News

05
AUGUST
2022
AASB

Positions Vacant on the Australian Accounting Standards Board for 2023

Two vacancies currently exist for appointment as a part-time member of the Australian Accounting Standards Board (AASB), starting on or before 1 January 2023 for a three year term (with a possible extension available).  

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04
AUGUST
2022
AASB

AASB Action Alert No. 216

The Action Alert for the 189th AASB Board meeting is now available.  The AASB met on 3 August 2022.

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28
JULY
2022
AASB

AASB and AUASB publish their submission to the International Sustainability Standards Board’s General Requirements and Climate Exposure Drafts

Today the AASB and AUASB submitted their response to the ISSB’s Exposure Drafts on [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and [Draft] IFRS S2 Climate-related Disclosures .

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The Agenda and Papers for the AASB Meeting 189, to be held on 3 August 2022 are now available.

21 Jul
2022
21 July 2022

The Agenda and  Papers for the AASB Meeting 189, to be held on 3 August 2022 are now available.

Public gallery attendees will need to register their interest in attending by 29 July 2022. Click more below for further information.

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Australian Accounting Standards Board and UWA session!

07 Jul
2022
07 July 2022

You’re invited to join Keith Kendall, Chair of Australian Accounting Standards Board, Jac Birt, Head of Department - Accounting and Finance, along with our Town Meets Gown panel of experts for a discussion about the Future of Accounting.
Gain insights into digital reporting, the connectivity of financial and non-financial reporting, and emerging accounting issues such as digital assets and cloud computing.
Speakers include:

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AASB Dialogue Series on Digital Financial Reporting: Why does it matter?

30 Jun
2022
30 June 2022

The AASB, jointly with CPA Australia and CA ANZ, will hold its third AASB Dialogue Series on Digital Financial Reporting.

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Call for Expression of Interest: 2023 AASB Research Forum

29 Jun
2022
29 June 2022

The AASB is now accepting expressions of interest for the 2023 AASB Research Forum.

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Project insights: Developing sustainability-related financial reporting standards in Australia

28 Jun
2022
28 June 2022

This staff article provides an overview of the AASB’s proposed approach to developing sustainability-related financial reporting standards in Australia.

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AASB Action Alert No. 215

27 Jun
2022
27 June 2022

The Action Alert for the 188th AASB Board meeting is now available.  The AASB met on 22-23 June 2022.

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AASB 2022-4 Amendments to Australian Accounting Standards – Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector Entities

23 Jun
2022
23 June 2022

To support greater transparency and comparability in the special purpose financial statements (SPFS) of certain for-profit private sector entities, AASB 2022-4 requires the SPFS to include disclosures that inform users of the basis upon which they have been prepared.

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AASB Survey on ED 321 Request for Comment on ISSB [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and [Draft] IFRS S2 Climate-related Disclosures

16 Jun
2022
16 June 2022

The AASB has released a survey to receive stakeholder feedback on the International Sustainability Standards Board (ISSB)’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ( ED 321 ).

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IASB and AASB: Call for Research Proposals

16 Jun
2022
16 June 2022

Academics are encouraged to submit proposals for research projects relating to the application of the IASB’s requirements and guidance on materiality by 15 July 2022.

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A Revised Agenda and Papers for the AASB Meeting 188, to be held on 22-23 June 2022 are now available.

15 Jun
2022
15 June 2022

A Revised Agenda and Papers for the AASB Meeting 188, to be held on 22-23 June 2022 are now available.

Public gallery attendees will need to register their interest in attending by 17 June 2022. Click more below for further information.

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AFAANZ Insight Series: ISSB General Requirements and Climate Exposure Drafts

31 May
2022
31 May 2022

The International Sustainability Standards Board (ISSB) in conjunction with the Accounting & Finance Association of Australia and New Zealand (AFAANZ) and the Australian Accounting Standards Board (AASB) will hold a virtual seminar on Wednesday 15 June beginning at 4.00pm AEST.

