News

09
DECEMBER
2024
AASB

Sustainability reporting opportunities with the AASB

Our work on supporting entities to implement climate related disclosures is a key priority and we are currently recruiting for two roles in our Sustainability Team to help deliver this important work.

Further information on both roles can be found here .

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02
DECEMBER
2024
AASB

Reimagine reporting and inform the future of standard setting - Call for Research Proposals

The Australian Accounting Standards Board (AASB) is inviting researchers to submit proposals for innovative and thought-provoking studies that will challenge the status quo and meet the demands of a rapidly evolving reporting landscape.

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27
NOVEMBER
2024
AASB

Outreach: Developing a Simpler Reporting Framework for NFP Entities in Australia

AASB Staff are holding outreach sessions to obtain feedback from not-for-profit stakeholders on:

  • Exposure Draft ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose Financial Statements ; and
  • Exposure Draft ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector Tier 3 Entitie
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AASB again defers 2014 amendments to AASB 10 and AASB 128

22 Nov
2024
22 November 2024

The AASB has issued AASB 2024-4 to amend AASB 10 Consolidated Financial Statements and AASB 128 Investments in Associates and Joint Ventures to defer the mandatory effective date of amendments relating to the sale or contribution of assets between an investor and its associate or joint venture.

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New version of AASB 1048 Interpretation of Standards issued

22 Nov
2024
22 November 2024

AASB 1048 gives legal effect to amended versions of Interpretations and also updates references in other Standards to amended Interpretations and conceptual framework pronouncements.

AASB 1048 (November 2024) supersedes and repeals the previous version of AASB 1048, issued in December 2020.

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AASB Dialogue Series: The Changing Landscape of Carbon Offset Disclosures in Annual Reports

21 Nov
2024
21 November 2024

The AASB, in collaboration with CPA Australia and CA ANZ, is hosting a Dialogue Series session titled The Changing Landscape of Carbon Offset Disclosures in the Annual Reports on Tuesday, 3 December 2024, from 4:00 pm to 5:15 pm AEDT.

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ED 336 Provisions—Targeted Improvements issued for comment

19 Nov
2024
19 November 2024

The International Accounting Standards Board (IASB) has proposed amendments aimed at improving the requirements for recognising and measuring provisions on balance sheets. Provisions are liabilities of uncertain timing or amount. To support IFRS compliance, the AASB proposes the same amendments through ED 336 Provisions—Targeted Improvements .

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Action Alert No. 237

12 Nov
2024
12 November 2024

The Action Alert for the 210 th AASB Board meeting is now available.

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Service Performance Reporting Project Advisory Panel

12 Nov
2024
12 November 2024

The AASB has established the Project Advisory Panel to assist the staff and the Board with progressing the Service Performance Reporting (SPR) Project.

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Bilateral Meeting between the Australian Accounting Standards Board and the Korea Accounting Institute was held in Sydney

08 Nov
2024
08 November 2024

Members of the Australian Accounting Standards Board (AASB) and the Korea Accounting Institute (KAI) (including the Korea Accounting Standards Board, the Korea Sustainability Standards Board and the Korea Accounting Research Institute) met on 5 November 2024 in Sydney, Australia.

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Call for Tenders

08 Nov
2024
08 November 2024

Recently the AASB uploaded new opportunities to AusTender ( Current ATM View - AASB-2024-10: AusTender ).

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Joint Chairs Meeting between the Australian Accounting Standards Board and the Japanese Accounting and Sustainability Standards Boards was held in Sydney

07 Nov
2024
07 November 2024

The Chairs of the Australian Accounting Standards Board (AASB), the Accounting Standards Board of Japan (ASBJ) and the Sustainability Standards Board of Japan (SSBJ) (hereinafter referred to as “the Japanese Boards”) met on 7 November 2024 in Sydney, Australia.

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The Public Agenda and Papers for AASB Board Meeting 210 are now available

31 Oct
2024
31 October 2024

The Public Agenda and public papers for the AASB Board Meeting 210, to be held on 7 November 2024, are now available.

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Developing a Simpler Reporting Framework for NFP Entities in Australia – Exposure Drafts Released for Feedback

31 Oct
2024
31 October 2024

The AASB has published:
• Exposure Draft ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose Financial Statements; and
• Exposure Draft ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector Tier 3 Entities.
ED 334 and ED 335 are open for comment until Friday, 28 February 2024.

