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6 Feb. 2015

AASB issues two new Standards

The AASB approved two further new Australian Accounting Standards in January 2015:

  • AASB 2015-4 Amendments to Australian Accounting Standards – Financial Reporting Requirements for Australian Groups with a Foreign Parent –  aligns the relief available in AASB 10 Consolidated Financial Statements and AASB 128 Investments in Associates and Joint Ventures in respect of the financial reporting requirements for Australian groups with a foreign parent; and
  • AASB 2015-5 Amendments to Australian Accounting Standards – Investment Entities: Applying the Consolidation Exception – amendments to AASB 10, AASB 12 Disclosure of Interests in Other Entities and AASB 128 arising from the IASB’s narrow scope amendments associated with Investment Entities.

AASB 2015-4 applies to annual reporting periods beginning on or after 1 July 2015 and earlier application is permitted.

AASB 2015-5 applies to annual reporting periods beginning on or after 1 January 2016 and earlier application is permitted.