News

Join our  panel discussion  on how cash flow statements and related disclosures can be enhanced to address user needs and better reflect today's complex business environment.

Panellists include Nick Barlow , Professor Millicent Chang ,  Ram Subramanian ,  Rebekah Morgan  and  Ken Liow.

In the March edition of Reporting Roundup we share highlights from the recent International Forum of Accounting Standard Setters meeting, an update on the AASB Board’s March meeting and background information on an upcoming review of AASB 1060.

ED 337 proposes disclosures about contracts referencing nature-dependent electricity that meet the ‘own-use’ criteria and are recognised as procurement contracts....

The AASB has issued AASB 2025-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments: Tier 2 Disclosures to amend AASB 1060. The Standard is available on the Pronouncements Web Portal.

The Action Alert for the 211 ^th AASB Board meeting is now available.

The Public Agenda  and papers for the AASB Board Meeting 211, 6 – 7 March 2025, are now available.

The AASB and AUASB would like to congratulate former Chair and CEO of the Australian Auditing and Assurance Standards Board   Merran Kelsall AO  who has been appointed Chair of the IFRS Advisory Council.   Read more

In December last year, we issued a call for  innovative research  proposals that would challenge the status quo and meet the future demands of a rapidly evolving reporting landscape.

Recognising the strong interplay between reporting and audit and assurance standards, we are expanding the scope of the research proposals to include audit and assurance.  We have also extended the deadline for proposals to 9 March 2025 .

Click  here  for more information.

Welcome to the first edition of our new monthly e-newsletter   'Reporting roundup' , your one-stop-shop for updates on the AASB's current projects, international insights and latest research.

The AASB has issued AASB 2025-1 Amendments to Australian Accounting Standards – Contracts Referencing Nature-dependent Electricity to amend AASB 7 and AASB 9. The Standard is available on the Pronouncements Web Portal.

The amendments clarify the application of the ‘own-use’ criteria, permit hedge accounting (if appropriate) and add new disclosure requirements.

One of the primary functions of the AASB is to deliver accounting standards that reduce the cost of capital for Australian entities.  We have now published a research report which explores potential models for determining the cost of capital and applies a subset of these estimates to investigate the association between the cost of capital and accounting standard-setting in Australia. Read More .

The Australian Accounting Standards Board (AASB), Malaysian Accounting Standards Board (MASB), and CPA Australia have teamed up to conduct a joint research project to influence the International Accounting Standards Board's (IASB) upcoming agenda consultation.

Our consultation to simplify and streamline the Not-for-Profit Financial Reporting Framework is still open and we are actively engaging with the sector and regulators to encourage feedback on the proposals....

Our work on supporting entities to implement climate related disclosures is a key priority and we are currently recruiting for three roles in our Sustainability Team to help deliver this important work.

The Australian Accounting Standards Board (AASB) is inviting researchers to submit proposals for innovative and thought-provoking studies that will challenge the status quo and meet the demands of a rapidly evolving reporting landscape.

AASB Staff are holding outreach sessions to obtain feedback from not-for-profit stakeholders on:

• Exposure Draft ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose Financial Statements ; and
• Exposure Draft ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector Tier 3 Entitie

The AASB has issued AASB 2024-4 to amend AASB 10 Consolidated Financial Statements and AASB 128 Investments in Associates and Joint Ventures to defer the mandatory effective date of amendments relating to the sale or contribution of assets between an investor and its associate or joint venture.

AASB 1048 gives legal effect to amended versions of Interpretations and also updates references in other Standards to amended Interpretations and conceptual framework pronouncements.

AASB 1048 (November 2024) supersedes and repeals the previous version of AASB 1048, issued in December 2020.

The AASB, in collaboration with CPA Australia and CA ANZ, is hosting a Dialogue Series session titled The Changing Landscape of Carbon Offset Disclosures in the Annual Reports on Tuesday, 3 December 2024, from 4:00 pm to 5:15 pm AEDT.

The International Accounting Standards Board (IASB) has proposed amendments aimed at improving the requirements for recognising and measuring provisions on balance sheets. Provisions are liabilities of uncertain timing or amount. To support IFRS compliance, the AASB proposes the same amendments through ED 336 Provisions—Targeted Improvements .

The Action Alert for the 210 ^th AASB Board meeting is now available.

The AASB has established the Project Advisory Panel to assist the staff and the Board with progressing the Service Performance Reporting (SPR) Project.

Members of the Australian Accounting Standards Board (AASB) and the Korea Accounting Institute (KAI) (including the Korea Accounting Standards Board, the Korea Sustainability Standards Board and the Korea Accounting Research Institute) met on 5 November 2024 in Sydney, Australia.

Recently the AASB uploaded new opportunities to AusTender ( Current ATM View - AASB-2024-10: AusTender ).

The Chairs of the Australian Accounting Standards Board (AASB), the Accounting Standards Board of Japan (ASBJ) and the Sustainability Standards Board of Japan (SSBJ) (hereinafter referred to as “the Japanese Boards”) met on 7 November 2024 in Sydney, Australia.

The Public Agenda and public papers for the AASB Board Meeting 210, to be held on 7 November 2024, are now available.

The AASB has published:
• Exposure Draft ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose Financial Statements; and
• Exposure Draft ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector Tier 3 Entities.
ED 334 and ED 335 are open for comment until Friday, 28 February 2024.

The AASB and IASB invite you to a webinar where IASB member Ann Tarca and IASB staff member Anne McGeachin will introduce and discuss the main requirements. The virtual event will be held on 31 October from 1:00 pm to 2:30 pm AEST. This session will be interactive to enable participants to ask questions.

Following their approval on 20 September 2024, the AASB has published a voluntary AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information and mandatory AASB S2 Climate-related Disclosures . Certain entities are required by the Corporations Act 2001 to apply AASB S2 for annual periods beginning on or after 1 January 2025.

