposal;
  • Servicing contracts;
  • Applicability of the amendments to AASB 7 Financial Instruments: Disclosures  to condensed interim financial statements;
  • Discount rate: Regional market issue; and
  • Disclosure of information ‘elsewhere in the interim financial report’.

In relation to the amendments to AASB 134 Interim Financial Reporting, the IASB Basis for Conclusions accompanying the amendments (available on the AASB website) clarifies that the requirement that disclosures incorporated by cross-reference should be made available on the same terms as the financial statements means that users of the financial statements should have access to the referenced material on the same basis as they have for accessing the financial statements from where the reference is made. 

AASB 2015-1 applies to annual reporting periods beginning on or after 1 January 2016.