News

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 .

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 .

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 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.

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 .

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 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.

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

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.

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

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 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.