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19 Oct. 2017

Invitation to comment: draft Standard-Setting Frameworks

In order to best develop AASB Standards and determine when specific guidance or modifications are needed, the AASB has prepared draft Standard-Setting Frameworks. Developed for both for-profit entities and not-for-profit entities*, constituents are encouraged to use the Standard-Setting Frameworks to better formulate and justify their requests for changes in the AASB Standards.

The draft guidance:

  • sets out the assumptions underpinning the AASB’s standard setting approach for for-profit and not-for-profit entities
  • stipulates when modifications to IFRS Standards or Australian-specific Standards or guidance might be justified.

Please submit your comments on the draft Standard-Setting Frameworks to by 17 January 2018.


*The draft Standard-Setting Frameworks for not-for-profit entities replaces The Process for Modifying IFRSs for NFP/PBE in response to findings from its Research Report No 4: Review of Adoption of International Financial Reporting Standards in Australia