Australian Government
Australian Accounting Standards Board
The User Advisory Committee (UAC) is an expert panel formed by the Australian Accounting Standards Board (AASB), which is of comprised of analysts, investors, ratings agencies, fund managers, and investor relations professionals from the For-Profit sector. The purpose of the UAC is to provide the AASB with input, recommendations, and feedback pertaining to the creation or emendation of Australian Accounting Standards, as well as outreach to the wider stakeholder community.
The UAC met on March 6, 2023 to discuss Key Audit Matters; Digital Assets; Extractive Activities; Proposed amendments to AASB 1060 (Tier 2) – Non‑current Liabilities with Covenants; Business Combinations – Disclosures; Goodwill and Impairment, Primary Financial Statements Project; and Equity Method, among other topics that can be viewed in the agenda.
The UAC met on September 29, 2022 to discuss the IASB’s projects on IAS 37 (Discount Rates), Sustainability Reporting, IFRS 9 Post-Implementation Review, Primary Financial Standards and IFRS 15 among other topics that can be viewed in the agenda.
The UAC met on March 10, 2022 to discuss the IASB’s projects on Primary Financial Statements and Non-current Liabilities with Covenants, and the EFRAG Discussion Paper on Intangibles, among other topics that can be viewed in the agenda.
The UAC met on November 4, 2021 to discuss the AASB’s Agenda Consultation; AASB ITC 47 Request for Comment on IASB Request for Information on Post-implementation Review of IFRS 9 Financial Instruments – Classification and Measurement; AASB ED 309 Disclosure Requirements in IFRS Standards Standards—A Pilot Approach and the IASB’s projects on Business Combinations – Disclosures, Goodwill and Impairment and Supplier Finance Arrangements, among other topics that can be viewed in the agenda .
The UAC met on 29 July, 2021 to discuss the IASB's project on Management Commentary.
The UAC met on March 4, 2021 to discuss the IASB’s project on Post-implementation Review of IFRS 9 – Financial Instruments – Classification and Measurement; Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities; Rate Regulated Activities and Business Combinations under Common Control among other topics that can be viewed in the agenda .
The UAC met on October 1, 2020, to discuss the IASB’s projects on Business Combinations – Disclosures, Goodwill and Impairment and Primary Financial Statements, among other topics that can be viewed in the agenda below.
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The UAC met on July 16, 2020, to discuss suggestions in Primary Financial Statements and Goodwill and Impairment projects (both of which are IASB projects), among other topics that can be viewed in the agenda below.
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The UAC met on March 19, 2020, to discuss Primary Financial Statements and Management Commentary (both of which are IASB projects), among other topics that can be viewed in the agenda below.
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The UAC and members of the IASB met on October 3, 2019, to discuss ED 297 Special Purpose Financial Statements for Certain For-Profit Private Sector Entities, and ED 295 General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-profit Tier 2 Entities, among other topics that can be viewed in the agenda below.
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The User Advisory Committee (UAC) met for its first meeting in Sydney on August 19, 2019. Special guest Sue Lloyd, the Vice-Chair of the International Accounting Standards Board (IASB), London, met with panel members and presented a series of updates about the IASB's latest projects.
One of the key topics discussed at the inaugural meeting was the Primary Financial Statements project. The UAC members supported the direction of the IASB’s project, which is defining financing, investing, and operating sections of the P&L to provide greater comparability of financial results.
The UAC also supported increasing rigour around the use of Non-GAAP metrics, such as underlying earnings.
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