Have the changes in lease accounting achieved the expected benefits for Asia-Oceania? If you are a preparer or user of financial statements, please tell us in  this short survey .

The International Accounting Standards Board (IASB) has proposed amendments aimed at helping entities account for their investments in associates and joint ventures. The proposals respond to stakeholders’ questions on how to apply the equity method. To support IFRS compliance, the AASB issued ED 333 Equity Method of Accounting .

The AASB and the IASB invite you to a virtual session to discuss proposals introduced in the recently published ED. The virtual event will be held on 17 October 2024 from 4:30pm to 6:00pm AEST. The session is expected to be interactive for participants to share their comments. Click here to register.

We would like to invite you to come and discuss IFRS 18   Presentation and Disclosure in Financial Statements  (AASB18) with IASB member Ann Tarca and IASB staff member Anne McGeachin, who will introduce the main requirements and explain the decisions made. This Q&A session will give you an opportunity to ask questions specific to your entity. Events will be held in Melbourne and Sydney

The Action Alert for the 209 ^th AASB Board meeting is now available.

Today the AASB held meeting no. 209, this meeting was convened for the AASB Board to vote on the pronouncement of AASB S1 and AASB S2. This meeting attracted the largest public gallery (in excess of 150 registered observers) watching the Board deliberations. The AASB Board has formally voted to pronounce AASB S1 as a Voluntary Standard and also to pronounce AASB S2 as a Mandatory Standard. This meeting was the culmination of a significant body of work and AASB Board acknowledge staff effort in completing this phase of activity as well as setting the scene for future work.

The AASB will be holding a special 1-hour virtual Board Meeting at 4.00pm (Melbourne time) on Friday 20 September 2024.  Climate-related Financial Disclosures will be the agenda topic for this meeting.

The Public Agenda and papers for this meeting no. 209, are now available.

The AASB has issued AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11. The Standard makes minor improvements to five Standards to address inconsistencies or to clarify requirements.

The Action Alert for the 208th AASB Board meeting is now available.

On 9 September 2024, the Australian Government House of Representatives confirmed the Senate amendments to the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024.

The Action Alert for the 207 ^th  AASB Board meeting is now available.  The AASB met in public and in private on 26 August 2024.

The Public Agenda and papers for the AASB Board Meeting 208, to be held on 5 - 6 September 2024, are now available

The Public Agenda and papers for the AASB Board Meeting 207, to be held on 26 August 2024, are now available.

ED 332 proposes amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities .

Two vacancies currently exist for appointment as a part-time member of the Australian Accounting Standards Board (AASB), starting on 1 January 2025.

The AASB has released a survey to receive users’ views on AASB 16/IFRS 16 Leases .

In May 2024, the AASB launched a tender process to bring multiple opportunities to the market’s attention to support the AASB Work Plan.  The AASB received over 90 submissions through the tender process.  After a thorough and extensive review of all submissions the AASB is pleased to advise the successful applicants that have received funding.

The AASB are pleased to announce their involvement in the ARC Linkage Program which promotes research partnerships between researchers and organisations like businesses, industry groups, and government agencies. 

AASB staff is hosting a virtual roundtable discussion to gather comments and feedback on AASB ED331 Climate-related and Other Uncertainties in the Financial Statements .

The Exposure Draft proposes eight examples illustrating how an entity applies the requirements in AASB Accounting Standards to report the effects of climate-related and other uncertainties in its financial statements.

The AASB has issued AASB 2024-2 to amend AASB 7 Financial Instruments: Disclosures and AASB 9 Financial Instruments.

A snapshot of feedback received and key changes following consultation.

The Action Alert for the 206 ^th AASB Board meeting is now available. The AASB Board met in public and in private on 19 July 2024.

A Revised Public Agenda and Papers for the AASB Board Meeting 206, to be held on 19 and 22 July 2024, are now available.

The Australian Accounting Standards Board (AASB), in partnership with the University of Technology Sydney, will hold its 2024 Research Forum on Wednesday, 6 November 2024.

The Action Alert for the 205 ^th AASB Board meeting is now available.

Our condolences to the family and friends of Peter Gibson, who sadly passed away over the weekend.

The AASB has issued AASB 18 Presentation and Disclosure in Financial Statements  to improve how entities communicate in their financial statements, with a particular focus on information about financial performance in the statement of profit or loss.

The Public Agenda and Papers for the AASB Board Meeting 205, to be held on 26 June 2024, are now available.

The Action Alert for the 204 ^th AASB Board meeting is now available.

The AASB, in collaboration with CPA Australia and CA ANZ, is hosting a Dialogue Series session titled Valuation in Financial Reporting: Art or Science? on 27 June 2024, from 4:00 pm to 5:15 pm AEST....

The Public Agenda and Papers for the AASB Board Meeting 204, to be held on 6 - 7 June 2024, are now available.

The Exposure Draft proposes changes to the financial instrument accounting for renewable electricity contracts with specified characteristics.

Contracts for renewable electricity are often structured as power purchase agreements (PPAs), whether physical PPAs or virtual PPAs.

AASB will hold two roundtables to gather initial feedback on whether there are any significant problems or concerns with implementing and applying AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 entities and AASB 2020-2 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities . Feedback received will help the AASB to develop its Invitation to Comment (ITC) for the Post-implementation Review of AASB 1060 and AASB 2020-2.

The Action Alert for the 203 ^rd AASB Board meeting is now available.

The Agenda and Papers for the AASB Virtual Board Meeting 203, to be held on 14 May 2024, are now available.

The AASB is launching a tender process to bring several current opportunities to the market's attention.

The Action Alert for the 202 ^nd AASB Board meeting is now available.

The AASB, in collaboration with CPA Australia and CA ANZ, is hosting a Dialogue Series session, titled Financial Reporting on Climate-related Commitments on Friday, 3 May 2024, from 12:00pm to 1:15pm AEST....

