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10 Sep. 2018

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.

The Board decided to propose deferring the effective date after considering comments from stakeholders preparing for the implementation of AASB 1059, some of whom requested a deferral of the mandatory effective date. The Board is particularly interested in the views of users of financial statements of public sector grantors of service concession arrangements.

The ‘fatal-flaw’ draft version of the proposed Standard Amendments to Australian Accounting Standards – Deferral of AASB 1059 is open for comment until 10 October 2018. The final amending Standard is expected to be released in November 2018.