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AASB Industry-based virtual roundtables on ED 321 Request for Comment on [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and [Draft] IFRS S2 Climate-related Disclosures (1)

27 May
2022
27 May 2022

The AASB will host two further industry-focussed virtual roundtables on 14 and 16 June 2022 to receive stakeholder feedback on the International Sustainability Standards Board (ISSB)’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ( ED 321 ).

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AASB Perth Roundtables on ED 321 Request for Comment on [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and [Draft] IFRS S2 Climate-related Disclosures

27 May
2022
27 May 2022

The AASB will host in-person roundtables in Perth on 28 and 29 June 2022 to receive stakeholder feedback on the International Sustainability Standards Board (ISSB)’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ( ED 321 ).

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AASB Action Alert No. 214

23 May
2022
23 May 2022

The Action Alert for the 187th AASB Board meeting is now available.  The AASB Board met on 18 May 2022 via videoconference.

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AASB Industry-based virtual roundtable on ED 321 Request for Comment on [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and [Draft] IFRS S2 Climate-related Disclosures

20 May
2022
20 May 2022

The AASB will host a virtual roundtable focussed on the financials, banking, insurance and superannuation industries on 8 June 2022 to receive stakeholder feedback on the International Sustainability Standards Board (ISSB)’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ( ED 321 ).

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AASB Sydney Roundtables on ED 321 Request for Comment on [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and [Draft] IFRS S2 Climate-related Disclosures

20 May
2022
20 May 2022

The AASB will host in-person roundtables in Sydney on 6 and 7 June 2022 to receive stakeholder feedback on the International Sustainability Standards Board (ISSB)’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ( ED 321 ).

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AASB Industry-based virtual roundtables on ED 321 Request for Comment on [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and [Draft] IFRS S2 Climate-related Disclosures

17 May
2022
17 May 2022

The AASB will host virtual industry-focussed roundtables on 1 and 2 June 2022 to receive stakeholder feedback on the International Sustainability Standards Board (ISSB)’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ( ED 321 ).

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Agenda for roundtable discussions: ED 320 Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities

12 May
2022
12 May 2022

The agenda for the three virtual roundtable events to discuss the proposals in ED 320 Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities is now available.

 

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The Agenda and Papers for the AASB Meeting 187, to be held on 18 May 2022 are now available.

05 May
2022
05 May 2022

The  Agenda  and  Papers for the AASB Meeting 187, to be held on 18 May 2022 are now available.

Public gallery attendees will need to register their interest in attending by 16 May 2022. Click more below for further information.

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AASB 2022-3 Amendments to Australian Accounting Standards – Illustrative Examples for Not-for-Profit Entities accompanying AASB 15

05 May
2022
05 May 2022

AASB 2022-3 amends Australian illustrative examples for not-for-profit entities accompanying AASB 15 Revenue from Contracts with Customers.

 

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Recording: AASB & NZASB roundtable discussion – Insurance Contracts in the Public Sector

04 May
2022
04 May 2022

On 2 May 2022, AASB and NZASB staff hosted a virtual roundtable to discuss AASB ED 319 /NZASB ED 2022-3 Insurance Contracts in the Public Sector. A recording of the discussion is available on the AASB YouTube channel. Watch here.

 

 

 

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AASB 2022-2 Amendments to Australian Accounting Standards – Extending Transition Relief under AASB 1

04 May
2022
04 May 2022

AASB 2022-2 amends AASB 1 and AASB 1053 to assist entities with the first-time preparation of general purpose financial statements (GPFS) in some circumstances.

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AASB Dialogue Series on Intangible Assets: Insights from Research and Practice

28 Apr
2022
28 April 2022

Is the current reporting and disclosure on intangible assets adequate?

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AASB ED 321 Request for Comment on [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and [Draft] IFRS S2 Climate-related Disclosures

14 Apr
2022
14 April 2022

The AASB is consulting on the International Sustainability Standards Board’s Exposure Drafts on [Draft] IFRS S1 and [Draft] IFRS S2 ED 321 .