The Agenda and Papers for the AASB Virtual Board Meeting 202, to be held on 16 April 2024, are now available.

The International Accounting Standards Board (IASB) has published a package of proposals aimed at enhancing the information companies provide to investors about acquisitions. The Exposure Draft contains proposed amendments to IFRS 3 Business Combinations and IAS 36 Impairment of Assets . AASB proposes the same amendments to Australian Accounting Standards in ED 329  Business Combinations—Disclosures, Goodwill and Impairment .

The amendments require a Tier 2 entity to provide additional disclosures about its supplier finance arrangements to enable users to assess the effects of these on the entity’s liabilities, cash flows and exposure to liquidity risk.

The Action Alert for the 201 ^st AASB Board meeting is now available. The Board met on 7-8 March 2024.

The AASB, in collaboration with CPA Australia and CA ANZ, is hosting a  Dialogue Series session  titled " Connectivity and Boundaries of Annual Reporting " on  Monday, 25 March 2024, from 4:00pm to 5:15pm AEDT .

The Agenda for AASB Meeting 201 to be held on 7-8 March 2024, is now available. The Public Papers will be available on Friday 23 February 2024.

This educational webcast provides an overview of the key proposals in the Exposure Draft ED SR1 Australian Sustainability Reporting Standards - Disclosure of Climate-related Financial Information released in October 2023.

AASB Chair, Dr Keith Kendall, welcomed the appointment of a new member and reappointment of three members of the Australian Accounting Standards Board,  as announced by the Financial Reporting Council (FRC).

The AASB has reissued AASB 1056 to support compliance with the Standard by superannuation entities when they prepare financial reports under their new Corporations Act 2001 reporting requirements.

ED 328 proposes amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities to require a Tier 2 entity to provide additional disclosures about its supplier finance arrangements to enable users to assess the affects of these on the entity’s liabilities, cash flows and exposure to liquidity risk.

The Action Alert for the 200 ^th  AASB Board meeting is now available.

AASB ED 327 proposes amendments to Australian Accounting Standards to address the existing challenges in financial reporting on financial instruments with characteristics of equity and improve the information provided about financial liabilities and equity instruments.

The AASB and the AUASB have recently published an updated joint Research Report (authored by Jean You and Professor Roger Simnett) which identifies climate-related disclosures and associated assurance practices in the Annual Reports of ASX-listed entities. This publication builds on the previously issued AASB-AUASB Research Report Climate-related disclosures and assurance in the annual reports of ASX-listed companies by extending the 2018-2021 sample period to 2022.

What are the lessons learned and challenges of applying the concept of materiality? Join us at the next AASB dialogue series webinar session! This event is free, and everyone is welcome to attend.

The Agenda and Papers for AASB Meeting 200 to be held on 29-30 November 2023, are now available.

The AASB Research Centre published a Joint AASB and Malaysian Accounting Standards Board (MASB) research report about making materiality judgements.

We are thrilled to announce that registration for the 2023 AASB Research Forum is now open ! The AASB will be co-hosting the Forum with the University of Queensland and Swinburne University of Technology on Friday 24 November 2023.

The AASB has released Exposure Draft ED SR1 Australian Sustainability Reporting Standards – Disclosure of Climate-related Financial Information to propose climate-related financial disclosure requirements. ED SR1 is open for comment until Friday, 1 March 2024

The AASB Research Centre published a research report about making materiality judgements conducted by researchers from the University of Melbourne.

The Action Alert for the 199 ^th AASB Board meeting is now available.

The AASB has issued AASB 2023-5 to amend AASB 121 The Effects of Changes in Foreign Exchange Rates to change the accounting requirements and to add new disclosures relating to non-exchangeable currencies affecting an entity’s financial statements.

The   Agenda   and Papers   for AASB Meeting 199 to be held on 11 October 2023, are now available. Public gallery attendance will be by videoconference only.

The AASB has issued AASB 2023-4 to amend AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities and AASB 112 Income Taxes .

The International Accounting Standards Board (IASB) has published proposed narrow-scope amendments to IFRS Accounting Standards and accompanying guidance as part of its periodic maintenance of the Accounting Standards. The AASB proposes the same amendments to Australian Accounting Standards in ED 326.

The AASB Research Centre, jointly with the CPA Australia and Associate Professor Andrew Jackson from the University of New South Wales, published a research report that provides an overview of perspectives shared by some Australian stakeholders about crypto assets accounting and reporting.

What are the challenges of understanding accounting standards? How to navigate the accounting standards? What is the AASB pronouncements web portal, and how to use it? Join the webinar session to learn more! 

The Action Alert for the 198 ^th AASB Board meeting is now available.

The Agenda and Papers for AASB Meeting 198 to be held on 13-14 September 2023, are now available. Public gallery attendance will be by videoconference only.

The Action Alert for the 197th AASB Board meeting is now available.

Researchers are invited to submit working papers or research proposals for the 2024 AASB Research Forum , themed Accounting and Reporting in Changing Times.

The Agenda and Papers for AASB Meeting 197 to be held on 8 August 2023, are now available. Public gallery attendance will be by videoconference only.

Your feedback is requested to inform the post-implementation review of AASB 1056 Superannuation Entities and Interpretation 1019 The Superannuation Contributions Surcharge.

The beta banner has now been removed from the portal as all AASB pronouncements have been loaded, including those applying to the financial year 2022/23.  The portal home page includes a link to a listing of new Standards applying mandatorily to 2022/23.  The portal versions are now suitable for use for year-end reporting requirements. The superseded versions and amending Standards features of the portal are not yet fully functional – stay tuned for updates!

The AASB is proposing amendments to AASB 1060 that would require affected Tier 2 entities to include targeted disclosures in their financial statements.  These amendments are in response to international tax reform and the issue of AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules (June 2023).