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Virtual AASB-IASB Q&A session on IFRS 18: Presentation and Disclosure in Financial Statements

09 Oct
2024
09 October 2024

The AASB and IASB invite you to a webinar where IASB member Ann Tarca and IASB staff member Anne McGeachin will introduce and discuss the main requirements. The virtual event will be held on 31 October from 1:00 pm to 2:30 pm AEST. This session will be interactive to enable participants to ask questions.

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Australian Sustainability Reporting Standards AASB S1 and AASB S2 are now available on the AASB Digital Standards Portal

08 Oct
2024
08 October 2024

Following their approval on 20 September 2024, the AASB has published a voluntary AASB S1 General Requirements for Disclosure of Sustainability-related Financial Information and mandatory AASB S2 Climate-related Disclosures . Certain entities are required by the Corporations Act 2001 to apply AASB S2 for annual periods beginning on or after 1 January 2025.

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Asia-Oceania Perspectives on Lease Accounting Survey

08 Oct
2024
08 October 2024

Have the changes in lease accounting achieved the expected benefits for Asia-Oceania? If you are a preparer or user of financial statements, please tell us in  this short survey .

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ED 333 Equity Method of Accounting issued for comment

02 Oct
2024
02 October 2024

The International Accounting Standards Board (IASB) has proposed amendments aimed at helping entities account for their investments in associates and joint ventures. The proposals respond to stakeholders’ questions on how to apply the equity method. To support IFRS compliance, the AASB issued ED 333 Equity Method of Accounting .

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IASB-AASB Virtual Educational Session: ED Equity Method of Accounting—IAS 28 Investments in Associates and Joint Ventures

26 Sep
2024
26 September 2024

The AASB and the IASB invite you to a virtual session to discuss proposals introduced in the recently published ED. The virtual event will be held on 17 October 2024 from 4:30pm to 6:00pm AEST. The session is expected to be interactive for participants to share their comments. Click here to register.

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AASB-IASB Q&A session on IFRS 18: Presentation and Disclosure in Financial Statements

23 Sep
2024
23 September 2024

We would like to invite you to come and discuss IFRS 18   Presentation and Disclosure in Financial Statements  (AASB18) with IASB member Ann Tarca and IASB staff member Anne McGeachin, who will introduce the main requirements and explain the decisions made. This Q&A session will give you an opportunity to ask questions specific to your entity. Events will be held in Melbourne and Sydney

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Action Alert No. 236

23 Sep
2024
23 September 2024

The Action Alert for the 209 th AASB Board meeting is now available.

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Australian Sustainability Reporting Standards approved by AASB Board

20 Sep
2024
20 September 2024

Today the AASB held meeting no. 209, this meeting was convened for the AASB Board to vote on the pronouncement of AASB S1 and AASB S2. This meeting attracted the largest public gallery (in excess of 150 registered observers) watching the Board deliberations. The AASB Board has formally voted to pronounce AASB S1 as a Voluntary Standard and also to pronounce AASB S2 as a Mandatory Standard. This meeting was the culmination of a significant body of work and AASB Board acknowledge staff effort in completing this phase of activity as well as setting the scene for future work.

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The Public Agenda and Papers for AASB Virtual Board Meeting 209 are now available

19 Sep
2024
19 September 2024

The AASB will be holding a special 1-hour virtual Board Meeting at 4.00pm (Melbourne time) on Friday 20 September 2024.  Climate-related Financial Disclosures will be the agenda topic for this meeting.

The Public Agenda and papers for this meeting no. 209, are now available.

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The AASB issues Annual Improvements (Volume 11) Standard

19 Sep
2024
19 September 2024

The AASB has issued AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11. The Standard makes minor improvements to five Standards to address inconsistencies or to clarify requirements.

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Action Alert No. 235

11 Sep
2024
11 September 2024

The Action Alert for the 208th AASB Board meeting is now available.

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The Australian Government House of Representatives confirmed the Senate amendments to the Treasury Laws Amendment Bill 2024

10 Sep
2024
10 September 2024

On 9 September 2024, the Australian Government House of Representatives confirmed the Senate amendments to the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024.

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Action Alert No. 234

28 Aug
2024
28 August 2024

The Action Alert for the 207 th  AASB Board meeting is now available.  The AASB met in public and in private on 26 August 2024.