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Webcast and Virtual Roundtable Discussions: ED 320 Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities

12 Apr
2022
12 April 2022

AASB staff are hosting three virtual roundtable events by grouped jurisdictions to discuss the proposals in ED 320 Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities .

 

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AASB Action Alert No. 213

11 Apr
2022
11 April 2022

The Action Alert for the 186 th AASB Board meeting is now available.  The AASB Board met on 7 April 2022 via videoconference.

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An Updated Agenda and Papers for the AASB Virtual Meeting 186, to be held on 7 April 2022 are now available.

04 Apr
2022
04 April 2022

An Updated Agenda and  Papers for the AASB Virtual Meeting 186, to be held on 7 April 2022 are now available.

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ED 320 Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities

30 Mar
2022
30 March 2022

ED 320 proposes to add authoritative implementation guidance to AASB 13 Fair Value Measurement for application by not-for-profit (NFP) public sector entities. It also asks whether that guidance should be applicable to NFP private sector entities.

 

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AASB & NZASB Virtual Roundtable Discussion: AASB ED 319/NZASB ED 2022-3 Insurance Contracts in the Public Sector

24 Mar
2022
24 March 2022

AASB and NZASB staff invite stakeholders with an interest in reporting on insurance contracts transacted by public sector entities to participate in a virtual roundtable to discuss ED 319 and ED 2022-3 on Monday, 2 May 2022 between 11am–1pm AEST / 1pm–3pm NZT.

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Amendments for Initial Application of AASB 17 and AASB 9 – Comparative Information

22 Mar
2022
22 March 2022

The AASB issued AASB 2022-1 to provide insurers with a transition option relating to comparative information about financial assets presented on the initial application of AASB 17. The amendments relate to financial assets for which comparative information presented on initial application of AASB 17 and AASB 9 has not been restated for AASB 9.

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AASB/AFAANZ Academic Roundtable: EFRAG’s Discussion Paper on Intangible Assets

21 Mar
2022
21 March 2022

A roundtable will be held virtually on Tuesday, 5 April 2022 from 5.00 pm – 6.30 pm AEST for Australia academics to provide feedback directly to the European Financial Reporting Advisory Group (EFRAG) on its Discussion Paper titled Better Information on Intangibles - Which is the Best Way to Go? The Discussion Paper presents different possible approaches to improve information on intangibles together with the related advantages and disadvantages....

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AASB webinar: Income of not-for-profit entities: AASB 15 and AASB 1058 – AASB staff education session

10 Mar
2022
10 March 2022

Due to the popular demand that exceeded capacity of the first webinar held on 2 March 2022, the AASB staff will host another 'encore' webinar on Wednesday, 23 March 2022 from 1:00 pm – 2.30pm AEDT. Click here to register....

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2022 AASB Research Forum

10 Mar
2022
10 March 2022

The AASB is pleased to host the 2022 AASB Research Forum with RMIT College of Business and Law.

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ED 319 and Fatal-Flaw Review Draft Standard: Insurance Contracts in the Public Sector

09 Mar
2022
09 March 2022

The AASB has issued an Exposure Draft proposing public-sector-specific modifications to AASB 17 Insurance Contracts . In addition, a Fatal-Flaw Review Draft version of an Amending Standard proposing related consequential amendments is available for comment.

 

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AASB Staff Paper Intangible Assets: Reducing the Financial Statements Information Gap through Improved Disclosures

08 Mar
2022
08 March 2022

The AASB has released a Staff Paper Intangible Assets: Reducing the Financial Statements Information Gap through Improved Disclosures . The Paper aims to facilitate discussion of possible solutions to a perceived financial statements information gap relating to intangible assets, focusing on disclosures about unrecognised internally generated intangible assets that could be made in financial statements, having regard to costs and benefits.

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AASB Dialogue Series: TCFD Implementation

01 Mar
2022
01 March 2022

The AASB will conduct a webinar to provide insightful discussions about the Implementation of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

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AASB Action Alert No. 212

28 Feb
2022
28 February 2022

The  Action Alert  for the 185 th  AASB Board meeting is now available. The AASB Board met on 23-24 February 2022.