Your feedback is requested to inform the post-implementation review of IFRS 15 Revenue from Contracts with Customers.

The AASB has issued AASB 2023-1 , which amends AASB 107 Statement of Cash Flows and AASB 7 Financial Instruments: Disclosures to require an entity to provide additional disclosures about its supplier finance arrangements.

The AASB has issued AASB 2023-3 , which amends AASB 1060 to clarify the criteria for classifying a liability as current or non-current and improve the information disclosed in financial statements about certain non-current liabilities with covenants.

The AASB has issued AASB 2023-2 , which provides temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s (OECD’s) international tax reform.

The Action Alert for the 196th AASB Board meeting is now available.

The Revised Agenda and Papers  for AASB Meeting 196, to be held on 21-22 June 2023, are now available. Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest by 19 June 2023.

Uncover the power of normative and empirical research.  

The Board and staff of the AASB would like to congratulate, former AASB Chair, Deputy Chair and Board Member, Kris Peach and former AASB Acting Chair, Deputy Chair and Board Member Ruth Picker, on being awarded an AM in the recent King’s Birthday honours.

During June 2023, Dr Andreas Barckow and Professor Ann Tarca visited Sydney and Melbourne to participate in a series of events that allowed stakeholders to hear directly from the IASB on topics of interest. Click here to access the available slides and and further information about each event.

On the AASB website, a new page under the Pronouncements tab identifies when there are IFRS IC agenda decisions relating to an Australian Accounting Standard or Interpretation that corresponds with an IFRS Accounting Standard or IFRIC Interpretation. The tables list the date of the latest agenda decision relevant to each pronouncement. Each date is linked to the page on the IFRS Foundation website that provides all of the agenda decisions relating to the IFRS Accounting Standard or IFRIC Interpretation, not just the latest one.

Your feedback is requested to inform the post-implementation review of IFRS 9 Financial Instruments –Impairment.

The Australian Accounting Standards Board (AASB) and Auditing and Assurance Standards Board (AUASB)  are conducting a review of our stakeholder database, to ensure our records of stakeholders are up  to date.

The Fatal-Flaw Review version is open for comment to the AASB until 15 June 2023.  No substantive amendments are proposed, since a Post-implementation Review of AASB 1056 is also underway as a separate project.

The AASB-AUASB published a joint research report (with Professor Matthew Pinnuck and Dr Mark Willis) that aims to understand the significance of recognised intangible assets on the balance sheets of Australian listed entities.

Our condolences to the family and friends of Ian Mackintosh, who sadly passed away last week.  Ian was a widely respected standard-setter with a long and varied career across multiple continents.

The Action Alert for the 195th AASB Board meeting is now available.

The AASB published a research report to identify common financial items recorded in the financial statements of charities in Australia. The findings are intended to provide input for the AASB’s development of a new reporting tier project, Tier 3 general purpose financial statements. The project aims to provide simpler accounting requirements for smaller not-for-profit private sector entities.

A Public Agenda and the Public Papers for the AASB Meeting 195, to be held on 4 May 2023, are now available.

Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest by emailing [email protected] detailing:

Why are going concern disclosures important? Are current going concern disclosures in financial reports sufficient? What recent concerns have arisen regarding the relevant accounting and auditing standards? Why is the auditing standard being revised? These critical questions will be the focus of discussion at the upcoming Dialogue Series Session. 

AASB Research Report 18 provides findings on how some insurers plan to apply AASB 17 Insurance Contracts. This information will be useful for the post-implementation review of the standard.

Chartered Accountants ANZ and Professor Peter Wells have recently published a report " Can digital reporting tame the corporate reporting beast? " exploring how digital reporting can potentially address the challenges faced by corporate reporting.

This report is relevant to both the AASB and AUASB’s work programs. In particular, the Parliamentary Joint Committee (PJC) inquiry into the Regulation of Auditing in Australia recommended that the Australian Government take appropriate action to make digital financial reporting standard practice in Australia.

AASB ED 324 proposes amendments to the classification and measurement requirements in AASB 9 Financial Instruments and related requirements in AASB 7 Financial Instruments: Disclosures following feedback received from the post-implementation review of the classification and measurement requirements in IFRS 9/AASB 9.

AASB ED 323 proposes amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities to clarify the criteria for classifying a liability as either current or non-current and improve the information disclosed in financial statements about certain non-current liabilities with covenants.

The Action Alert for the 194th AASB Board meeting is now available.

AASB staff prepared a webcast to provide a high-level overview of the modifications to AASB 13 Fair Value Measurement applicable to not-for-profit public sector entities.

The AASB Research Centre, in collaboration with CPA Australia and Associate Professor Andrew Jackson from the University of New South Wales, is seeking input from preparers, users, and auditors on matters pertaining to the accounting and reporting of digital assets.

A Public Agenda and the Public Papers for the AASB Meeting 194, to be held on 8-9 March 2023, are now available.

Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest by emailing [email protected] detailing:

The Action Alert for the 193rd AASB Board meeting is now available....

A Public Agenda and the Public Papers for the AASB Virtual Meeting 193, to be held on 1 February 2023, are now available.

Public gallery attendance will be by videoconference only. Members of the public wishing to join the public sessions must register their interest by emailing [email protected] detailing:

• Name
• Entity
• Email address and
• Agenda number of sessions they wish to join

By 30 January 2023.  Only attendees that have pre-registered will be provided with registration details to join the Zoom Videoconference.

Don't miss the opportunity to join us on Wednesday, 8 February 2023 (4:00 PM-5:15 PM AEDT), as we partner with CPA Australia and CA ANZ to kick off our inaugural Dialogue Series of the year!

AASB ED 322 proposes amendments to AASB 112 Income Taxes to introduce a temporary exception to deferred tax accounting for OECD Pillar Two taxes and current tax disclosure requirements

The AASB has issued five Amending Standards, with a range of application dates. The Standards address non-current liabilities with covenants, editorial corrections and repeals of Standards, insurance contracts in the public sector (two Standards) and fair value measurements of non-financial assets of not-for-profit public sector entities not held primarily for their ability to generate net cash inflows.