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The Public Agenda and Papers for AASB Board Meeting 208 are now available

23 Aug
2024
23 August 2024

The Public Agenda and papers for the AASB Board Meeting 208, to be held on 5 - 6 September 2024, are now available

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The Public Agenda and Papers for AASB Board Meeting 207 are now available

20 Aug
2024
20 August 2024

The Public Agenda and papers for the AASB Board Meeting 207, to be held on 26 August 2024, are now available.

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ED 332 Classification and Measurement of Financial Instruments: Tier 2 Disclosures

13 Aug
2024
13 August 2024

ED 332 proposes amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities .

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Positions Vacant on the Australian Accounting Standards Board for 2025

12 Aug
2024
12 August 2024

Two vacancies currently exist for appointment as a part-time member of the Australian Accounting Standards Board (AASB), starting on 1 January 2025.

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Users' Perspectives: AASB 16/IFRS 16 Leases

12 Aug
2024
12 August 2024

The AASB has released a survey to receive users’ views on AASB 16/IFRS 16 Leases .

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AASB Research Projects to support Work Plan

09 Aug
2024
09 August 2024

In May 2024, the AASB launched a tender process to bring multiple opportunities to the market’s attention to support the AASB Work Plan.  The AASB received over 90 submissions through the tender process.  After a thorough and extensive review of all submissions the AASB is pleased to advise the successful applicants that have received funding.

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Collaboration Opportunity - ARC Linkage Program

09 Aug
2024
09 August 2024

The AASB are pleased to announce their involvement in the ARC Linkage Program which promotes research partnerships between researchers and organisations like businesses, industry groups, and government agencies. 

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AASB Virtual Roundtable Discussion: AASB ED331 Climate-related and Other Uncertainties in the Financial Statements

07 Aug
2024
07 August 2024

AASB staff is hosting a virtual roundtable discussion to gather comments and feedback on AASB ED331 Climate-related and Other Uncertainties in the Financial Statements .

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AASB ED 331 Climate-related and Other Uncertainties in the Financial Statements

06 Aug
2024
06 August 2024

The Exposure Draft proposes eight examples illustrating how an entity applies the requirements in AASB Accounting Standards to report the effects of climate-related and other uncertainties in its financial statements.

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AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments

05 Aug
2024
05 August 2024

The AASB has issued AASB 2024-2 to amend AASB 7 Financial Instruments: Disclosures and AASB 9 Financial Instruments.

 

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Climate Disclosures Consultation Update

30 Jul
2024
30 July 2024

A snapshot of feedback received and key changes following consultation.

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Action Alert No. 233

24 Jul
2024
24 July 2024

The Action Alert for the 206 th AASB Board meeting is now available. The AASB Board met in public and in private on 19 July 2024.

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A Revised Agenda and Papers for AASB Meeting 206 are now available

15 Jul
2024
15 July 2024

A Revised Public Agenda and Papers for the AASB Board Meeting 206, to be held on 19 and 22 July 2024, are now available.

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AASB 2024 Research Forum

04 Jul
2024
04 July 2024

The Australian Accounting Standards Board (AASB), in partnership with the University of Technology Sydney, will hold its 2024 Research Forum on Wednesday, 6 November 2024.

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Action Alert No. 232

01 Jul
2024
01 July 2024

The Action Alert for the 205 th AASB Board meeting is now available.

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Vale Peter Gibson

17 Jun
2024
17 June 2024

Our condolences to the family and friends of Peter Gibson, who sadly passed away over the weekend.

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New Standard AASB 18 issued

14 Jun
2024
14 June 2024

The AASB has issued AASB 18 Presentation and Disclosure in Financial Statements  to improve how entities communicate in their financial statements, with a particular focus on information about financial performance in the statement of profit or loss.

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The Agenda and Papers for AASB Meeting 205 are now available

13 Jun
2024
13 June 2024

The Public Agenda and Papers for the AASB Board Meeting 205, to be held on 26 June 2024, are now available.

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Action Alert No. 231

12 Jun
2024
12 June 2024

The Action Alert for the 204 th AASB Board meeting is now available.

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AASB Dialogue Series – Valuation in Financial Reporting: Art or Science?

06 Jun
2024
06 June 2024

The AASB, in collaboration with CPA Australia and CA ANZ, is hosting a Dialogue Series session titled Valuation in Financial Reporting: Art or Science? on 27 June 2024, from 4:00 pm to 5:15 pm AEST....

