One-year deferral of AASB 1059 for service concession grantors: To assist implementation efforts, the AASB has deferred the effective date of AASB 1059 Service Concession Arrangements: Grantors to annual periods beginning on or after 1 January 2020, instead of 2019. Read More
As users look beyond financial aspects when choosing where to invest their money, greater importance is being placed on the various non-financial reporting frameworks. In this article, AASB Chair Kris Peach, along with other leaders in this space, talk about how these various frameworks can reach greater global alignment and consistency. Read More
The ATO supports the AASB’s consultation to enhance transparency for entities preparing special purpose financial statements (SPFS): The ATO has made the following statement this week: “The ATO is supportive of the AASB’s proposed approach to consulting on a series of principles or concepts for enhancing the transparency of entities currently preparing Special Purpose Financial Statements as part of adopting the revised Conceptual Framework issued by the International Accounting Standards Board and for inclusion in Australian Accounting Standards by 2021.” The AASB will continue to work with the ATO and other regulators to improve the consistency, comparability and transparency of financial reports prepared in accordance with Australian Accounting Standards.
ASIC supports the AASB’s consultation to remove special purpose financial statements: ASIC has made the following statement this week: “ASIC fully supports the consultation to remove special purpose financial statements for entities regulated by ASIC and remove the subjective ‘reporting entity’ test under SAC 1 facilitating a comparable, consistent and transparent framework for preparation of financial statements in Australia.” The AASB will continue to work with ASIC and other regulators to improve the consistency, comparability and transparency of financial reports prepared in accordance with Australian Accounting Standards.