The Action Alert for the 192nd AASB Board meeting is now available.  The Board met on 14-15 December 2022.

The AASB-AUASB published a joint research report (authored by Jean You and Professor Roger Simnett) that identifies climate-related disclosures and associated assurance practices in Annual Reports of ASX-listed entities

On 28 November 2022 the Treasury published for comment Exposure Draft Legislation seeking to empower the AASB to deliver sustainability reporting standards. The Treasury’s comment period closes 16 December 2022.

AASB Staff are holding three virtual outreach sessions to obtain feedback from not-for-profit public and private sector stakeholders on the topics considered in its post-implementation reviews.

AASB 2022-5 amends AASB 16 Leases to add subsequent measurement requirements for sale and leaseback transactions that satisfy the requirements in AASB 15 Revenue from Contracts with Customers to be accounted for as a sale.

A Revised Public Agenda  and the  Public Papers for the AASB Meeting 192, to be held on 14-15 December 2022, are now available.

The Action Alert for the 191st AASB Board meeting is now available.  The Board met on 10 November 2022....

AASB Chair, Dr Keith Kendall, welcomed the appointment of three new members of the Australian Accounting Standards Board,  as announced by the Financial Reporting Council  (FRC).

A Public Agenda and the Public Papers for the AASB Virtual Meeting 191, to be held on 10 November 2022, are now available.

Public gallery attendance will be by videoconference only. Members of the public wishing to join the public sessions must register their interest by emailing [email protected] detailing:

Name
Entity
Email address and
Agenda number of sessions they wish to join
By 4 November 2022. Only attendees that have pre-registered will be provided with registration details to join the Zoom videoconference.

The AASB has issued a Fatal-Flaw Review Draft version of a proposed Standard that would amend AASB 17 Insurance Contracts for application by public sector entities. Comments are due by 11 November 2022

The AASB and the Malaysian Accounting Standards Board (MASB) have published their first research paper together marking an important new stage of their partnership.

The AASB has issued a Fatal-Flaw Review Draft version of a proposed Standard that would amend AASB 13 Fair Value Measurement for application by not-for-profit public sector entities. Comments are due by 11 November 2022.

The International Accounting Standards Board technical staff are holding two live webinars on Friday 14 October to give the latest updates on the Primary Financial Statements project including on the IASB's tentative decisions to date.

The AASB will be co-hosting the  2022 Research Forum  with RMIT College of Business and Law on  Monday   5 December  in  Melbourne  at Dexus Place on Bourke St.

This year we are offering the opportunity for you to attend in Melbourne at Dexus Place on Bourke St, virtually if you cannot join us in-person, or at the University of Queensland in Brisbane from the live viewing satellite broadcast venue.

Limited spots are available for in-person attendance. Register here .

The International Accounting Standards Board, Asian-Oceanian Standard-Setters Group and the Malaysian Accounting Standards Board are organising an outreach event on 26 October 2022.

The AASB is seeking feedback from stakeholders to assist its assessment of whether AASB 1059 Service Concession Arrangements: Grantors continues to meet its objectives and could be improved through amendment.

The AASB has published its Discussion Paper – Development of Simplified Accounting Requirements (Tier 3 Not-for-Profit Private Sector Entities) being the first step in revising the not-for-profit private sector financial reporting framework. Comments are open until 31 March 2023.

The Action Alert for the 190th AASB Board meeting is now available.  The AASB met on 21 September 2022.

The AASB submitted its response to the Queensland Department of Justice and Attorney-General on proposed amendments to the Associations Incorporation Regulation 1999 and the Collections Regulation 2008.

A Revised Public Agenda and the Public Papers for the AASB Meeting 190, to be held on 21 September 2022, are now available

The Australian Charities and Not-for-profits Commission (ACNC) has launched a program of free, online short courses. The new Governing Charities program will benefit those seeking to improve their leadership and governance. While primarily aimed at Australian registered charities, some courses and content will be of interest to all Not-for-profits. The program is designed to be flexible, accessible and self-paced. Each course takes from one to two hours, and a certificate can be downloaded on completion.

The AASB published its 2022–2026 Agenda Consultation Feedback Statement.

The AASB, jointly with CPA Australia and CA ANZ, will hold its fourth AASB Dialogue Series on Wednesday, 14 September 2022 (12:00 PM-1:00 PM AEST), featuring Professor David Gilchrist (University of Western Australia) who will share some of the findings from his research on External Reporting for Not-for-profit Private Sector Entities.

The AASB submitted its response to Treasury in relation to Exposure Draft on Australian Charities and Not-for-profits Commission Regulations 2022.

The Action Alert for the 189th AASB Board meeting is now available.  The AASB met on 3 August 2022.

Today the AASB and AUASB submitted their response to the ISSB’s Exposure Drafts on [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and [Draft] IFRS S2 Climate-related Disclosures .

The Agenda and  Papers for the AASB Meeting 189, to be held on 3 August 2022 are now available.

Public gallery attendees will need to register their interest in attending by 29 July 2022. Click more below for further information.

You’re invited to join Keith Kendall, Chair of Australian Accounting Standards Board, Jac Birt, Head of Department - Accounting and Finance, along with our Town Meets Gown panel of experts for a discussion about the Future of Accounting.
Gain insights into digital reporting, the connectivity of financial and non-financial reporting, and emerging accounting issues such as digital assets and cloud computing.
Speakers include:

The AASB, jointly with CPA Australia and CA ANZ, will hold its third AASB Dialogue Series on Digital Financial Reporting.

This staff article provides an overview of the AASB’s proposed approach to developing sustainability-related financial reporting standards in Australia.

