Current Financial Year Standards

The AASB is proposing to defer the effective date of recently issued AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current (March 2020) by one year to annual reporting periods beginning on or after 1 January 2023 via ED 301 Classification of Liabilities as Current or Non-current—Deferral of Effective Date. Read More

Preparers and auditors of not-for-profit (NFP) financial statements can use this updated Staff Paper to better understand the extent and rationale of modifications made to Australian Accounting Standards for entities in the NFP private and public sectors. The updates were made to reflect changes to Standards since May 2017. Read More

An amendment to AASB 16 Leases has been proposed to provide relief to lessees when applying the standard to Covid-19-related rent concessions, such as rent holidays and temporary rent reductions. Read More

Today, Minister Sukkar announced that the new AASB Chair from 3 May 2020, will be Dr Keith Kendall. Dr Kendall joins the AASB after a decorated career as a Partner at Rigby Cooke Lawyers, a serving barrister, and a Senior Lecturer at La Trobe University. Read More

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