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1 Mar. 2016

Now available for early adoption – Leases and amendments to Income Taxes

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.  

As reported in the AASB Action Alert, the Board approved Standards on Lease Accounting and amendments to Income Taxes at its February meeting.  These Standards incorporate the equivalent IFRS pronouncements, and are now available on the AASB website. 

AASB 16 Leases 

AASB 2016-1 Amendments to Australian Accounting Standards – Recognition of Deferred Tax Assets for Unrealised Losses