The Action Alert for the 188th AASB Board meeting is now available.  The AASB met on 22-23 June 2022.

To support greater transparency and comparability in the special purpose financial statements (SPFS) of certain for-profit private sector entities, AASB 2022-4 requires the SPFS to include disclosures that inform users of the basis upon which they have been prepared.

The AASB has released a survey to receive stakeholder feedback on the International Sustainability Standards Board (ISSB)’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ( ED 321 ).

Academics are encouraged to submit proposals for research projects relating to the application of the IASB’s requirements and guidance on materiality by 15 July 2022.

A Revised Agenda and Papers for the AASB Meeting 188, to be held on 22-23 June 2022 are now available.

Public gallery attendees will need to register their interest in attending by 17 June 2022. Click more below for further information.

The International Sustainability Standards Board (ISSB) in conjunction with the Accounting & Finance Association of Australia and New Zealand (AFAANZ) and the Australian Accounting Standards Board (AASB) will hold a virtual seminar on Wednesday 15 June beginning at 4.00pm AEST.

The AASB will host two further industry-focussed virtual roundtables on 14 and 16 June 2022 to receive stakeholder feedback on the International Sustainability Standards Board (ISSB)’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ( ED 321 ).

The AASB will host in-person roundtables in Perth on 28 and 29 June 2022 to receive stakeholder feedback on the International Sustainability Standards Board (ISSB)’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ( ED 321 ).

The Action Alert for the 187th AASB Board meeting is now available.  The AASB Board met on 18 May 2022 via videoconference.

The AASB will host a virtual roundtable focussed on the financials, banking, insurance and superannuation industries on 8 June 2022 to receive stakeholder feedback on the International Sustainability Standards Board (ISSB)’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ( ED 321 ).

The AASB will host in-person roundtables in Sydney on 6 and 7 June 2022 to receive stakeholder feedback on the International Sustainability Standards Board (ISSB)’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ( ED 321 ).

The AASB will host virtual industry-focussed roundtables on 1 and 2 June 2022 to receive stakeholder feedback on the International Sustainability Standards Board (ISSB)’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ( ED 321 ).

The agenda for the three virtual roundtable events to discuss the proposals in ED 320 Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities is now available.

The  Agenda  and  Papers for the AASB Meeting 187, to be held on 18 May 2022 are now available.

Public gallery attendees will need to register their interest in attending by 16 May 2022. Click more below for further information.

AASB 2022-3 amends Australian illustrative examples for not-for-profit entities accompanying AASB 15 Revenue from Contracts with Customers.

On 2 May 2022, AASB and NZASB staff hosted a virtual roundtable to discuss AASB ED 319 /NZASB ED 2022-3 Insurance Contracts in the Public Sector. A recording of the discussion is available on the AASB YouTube channel. Watch here.

AASB 2022-2 amends AASB 1 and AASB 1053 to assist entities with the first-time preparation of general purpose financial statements (GPFS) in some circumstances.

Is the current reporting and disclosure on intangible assets adequate?

The AASB is consulting on the International Sustainability Standards Board’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ED 321 .

AASB staff are hosting three virtual roundtable events by grouped jurisdictions to discuss the proposals in ED 320 Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities .

The Action Alert for the 186 ^th AASB Board meeting is now available.  The AASB Board met on 7 April 2022 via videoconference.

An Updated Agenda and  Papers for the AASB Virtual Meeting 186, to be held on 7 April 2022 are now available.

ED 320 proposes to add authoritative implementation guidance to AASB 13 Fair Value Measurement for application by not-for-profit (NFP) public sector entities. It also asks whether that guidance should be applicable to NFP private sector entities.

AASB and NZASB staff invite stakeholders with an interest in reporting on insurance contracts transacted by public sector entities to participate in a virtual roundtable to discuss ED 319 and ED 2022-3 on Monday, 2 May 2022 between 11am–1pm AEST / 1pm–3pm NZT.

The AASB issued AASB 2022-1 to provide insurers with a transition option relating to comparative information about financial assets presented on the initial application of AASB 17. The amendments relate to financial assets for which comparative information presented on initial application of AASB 17 and AASB 9 has not been restated for AASB 9.

A roundtable will be held virtually on Tuesday, 5 April 2022 from 5.00 pm – 6.30 pm AEST for Australia academics to provide feedback directly to the European Financial Reporting Advisory Group (EFRAG) on its Discussion Paper titled Better Information on Intangibles - Which is the Best Way to Go? The Discussion Paper presents different possible approaches to improve information on intangibles together with the related advantages and disadvantages....

Due to the popular demand that exceeded capacity of the first webinar held on 2 March 2022, the AASB staff will host another 'encore' webinar on Wednesday, 23 March 2022 from 1:00 pm – 2.30pm AEDT. Click here to register....

The AASB is pleased to host the 2022 AASB Research Forum with RMIT College of Business and Law.

The AASB has issued an Exposure Draft proposing public-sector-specific modifications to AASB 17 Insurance Contracts . In addition, a Fatal-Flaw Review Draft version of an Amending Standard proposing related consequential amendments is available for comment.

The AASB has released a Staff Paper Intangible Assets: Reducing the Financial Statements Information Gap through Improved Disclosures . The Paper aims to facilitate discussion of possible solutions to a perceived financial statements information gap relating to intangible assets, focusing on disclosures about unrecognised internally generated intangible assets that could be made in financial statements, having regard to costs and benefits.

The AASB will conduct a webinar to provide insightful discussions about the Implementation of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

The  Action Alert  for the 185 ^th  AASB Board meeting is now available. The AASB Board met on 23-24 February 2022.

The Agenda and Papers for the AASB Meeting 185, to be held on 23-24 February 2022 are now available.

AASB staff will host a webinar education session covering key topics relating to the application of AASB 15 and AASB 1058 by not-for-profit entities.

AASB will hold a roundtable to receive feedback directly from stakeholders on its domestic work program.

