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18 Oct. 2019

Fatal-Flaw Review Draft: Disclosure of the Effect of New IFRS Standards Not Yet Issued in Australia

The Fatal-Flaw Review Draft proposes amendments to AASB 1054 Australian Additional Disclosures to require disclosure by entities that intend to comply with IFRS Standards of the potential effect on their financial statements of new IFRS Standards that have not yet been issued by the AASB as Australian Accounting Standards. This would ensure IFRS compliance for for-profit publicly accountable entities when they comply with Australian Accounting Standards. The proposed disclosures would apply to annual reporting periods beginning on or after 1 January 2020. Comments to the AASB on any fatal flaw are due by Thursday 31 October 2019.