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28 Nov. 2019

Disclosure of the Effect of New IFRS Standards Not Yet Issued in Australia

Entities that intend to comply with IFRS Standards will now be required to disclose the potential effect of new IFRS Standards that have not yet been issued by the AASB as Australian Accounting Standards.

This will ensure IFRS compliance for for-profit publicly accountable entities, when they comply with Australian Accounting Standards. The disclosures are required by AASB 1054 Australian Additional Disclosures, which has been amended by AASB 2019-5 Amendments to Australian Accounting Standards – Disclosure of the Effect of New IFRS Standards Not Yet Issued in Australia. The Standard applies to annual periods beginning on or after 1 January 2020.