ED 318 proposes amendments to illustrative examples for income of not-for-profit entities in AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities in response to stakeholder feedback following the implementation of these Standards.

AASB 2021-7 again defers (to 1 January 2025) the amendments to AASB 10 and AASB 128 relating to the sale or contribution of assets between an investor and its associate or joint venture.  The Standard also includes editorial corrections.

This joint staff article provides an overview of the Australian perspective on recent global sustainability-related developments and the considerations for what approach the AASB and AUASB may take in response to those developments.

Our offices will be closed for the holiday period from cob 22 December 2021 and will re-open on Monday 10 January 2022.  We wish you a happy and safe holiday period.

To help entities provide accounting policy disclosures that are more useful to the users of their financial statements, AASB 2021-6 makes amendments to certain Australian Accounting Standards.

ED 316 proposes amendments to AASB 101  Presentation of Financial Statements to improve the information entities provide about long-term debt with covenants. The ED incorporates IASB  ED/2021/9.

ED 317 proposes disclosure-only amendments to AASB 107 Statement of Cash Flows and AASB 7 Financial Instruments: Disclosures . The proposed amendments are intended to complement the existing requirements in AASB Standards that apply to supplier finance arrangements. The ED incorporates IASB ED/2021/10.

ED 315  proposes transition relief to assist entities with the first-time preparation of general purpose financial statements (GPFS) in some circumstances.

The Australian Accounting Standards Board has issued a  Media Release  on a Proposed Climate Change Standards Framework

The AASB would like to acknowledge the passing of Atsushi Kogasaka, Chair of the Accounting Standards Board of Japan (ASBJ) on 16 November 2021.  AASB Staff had the opportunity to work with him through the AOSSG and on joint ASBJ and AASB Projects. Our condolences are with his family and colleagues at this time.

The AASB has released Position Statement 1,  which is a joint statement with the FRC and AUASB, setting out the institutional arrangements through which Extended External Reporting standards are to be developed in Australia.

Invitation to Comment ITC 48 Extended External Reporting sets out the AASB’s proposed draft Position Statement relating to Extended External Reporting (EER).

The AASB would like to acknowledge the sad passing of Won-Hee Han, Technical Director of the Korea Accounting Standards Board (KASB). Many of the staff worked closely with Won-Hee through the AOSSG, ASAF and on joint KASB and AASB Projects. Our condolences are with his family and colleagues at this time.

The Action Alert for the 184 ^th AASB board meeting is now available. The AASB Board met in public via videoconference on10-11 November 2021.

As noted in the AASB Newsletter issued 4 November, at COP26 (the UN global summit to address the critical and urgent issue of climate change) the IFRS Foundation announced the establishment of a new International Sustainability Standards Board (ISSB) to develop—in the public interest—a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs. As part of this announcement, the IFRS Foundation published two prototype standards:

• General Requirements for Disclosure of Sustainability-related Financial Information Prototype ; and
• Climate-related Disclosures Prototype —which includes a supplement Technical Protocols for Disclosure Requirements (Climate-related Disclosures) .

The Agenda and Papers for the AASB Meeting 184, to be held on 10-11 November 2021 are now available.

This meeting will be held by videoconference. Members of the public wishing to attend the public sessions must register their interest by emailing [email protected] detailing:

Name

Entity

Email address and

Details of sessions they wish to join

By 8 November. Only attendees that have pre-registered will be provided with registration details to join the Zoom videoconference.

The AASB has released a new staff paper Going Concern Disclosures: A Case for International Standard-Setting which identifies potential areas for improvement relating to the existing going concern disclosure requirements in the IFRS Standards.

AASB Chair, Dr Keith Kendall, welcomed the appointment of a new member of the Australian Accounting Standards Board,  as announced by the Financial Reporting Council  (FRC).

We would like to hear from you. The AASB has published its Invitation to Comment
ITC 46 AASB Agenda Consultation 2022–2026 to gather views on the potential domestic projects to be included in its work program and priorities for the period 2022–2026.

Your feedback is requested to inform the IASB’s Post-implementation review of the classification and measurement requirements including the related disclosure requirements in IFRS 9 Financial Instruments.

The staff paper Review of Executive Remuneration Disclosure Requirements assesses how the current Australian executive remuneration disclosure requirements compare to selected overseas jurisdictions for for-profit (listed), not-for-profit and public sector entities to provide further input into the public discussion on this topic.

ED 314 incorporates IASB ED/2021/7, which proposes a reduced set of disclosure requirements for eligible subsidiaries without public accountability that apply IFRS Standards.

AASB staff will hold a roundtable to discuss ED 311 Management Commentary on 7 October 2021 (Thursday) from 5.00 pm – 6.30 pm AEDT.

The Action Alert for the 183 ^rd AASB board meeting is now available. The AASB Board met in public via videoconference on 8-9 September 2021.

The Agenda and Papers for the AASB Meeting 183, to be held on 8-9 September 2021 are now available.

This meeting will be held by videoconference. Members of the public wishing to attend the public sessions must register their interest by emailing [email protected] detailing:

• Name
• Entity
• Email address and
• Details of sessions they wish to join

By 6 September. Only attendees that have pre-registered will be provided with registration details to join the Zoom videoconference.

ED 313 proposes a narrow-scope amendment to the transition requirements in AASB 17 Insurance Contracts for comparative information.

The Action Alert for the 182nd AASB Meeting is now available. The AASB Board met in public via videoconference on 4 August 2021. At the meeting the Board made key decisions in relation to:

• Business Combinations under Common Control
• Not-for-Profit Private Sector Financial Reporting Framework
• IPSASB Exposure Drafts on Public Sector Measurement

ED 312 proposes further amendments that would require entities to disclose material accounting policy information rather than significant accounting policies.

The AASB has updated its Standard-Setting Frameworks , which set out the principles followed in setting the requirements of Standards for for-profit and not-for-profit entities.

