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Australian Accouting Standards Board
Australian Accounting Standards Board Developing, issuing and maintaining Australian Accounting Standards and related pronouncements

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The AASB currently has two vacancies available for a pair of outstanding candidates to join the Board, starting in January 2020 and running for a three year term (with a possible extension available). More information about the positions can be found here: http://www.frc.gov.au/recruitment/

Treasury is now accepting applications for the role of AASB Chair, which is expected to commence in February 2020 on either a full or part-time basis. The Chair of the AASB has statutory responsibility for the management of the Office of the AASB. The successful candidate will represent the AASB as a member of the Financial Reporting Council, which has strategic oversight responsibilities in relation to accounting and auditing standard setting in Australia. The AASB also works closely with the International Accounting Standards Board in the development of global accounting standards. To assist in the process, current Chair Kris Peach has accepted an extension of her term to February 2020, and will not be participating in this appointment process.  To learn more about this opportunity, please visit here: https://bit.ly/2lM03UG

ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities is proposing to remove the ability of for-profit large proprietary, unlisted public (other than companies limited by guarantee) and small foreign-controlled companies to publicly lodge special purpose financial statements (SPFS) with the Australian Securities and Investments Commission (ASIC). Read More

Research Report 11 findings indicate that for the 36% of charities lodging special purpose financial statements (SPFS) with ACNC, the transparency of these SPFS is poor. Only 26% of charities preparing SPFS state whether they comply with all recognition and measurement (R&M) requirements in Australian Accounting Standards, 30% state they do not comply, and for the remaining 44%, it is not clear whether or not they complied with R&M requirements. Read More

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