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14 Dec. 2017

December 2017 Action Alert and Podcast available

Important progress made at AASB 12 December 2017 meeting: The AASB will consult with stakeholders regarding the implications of replacing the Board’s definition of a ‘reporting entity’ with the definition in the revised IASB Conceptual Framework – such as the removal of the ability to prepare ‘special purpose financial statements’. The IASB definition addresses the boundary of what needs to be reported when an entity is required to report, not whether an entity is required to prepare GPFS.

To maintain IFRS compliance, the revised framework would be adopted first for publicly accountable for-profit private sector entities before addressing its application to other entities. 

The Board decided to issue by 22 December 2017:

  • three amending Standards
  • AASB Practice Statement 2 Making Materiality Judgements 
  • an ED on accounting for revenue from licences issued by public sector licensors, with comments due 31 March 2018
  • an ED proposing RDR for recently released Standards.

Read the Action Alert or listen to the latest Podcast.