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2 Feb. 2015

AASB issues 2 new Standards

The AASB approved 2 new Australian Accounting Standards in January 2015:

  • AASB 2015-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 101 –  The Standard makes amendments to AASB 101 Presentation of Financial Statements arising from the IASB’s Disclosure Initiative project; and
     
  • AASB 2015-3 Amendments to Australian Accounting Standards arising from the Withdrawal of AASB 1031 Materiality – The Standard completes the AASB’s project to remove Australian guidance on materiality from Australian Accounting Standards.

AASB 2015-2 applies to annual reporting periods beginning on or after 1 January 2016 and earlier application is permitted.

AASB 2015-3 applies to annual reporting periods beginning on or after 1 July 2015.  Earlier application is permitted for annual reporting periods beginning on or after 1 January 2014 but before 1 July 2015.