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The Agenda and Papers for AASB Meeting 204 are now available.

24 May
2024
24 May 2024

The Public Agenda and Papers for the AASB Board Meeting 204, to be held on 6 - 7 June 2024, are now available.

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AASB ED 330 Contracts for Renewable Electricity

24 May
2024
24 May 2024

The Exposure Draft proposes changes to the financial instrument accounting for renewable electricity contracts with specified characteristics.

Contracts for renewable electricity are often structured as power purchase agreements (PPAs), whether physical PPAs or virtual PPAs.

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AASB Virtual Roundtables: AASB 1060 and AASB 2020-2

23 May
2024
23 May 2024

AASB will hold two roundtables to gather initial feedback on whether there are any significant problems or concerns with implementing and applying AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 entities and AASB 2020-2 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities . Feedback received will help the AASB to develop its Invitation to Comment (ITC) for the Post-implementation Review of AASB 1060 and AASB 2020-2.

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Action Alert No. 230

16 May
2024
16 May 2024

The Action Alert for the 203 rd AASB Board meeting is now available.

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The Agenda and Papers for AASB Meeting 203 are now available.

08 May
2024
08 May 2024

The Agenda and Papers for the AASB Virtual Board Meeting 203, to be held on 14 May 2024, are now available.

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Current AASB Tender Opportunities

07 May
2024
07 May 2024

The AASB is launching a tender process to bring several current opportunities to the market's attention.

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Action Alert No. 229

18 Apr
2024
18 April 2024

The Action Alert for the 202 nd AASB Board meeting is now available.

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AASB Dialogue Series: Financial Reporting on Climate-related Commitments

11 Apr
2024
11 April 2024

The AASB, in collaboration with CPA Australia and CA ANZ, is hosting a Dialogue Series session, titled Financial Reporting on Climate-related Commitments on Friday, 3 May 2024, from 12:00pm to 1:15pm AEST....

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The Agenda and Papers for AASB Meeting 202 are now available

03 Apr
2024
03 April 2024

The Agenda and Papers for the AASB Virtual Board Meeting 202, to be held on 16 April 2024, are now available.

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ED 329 Business Combinations—Disclosures, Goodwill and Impairment

28 Mar
2024
28 March 2024

The International Accounting Standards Board (IASB) has published a package of proposals aimed at enhancing the information companies provide to investors about acquisitions. The Exposure Draft contains proposed amendments to IFRS 3 Business Combinations and IAS 36 Impairment of Assets . AASB proposes the same amendments to Australian Accounting Standards in ED 329  Business Combinations—Disclosures, Goodwill and Impairment .

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AASB 2024-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements: Tier 2 Disclosures

14 Mar
2024
14 March 2024

The amendments require a Tier 2 entity to provide additional disclosures about its supplier finance arrangements to enable users to assess the effects of these on the entity’s liabilities, cash flows and exposure to liquidity risk.

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Action Alert No. 228

14 Mar
2024
14 March 2024

The Action Alert for the 201 st AASB Board meeting is now available. The Board met on 7-8 March 2024.

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AASB Dialogue Series – Connectivity and Boundaries of Annual Reporting

06 Mar
2024
06 March 2024

The AASB, in collaboration with CPA Australia and CA ANZ, is hosting a  Dialogue Series session  titled " Connectivity and Boundaries of Annual Reporting " on  Monday, 25 March 2024, from 4:00pm to 5:15pm AEDT .

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Agenda and Papers for AASB Meeting 201

22 Feb
2024
22 February 2024

The Agenda for AASB Meeting 201 to be held on 7-8 March 2024, is now available. The Public Papers will be available on Friday 23 February 2024.

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Learn more about the AASB’s proposed Climate-related Financial Disclosures

18 Jan
2024
18 January 2024

This educational webcast provides an overview of the key proposals in the Exposure Draft ED SR1 Australian Sustainability Reporting Standards - Disclosure of Climate-related Financial Information released in October 2023.

 

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FRC Appoints Board Member to the AASB

22 Dec
2023
22 December 2023

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

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Replacement Standard AASB 1056 Superannuation Entities

21 Dec
2023
21 December 2023

The AASB has reissued AASB 1056 to support compliance with the Standard by superannuation entities when they prepare financial reports under their new Corporations Act 2001 reporting requirements.

