26 Mar. 2018
Representatives of the AASB and the ASBJ hold meeting in Melbourne
Representatives of the Australian Accounting Standards Board (AASB) and the Accounting Standards Board of Japan (ASBJ) met on 22 and 23 March, 2018 in Melbourne, Australia. This meeting was the first meeting between the AASB and members of the ASBJ. Read more.
4 Jul. 2017
More companies should report on tax liabilities
More Australian companies could be recognising amounts in dispute with the Australian Tax Office (ATO) in financial reports, under new guidance from the IFRS Interpretations Committee (IFRIC). The IFRIC guidance will be issued by the Australian Accounting Standards Board (AASB) shortly.... Read more
25 May. 2017
FRC appoints board member to the AASB.
The FRC has announced the appointment of Professor Stephen Taylor as member of the Australian Accounting Standards Board (AASB). Professor Taylor is Professor of Accounting at UTS Business School.... Read more
5 Apr. 2017
Proposals to define and restrict use of unusual and infrequent items will significantly improve financial statements
Proposals to define and restrict the use of unusual or infrequently occurring items in financial statements will also impact the way entities determine alternative profit measures such as underlying earnings. The AASB is seeking views on this issue, amongst others, following the release of the IASB Discussion Paper Disclosure Initiative – Principles of Disclosure. The IASB paper explores the challenges around providing relevant entity-specific information to users of financial statements, and proposes principles for disclosures to help preparers.... Read more
20 Dec. 2016
Simplifying Income Recognition of Not-for-Profit Entities
Financial reporting for not-for-profit entities will now more closely reflect economic reality. Revenue from grants and donations will be recognised when any associated performance obligation to provide goods or services is satisfied, and not immediately upon receipt as usually occurs with current standards.... Read more
14 Jan. 2016
Long awaited transparency for lease obligations
The new lease accounting standard brings much needed transparency to lessee lease obligations, bringing all leases onto the balance sheet. Although it’s taken more than three decades, investors will finally have reliable information about leasing obligations, with less need for “rules of thumb” and guesses about the impact of lease obligations on a lessee’s debt gearing/leverage.... Read more
15 Dec. 2015
Board Members re-appointed to the AASB..
Kris Peach, AASB Chair, welcomes the re-appointment to the AASB of:
- Mr Peter Carlson, Partner, KPMG; and
- Mr Peter Gibson, Assistant Secretary, Department of Finance.
This follows the FRC’s announcement that Mr Carlson is re-appointed for one year and Mr Gibson for three years.... Read more
24 Aug. 2015
Financial information not enough for not-for-profit entities - closing the service performance gap
Not-for-profit (NFP) entities have been on notice for some time that financial reporting alone is not enough for donors/grantors/taxpayers. Numerous studies have shown non-financial information about a NFP entity’s delivery of goods and/or services is essential for users to assess how well their contribution is being utilised. The AASB's service performance reporting proposals will help close the gap between user needs and current financial reporting requirements.... Read more
13 Jul. 2015
AASB Responds to Fair Value Disclosure Concerns
Good news for not-for-profit public sector entities. They will not need to make certain fair value disclosures about property, plant and equipment held for their current service potential. The amendments to AASB 13 Fair Value Measurement may be early adopted to apply for 30 June 2015 year ends.... Read more
6 May. 2015
Service Concession Arrangements Proposals for Public Sector Grantors
More government assets and liabilities will be recognised on balance sheet for major public infrastructure projects financed by the private sector, such as toll roads, hospitals and prisons (service concession arrangements (SCA)), as a result of new proposals issued by the AASB. Such projects will also be recognised earlier, generally from when construction commences, rather than when construction is completed. These changes are likely to increase reported government debt levels.... Read more
16 Feb. 2015
Current or non-current debt? Feedback invited on a clarifying proposal
Directors and Chief Financial Officers concerned with classification of loans / debts as current or non-current will be relieved that the latest proposals from the International Accounting Standards Board (IASB) and the Australian Accounting Standards Board (AASB) provide clarity on that distinction.... Read more
2 Feb. 2015
AASB improves ability for companies to address disclosure overload in financial statements
Company directors, Chief Financial Officers and others will be encouraged that the AASB and the International Accounting Standards Board (IASB) are working on a range of initiatives to address concerns about disclosure overload in financial statements. As part of that effort, the AASB today issued amendments to AASB 101 Presentation of Financial Statements to clarify that entities should not be disclosing immaterial information and that the presentation of information in notes can and should be tailored to provide investors and other users with the clearest story of an entity’s financial performance and financial position. ... Read more