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The Agenda and Papers for the AASB Meeting 185, to be held on 23-24 February 2022 are now available.

11 Feb
2022
11 February 2022

The Agenda and Papers for the AASB Meeting 185, to be held on 23-24 February 2022 are now available.

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Forthcoming webinar - Income of not-for-profit Entities: AASB 15 and AASB 1058 – AASB staff education session

10 Feb
2022
10 February 2022

AASB staff will host a webinar education session covering key topics relating to the application of AASB 15 and AASB 1058 by not-for-profit entities.

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AASB Agenda Consultation 2022-2026 Roundtable

31 Jan
2022
31 January 2022

AASB will hold a roundtable to receive feedback directly from stakeholders on its domestic work program.

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AASB Exposure Draft ED 318 Illustrative Examples for Income of Not-for-Profit Entities and Right-of-Use Assets arising under Concessionary Leases

25 Jan
2022
25 January 2022

ED 318 proposes amendments to illustrative examples for income of not-for-profit entities in AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities in response to stakeholder feedback following the implementation of these Standards.

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AASB 2021-7 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections

22 Dec
2021
22 December 2021

AASB 2021-7 again defers (to 1 January 2025) the amendments to AASB 10 and AASB 128 relating to the sale or contribution of assets between an investor and its associate or joint venture.  The Standard also includes editorial corrections.

 

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Globally consistent reporting for sustainability-related information: Australian perspectives

15 Dec
2021
15 December 2021

This joint staff article provides an overview of the Australian perspective on recent global sustainability-related developments and the considerations for what approach the AASB and AUASB may take in response to those developments.

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AASB Office Closure 2021-22

15 Dec
2021
15 December 2021

Our offices will be closed for the holiday period from cob 22 December 2021 and will re-open on Monday 10 January 2022.  We wish you a happy and safe holiday period.

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AASB 2021-6 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies: Tier 2 and Other Australian Accounting Standards

13 Dec
2021
13 December 2021

To help entities provide accounting policy disclosures that are more useful to the users of their financial statements, AASB 2021-6 makes amendments to certain Australian Accounting Standards.

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AASB Exposure Draft ED 316 Non-current Liabilities with Covenants

02 Dec
2021
02 December 2021

ED 316 proposes amendments to AASB 101  Presentation of Financial Statements to improve the information entities provide about long-term debt with covenants. The ED incorporates IASB  ED/2021/9.

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AASB Exposure Draft ED 317 Supplier Finance Arrangements

02 Dec
2021
02 December 2021

ED 317 proposes disclosure-only amendments to AASB 107 Statement of Cash Flows and AASB 7 Financial Instruments: Disclosures . The proposed amendments are intended to complement the existing requirements in AASB Standards that apply to supplier finance arrangements. The ED incorporates IASB ED/2021/10.

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Exposure Draft ED 315 Extending Transition Relief under AASB 1

26 Nov
2021
26 November 2021

ED 315  proposes transition relief to assist entities with the first-time preparation of general purpose financial statements (GPFS) in some circumstances.

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AASB Issues Media Release

23 Nov
2021
23 November 2021

The Australian Accounting Standards Board has issued a  Media Release  on a Proposed Climate Change Standards Framework

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Condolences to ASBJ from AASB

23 Nov
2021
23 November 2021

The AASB would like to acknowledge the passing of Atsushi Kogasaka, Chair of the Accounting Standards Board of Japan (ASBJ) on 16 November 2021.  AASB Staff had the opportunity to work with him through the AOSSG and on joint ASBJ and AASB Projects. Our condolences are with his family and colleagues at this time.

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AASB, AUASB and FRC issue joint Position Statement

19 Nov
2021
19 November 2021

The AASB has released Position Statement 1,  which is a joint statement with the FRC and AUASB, setting out the institutional arrangements through which Extended External Reporting standards are to be developed in Australia.