The Agenda and Papers for the AASB Meeting 182, to be held on 4 August 2021 are now available.

Exposure Draft Management Commentary webinar, featuring IASB member and staff.

On 6 July 2021, AASB staff hosted a virtual outreach event to discuss ITC 45 on the IPSASB’s proposed new ‘current operational value’ measurement basis for non-cash generating assets in the public sector.

Two vacancies currently exist for appointment as a part-time member of the Australian Accounting Standards Board (AASB), starting in January 2022 for a three year term (with a possible extension available).  Click here to obtain further information from the Financial Reporting Council (FRC) website)

The AASB issued AASB 2021-5 to clarify the accounting for deferred tax on transactions that, at the time of the transaction, give rise to equal taxable and deductible temporary differences.

The AASB is now open to receiving Expressions of Interest from researchers for the 2022 Research Forum.

The Action Alert for the 181 ^st AASB board meeting is now available. The AASB Board met in public via videoconference on 21 – 22 June 2021.  At the meeting the Board made key decisions in relation to:

• Not-for-Profit Private Sector Financial Reporting Framework
• Tier 2 Disclosure Amendments
• Audit Engagement-related Disclosures
• Insurance Activities in the Public Sector
• IPSASB Exposure Drafts on Public Sector Measurement
• AASB Agenda Consultation
• IASB Agenda Consultation

The AASB issued AASB 2021-4 to amend the modified retrospective transition method for service concession grantors measuring the Grant of a Right to the Operator (GORTO) liability when implementing AASB 1059.

The Board and staff of the AASB would like to congratulate Mike, a former AASB Board Member, on being awarded an AM in the recent Queen’s Birthday honours.

This was to acknowledge his significant service to accounting and to the public sector. 

AASB staff invite not-for-profit public sector stakeholders to participate in a virtual outreach event to discuss ITC 45 on Tuesday, 6 July 2021 at 2–4pm AEST.

ED 311 proposes a comprehensive framework that entities could apply when preparing management commentary that complements their financial statements. The proposals represent a major overhaul of IFRS Practice Statement 1 Management Commentary .

A vacancy has arisen for the on the Audit, Finance and Risk Committee for the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB).

The AASB & AUASB are seeking an outstanding person, who can provide sound judgement and stewardship of the Committee, demonstrate extensive financial expertise, industry leadership and will have community standing as an experienced governance officer.

The Agenda and Papers for the AASB Meeting 181, to be held on 21-22 June 2021 are now available.

The staff paper :  Comparison of Narrative Reporting Requirements Applicable to For-Profit Entities examines several aspects of narrative reporting requirements for for-profit entities in Australia and selected overseas jurisdictions through their comparison to the draft disclosure objectives expected to be included in the forthcoming IASB’s Exposure Draft on revised IFRS Practice Statement 1 Management Commentary (MCPS) to provide early input into the AASB’s consultation on the IASB’s proposals.

On 25 May 2021, AASB and AUASB staff co-presented the third webinar in a series on the removal of special purpose financial statements and the introduction of simplified disclosures.

The AASB is proposing to amend AAS 121 The Effects of Changes in Foreign Exchange Rates to help companies determine whether a currency can be exchanged into another currency and what accounting requirements to apply if the currency cannot be exchanged.

On 10 May 2021, AASB staff hosted the second webinar in a series on the removal of special purpose financial statements and the introduction of simplified disclosures.

Dr Kim Langfield-Smith has been engaged by the FRC to undertake an independent Post-Implementation Review of AASB 1049.

Research Report 16  presents an overview of the academic literature on financial reporting by non-corporate and small entities. The Report’s overall objective is to answer key questions about the coverage of non-corporate and small entities’ reports, their user and stakeholder needs, and their compliance and regulatory oversight.

On 27 April 2021, AASB staff hosted the first webinar in a series, on the removal of special purpose financial statements and the introduction of simplified disclosures.

AASB 2021-3 extends by one year the application period of the practical expedient in AASB 16 Leases to help lessees accounting for covid-19-related rent concessions.

The  Action Alert  for the 180th AASB Board meeting is now available.  The AASB Board met in public via videoconference on 20-21 April 2021 and made key decisions in relation to:

AASB 2021-2 amends AASB Standards to improve accounting policy disclosures and clarify the distinction between accounting policies and accounting estimates.

AASB 2021-1 provides limited optional comparative information relief for not-for-profit entities adopting AASB 1060  early by transitioning from either Tier 1 or Tier 2 – Reduced Disclosure Requirements to Tier 2 – Simplified Disclosures.

AASB staff will hold a roundtable to discuss ITC 42 Business Combinations under Common Control on 5 May 2021 (Wednesday) from 4.00 pm – 5.30 pm AEST.

Your feedback is requested to inform the IASB’s Request for Information on the Third Agenda Consultation.

ED 309   Disclosure Requirements in Australian Accounting Standards—A Pilot Approach  proposes a new approach to developing disclosure requirements in Australian Accounting Standards (AAS) and new disclosure requirements for AAS on fair value measurement and employee benefits. These proposals would enable entities to enhance their judgement and reduce ‘boilerplate’ information.

AASB staff will host a series of webinars on the removal of SPFS and the introduction of simplified disclosures.

The Office of the Australian Accounting Standards Board would like to extend its congratulations to David Boymal, who has been included in the group of 2021 inductees into the Australian Accounting Hall of Fame.

ED 308   Covid-19-Related Rent Concessions beyond 30 June 2021  proposes to extend by one year the practical expedient added to AASB 16 Leases in 2020 to help lessees in accounting for covid-19-related rent concessions.

ED 307 proposes a new accounting model that would require companies subject to rate regulation to give investors better information about their financial performance.

The IPSASB has issued ED 75 Leases and a related Request for Information on concessionary leases. Comments are due to the IPSASB by 17 May 2021.