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AASB Invitation to Comment ITC 48 Extended External Reporting

19 Nov
2021
19 November 2021

Invitation to Comment ITC 48 Extended External Reporting sets out the AASB’s proposed draft Position Statement relating to Extended External Reporting (EER).

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Condolences from the AASB

17 Nov
2021
17 November 2021

The AASB would like to acknowledge the sad passing of Won-Hee Han, Technical Director of the Korea Accounting Standards Board (KASB). Many of the staff worked closely with Won-Hee through the AOSSG, ASAF and on joint KASB and AASB Projects. Our condolences are with his family and colleagues at this time.

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AASB Action Alert No. 211

16 Nov
2021
16 November 2021

The Action Alert for the 184 th AASB board meeting is now available. The AASB Board met in public via videoconference on10-11 November 2021.

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IFRS Foundation publication of prototype climate and general disclosure requirements

12 Nov
2021
12 November 2021

As noted in the AASB Newsletter issued 4 November, at COP26 (the UN global summit to address the critical and urgent issue of climate change) the IFRS Foundation announced the establishment of a new International Sustainability Standards Board (ISSB) to develop—in the public interest—a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs. As part of this announcement, the IFRS Foundation published two prototype standards:

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The Agenda and Papers for the AASB Meeting 184, to be held on 10-11 November 2021 are now available.

27 Oct
2021
27 October 2021

The Agenda and Papers for the AASB Meeting 184, to be held on 10-11 November 2021 are now available.

This meeting will be held by videoconference. Members of the public wishing to attend the public sessions must register their interest by emailing standard@aasb.gov.au detailing:

Name

Entity

Email address and

Details of sessions they wish to join

By 8 November. Only attendees that have pre-registered will be provided with registration details to join the Zoom videoconference.

 

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AASB Staff Paper: Going Concern Disclosures: A Case for International Standard-Setting

21 Oct
2021
21 October 2021

The AASB has released a new staff paper Going Concern Disclosures: A Case for International Standard-Setting which identifies potential areas for improvement relating to the existing going concern disclosure requirements in the IFRS Standards.

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FRC Appoints Board Member to AASB

13 Oct
2021
13 October 2021

AASB Chair, Dr Keith Kendall, welcomed the appointment of a new member of the Australian Accounting Standards Board,  as announced by the Financial Reporting Council  (FRC).

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ITC 46 AASB Agenda Consultation 2022–2026

07 Oct
2021
07 October 2021

We would like to hear from you. The AASB has published its Invitation to Comment
ITC 46 AASB Agenda Consultation 2022–2026 to gather views on the potential domestic projects to be included in its work program and priorities for the period 2022–2026.

 

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AASB Invitation to Comment ITC 47 on the IASB Request for Information on Post-implementation Review of IFRS 9 Financial Instruments – Classification and Measurement

07 Oct
2021
07 October 2021

Your feedback is requested to inform the IASB’s Post-implementation review of the classification and measurement requirements including the related disclosure requirements in IFRS 9 Financial Instruments.

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AASB Staff Paper: Review of Executive Remuneration Disclosure Requirements

30 Sep
2021
30 September 2021

The staff paper Review of Executive Remuneration Disclosure Requirements assesses how the current Australian executive remuneration disclosure requirements compare to selected overseas jurisdictions for for-profit (listed), not-for-profit and public sector entities to provide further input into the public discussion on this topic.

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AASB Exposure Draft ED 314 Subsidiaries without Public Accountability: Disclosures

23 Sep
2021
23 September 2021

ED 314 incorporates IASB ED/2021/7, which proposes a reduced set of disclosure requirements for eligible subsidiaries without public accountability that apply IFRS Standards.

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AASB Roundtable: ED 311 Management Commentary

21 Sep
2021
21 September 2021

AASB staff will hold a roundtable to discuss ED 311 Management Commentary on 7 October 2021 (Thursday) from 5.00 pm – 6.30 pm AEDT.

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AASB Action Alert No. 210

13 Sep
2021
13 September 2021

The Action Alert for the 183 rd AASB board meeting is now available. The AASB Board met in public via videoconference on 8-9 September 2021.

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Agenda and papers for AASB Meeting 183 - September 2021 now available

25 Aug
2021
25 August 2021

The Agenda and Papers for the AASB Meeting 183, to be held on 8-9 September 2021 are now available.

This meeting will be held by videoconference. Members of the public wishing to attend the public sessions must register their interest by emailing standard@aasb.gov.au detailing:

  • Name
  • Entity
  • Email address and
  • Details of sessions they wish to join

By 6 September. Only attendees that have pre-registered will be provided with registration details to join the Zoom videoconference.

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Exposure Draft ED 313 Initial Application of AASB 17 and AASB 9—Comparative Information

05 Aug
2021
05 August 2021

ED 313 proposes a narrow-scope amendment to the transition requirements in AASB 17 Insurance Contracts for comparative information.

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AASB Action Alert No. 209

05 Aug
2021
05 August 2021

The Action Alert for the 182nd AASB Meeting is now available. The AASB Board met in public via videoconference on 4 August 2021. At the meeting the Board made key decisions in relation to:

  • Business Combinations under Common Control
  • Not-for-Profit Private Sector Financial Reporting Framework
  • IPSASB Exposure Drafts on Public Sector Measurement
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Exposure Draft ED 312 Disclosure of Accounting Policies – Proposed Amendments to Tier 2 and Other Australian Accounting Standards

04 Aug
2021
04 August 2021

ED 312 proposes further amendments that would require entities to disclose material accounting policy information rather than significant accounting policies.

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Updated AASB Standard-Setting Framework Documents

04 Aug
2021
04 August 2021

The AASB has updated its Standard-Setting Frameworks , which set out the principles followed in setting the requirements of Standards for for-profit and not-for-profit entities.

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Agenda and papers for AASB Meeting 182 - August 2021 now available

28 Jul
2021
28 July 2021

The Agenda and Papers for the AASB Meeting 182, to be held on 4 August 2021 are now available.

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Exposure Draft Management Commentary webinar, with the IASB member and staff

21 Jul
2021
21 July 2021

Exposure Draft Management Commentary webinar, featuring IASB member and staff.

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AASB virtual outreach event – ITC 45: the IPSASB’s proposed ‘current operational value' measurement basis

13 Jul
2021
13 July 2021

On 6 July 2021, AASB staff hosted a virtual outreach event to discuss ITC 45 on the IPSASB’s proposed new ‘current operational value’ measurement basis for non-cash generating assets in the public sector.

 

 

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Positions Vacant on the Australian Accounting Standards Board for 2022

05 Jul
2021
05 July 2021

Two vacancies currently exist for appointment as a part-time member of the Australian Accounting Standards Board (AASB), starting in January 2022 for a three year term (with a possible extension available).  Click here to obtain further information from the Financial Reporting Council (FRC) website)

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Amendments for Deferred Tax related to Assets and Liabilities arising from a Single Transaction

02 Jul
2021
02 July 2021

The AASB issued AASB 2021-5 to clarify the accounting for deferred tax on transactions that, at the time of the transaction, give rise to equal taxable and deductible temporary differences.

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2022 AASB Research Forum Expression of Interest

01 Jul
2021
01 July 2021

The AASB is now open to receiving Expressions of Interest from researchers for the 2022 Research Forum.

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AASB Action Alert No. 208

24 Jun
2021
24 June 2021

The Action Alert for the 181 st AASB board meeting is now available. The AASB Board met in public via videoconference on 21 – 22 June 2021.  At the meeting the Board made key decisions in relation to:

  • Not-for-Profit Private Sector Financial Reporting Framework
  • Tier 2 Disclosure Amendments
  • Audit Engagement-related Disclosures
  • Insurance Activities in the Public Sector
  • IPSASB Exposure Drafts on Public Sector Measurement
  • AASB Agenda Consultation
  • IASB Agenda Consultation
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Transition amendments to AASB 1059 Service Concession Arrangements: Grantors

24 Jun
2021
24 June 2021

The AASB issued AASB 2021-4 to amend the modified retrospective transition method for service concession grantors measuring the Grant of a Right to the Operator (GORTO) liability when implementing AASB 1059.

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Congratulations to (Howard) Mike Blake

17 Jun
2021
17 June 2021

The Board and staff of the AASB would like to congratulate Mike, a former AASB Board Member, on being awarded an AM in the recent Queen’s Birthday honours.

This was to acknowledge his significant service to accounting and to the public sector. 

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Forthcoming virtual outreach event to discuss ITC 45: the IPSASB’s proposed ‘current operational value' measurement basis for non-cash generating assets in the public sector

17 Jun
2021
17 June 2021

AASB staff invite not-for-profit public sector stakeholders to participate in a virtual outreach event to discuss ITC 45 on Tuesday, 6 July 2021 at 2–4pm AEST.

 

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AASB Exposure Draft ED 311 Management Commentary

17 Jun
2021
17 June 2021

ED 311 proposes a comprehensive framework that entities could apply when preparing management commentary that complements their financial statements. The proposals represent a major overhaul of IFRS Practice Statement 1 Management Commentary .

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Audit and Risk Committee vacancy

16 Jun
2021
16 June 2021

A vacancy has arisen for the on the Audit, Finance and Risk Committee for the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB).

The AASB & AUASB are seeking an outstanding person, who can provide sound judgement and stewardship of the Committee, demonstrate extensive financial expertise, industry leadership and will have community standing as an experienced governance officer.

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Agenda and papers for AASB Meeting 181 - June 2021 now available

08 Jun
2021
08 June 2021

The Agenda and Papers for the AASB Meeting 181, to be held on 21-22 June 2021 are now available.

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AASB Staff Paper: Comparison of Narrative Reporting Requirements Applicable to For-Profit Entities

26 May
2021
26 May 2021

The staff paper :  Comparison of Narrative Reporting Requirements Applicable to For-Profit Entities examines several aspects of narrative reporting requirements for for-profit entities in Australia and selected overseas jurisdictions through their comparison to the draft disclosure objectives expected to be included in the forthcoming IASB’s Exposure Draft on revised IFRS Practice Statement 1 Management Commentary (MCPS) to provide early input into the AASB’s consultation on the IASB’s proposals.

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AASB–AUASB webinar – For-profit entities: The removal of special purpose financial statements and the introduction of simplified disclosures (Part 3)

25 May
2021
25 May 2021

On 25 May 2021, AASB and AUASB staff co-presented the third webinar in a series on the removal of special purpose financial statements and the introduction of simplified disclosures.

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AASB Exposure Draft 310 Lack of Exchangeability

13 May
2021
13 May 2021

The AASB is proposing to amend AAS 121 The Effects of Changes in Foreign Exchange Rates to help companies determine whether a currency can be exchanged into another currency and what accounting requirements to apply if the currency cannot be exchanged.

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AASB webinar - For-profit entities: The removal of special purpose financial statements and the introduction of simplified disclosures (Part 2)

11 May
2021
11 May 2021

On 10 May 2021, AASB staff hosted the second webinar in a series on the removal of special purpose financial statements and the introduction of simplified disclosures.

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AASB Invitation to Comment ITC 45: IPSASB Exposure Drafts on public sector measurement

11 May
2021
11 May 2021
AASB ITC 45  invites comments on the IPSASB Exposure Drafts ED 76 and ED 77 on public sector measurement by 3 August 2021.
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Post-Implementation Review of AAS 1049 Whole of Government and General Government Financial Reporting

04 May
2021
04 May 2021

Dr Kim Langfield-Smith has been engaged by the FRC to undertake an independent Post-Implementation Review of AASB 1049.

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AASB Research Report 16 Financial Reporting by Non-Corporate or Small Entities

29 Apr
2021
29 April 2021

Research Report 16  presents an overview of the academic literature on financial reporting by non-corporate and small entities. The Report’s overall objective is to answer key questions about the coverage of non-corporate and small entities’ reports, their user and stakeholder needs, and their compliance and regulatory oversight.

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AASB webinar - For-profit entities: The removal of special purpose financial statements and the introduction of simplified disclosures (Part 1)

28 Apr
2021
28 April 2021

On 27 April 2021, AASB staff hosted the first webinar in a series, on the removal of special purpose financial statements and the introduction of simplified disclosures.

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AASB 2021-3 Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions beyond 30 June 2021

28 Apr
2021
28 April 2021

AASB 2021-3 extends by one year the application period of the practical expedient in AASB 16 Leases to help lessees accounting for covid-19-related rent concessions.

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AASB Action Alert No. 207

22 Apr
2021
22 April 2021

The  Action Alert  for the 180th AASB Board meeting is now available.  The AASB Board met in public via videoconference on 20-21 April 2021 and made key decisions in relation to:

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AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates

19 Apr
2021
19 April 2021

AASB 2021-2 amends AASB Standards to improve accounting policy disclosures and clarify the distinction between accounting policies and accounting estimates.

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AASB 2021-1 Transition to Tier 2: Simplified Disclosures for Not-for-Profit Entities

15 Apr
2021
15 April 2021

AASB 2021-1 provides limited optional comparative information relief for not-for-profit entities adopting AASB 1060  early by transitioning from either Tier 1 or Tier 2 – Reduced Disclosure Requirements to Tier 2 – Simplified Disclosures.

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AASB Roundtable on ITC 42 Business Combinations under Common Control

15 Apr
2021
15 April 2021

AASB staff will hold a roundtable to discuss ITC 42 Business Combinations under Common Control on 5 May 2021 (Wednesday) from 4.00 pm – 5.30 pm AEST.

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AASB Invitation to Comment ITC 44 Request for Comment on the IASB Request for Information on Third Agenda Consultation

15 Apr
2021
15 April 2021

Your feedback is requested to inform the IASB’s Request for Information on the Third Agenda Consultation.

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Exposure Draft: Disclosure Requirements in Australian Accounting Standards—A Pilot Approach

08 Apr
2021
08 April 2021

ED 309   Disclosure Requirements in Australian Accounting Standards—A Pilot Approach  proposes a new approach to developing disclosure requirements in Australian Accounting Standards (AAS) and new disclosure requirements for AAS on fair value measurement and employee benefits. These proposals would enable entities to enhance their judgement and reduce ‘boilerplate’ information.

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Forthcoming webinars – the removal of SPFS and the introduction of simplified disclosures

08 Apr
2021
08 April 2021

AASB staff will host a series of webinars on the removal of SPFS and the introduction of simplified disclosures.

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David Boymal inducted into the Australian Accounting Hall of Fame

05 Mar
2021
05 March 2021

The Office of the Australian Accounting Standards Board would like to extend its congratulations to David Boymal, who has been included in the group of 2021 inductees into the Australian Accounting Hall of Fame.

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Proposals to Extend the Practical Relief for Lessees for Covid-19-Related Rent Concessions – AASB Exposure Draft ED 308

12 Feb
2021
12 February 2021

ED 308   Covid-19-Related Rent Concessions beyond 30 June 2021  proposes to extend by one year the practical expedient added to AASB 16 Leases in 2020 to help lessees in accounting for covid-19-related rent concessions.

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Exposure Draft ED 307: Regulatory Assets and Regulatory Liabilities

04 Feb
2021
04 February 2021

ED 307 proposes a new accounting model that would require companies subject to rate regulation to give investors better information about their financial performance.

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IPSASB ED 75 Leases and Request for Information

19 Jan
2021
19 January 2021

The IPSASB has issued ED 75 Leases and a related Request for Information on concessionary leases. Comments are due to the IPSASB by 17 May 2021.

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