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ED 328 Supplier Finance Arrangements: Tier 2 Disclosures

19 Dec
2023
19 December 2023

ED 328 proposes amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities to require a Tier 2 entity to provide additional disclosures about its supplier finance arrangements to enable users to assess the affects of these on the entity’s liabilities, cash flows and exposure to liquidity risk.

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Action Alert No. 227

07 Dec
2023
07 December 2023

The Action Alert for the 200 th  AASB Board meeting is now available.

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AASB ED 327 Financial Instruments with Characteristics of Equity

05 Dec
2023
05 December 2023

AASB ED 327 proposes amendments to Australian Accounting Standards to address the existing challenges in financial reporting on financial instruments with characteristics of equity and improve the information provided about financial liabilities and equity instruments.

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AASB-AUASB Joint Research Report: Trends in climate-related disclosures and assurance in the Annual Reports of ASX-listed entities

27 Nov
2023
27 November 2023

The AASB and the AUASB have recently published an updated joint Research Report (authored by Jean You and Professor Roger Simnett) which identifies climate-related disclosures and associated assurance practices in the Annual Reports of ASX-listed entities. This publication builds on the previously issued AASB-AUASB Research Report Climate-related disclosures and assurance in the annual reports of ASX-listed companies by extending the 2018-2021 sample period to 2022.

 

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AASB Dialogue Series – Making Materiality Judgements in Financial Reporting

23 Nov
2023
23 November 2023

What are the lessons learned and challenges of applying the concept of materiality? Join us at the next AASB dialogue series webinar session! This event is free, and everyone is welcome to attend.

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The Agenda and Papers for AASB Meeting 200 are now available

16 Nov
2023
16 November 2023

The Agenda and Papers for AASB Meeting 200 to be held on 29-30 November 2023, are now available.

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AASB Research Report 22 / MASB Research Report 2 Making Materiality Judgements –Malaysian Preparers and Auditors’ Perspectives

31 Oct
2023
31 October 2023

The AASB Research Centre published a Joint AASB and Malaysian Accounting Standards Board (MASB) research report about making materiality judgements.

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Registration now open for 2023 AASB Research Forum

30 Oct
2023
30 October 2023

We are thrilled to announce that registration for the 2023 AASB Research Forum is now open ! The AASB will be co-hosting the Forum with the University of Queensland and Swinburne University of Technology on Friday 24 November 2023.

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Exposure Draft ED SR1 Australian Sustainability Reporting Standards – Disclosure of Climate-related Financial Information

23 Oct
2023
23 October 2023

The AASB has released Exposure Draft ED SR1 Australian Sustainability Reporting Standards – Disclosure of Climate-related Financial Information to propose climate-related financial disclosure requirements. ED SR1 is open for comment until Friday, 1 March 2024

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AASB Research Report 21 Auditors’ Perspectives: The Impacts of IFRS Practice Statement 2 Making Materiality Judgements

23 Oct
2023
23 October 2023

The AASB Research Centre published a research report about making materiality judgements conducted by researchers from the University of Melbourne.

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Action Alert No. 226

13 Oct
2023
13 October 2023

The Action Alert for the 199 th AASB Board meeting is now available.

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AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability

12 Oct
2023
12 October 2023

The AASB has issued AASB 2023-5 to amend AASB 121 The Effects of Changes in Foreign Exchange Rates to change the accounting requirements and to add new disclosures relating to non-exchangeable currencies affecting an entity’s financial statements.

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The Agenda and Papers for AASB Meeting 199 are now available

28 Sep
2023
28 September 2023

The   Agenda   and Papers   for AASB Meeting 199 to be held on 11 October 2023, are now available. Public gallery attendance will be by videoconference only.

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AASB 2023-4 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules: Tier 2 Disclosures

25 Sep
2023
25 September 2023

The AASB has issued AASB 2023-4 to amend AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities and AASB 112 Income Taxes .

 

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Exposure Draft ED 326 Annual Improvements to Australian Accounting Standards – Volume 11

25 Sep
2023
25 September 2023

The International Accounting Standards Board (IASB) has published proposed narrow-scope amendments to IFRS Accounting Standards and accompanying guidance as part of its periodic maintenance of the Accounting Standards. The AASB proposes the same amendments to Australian Accounting Standards in ED 326.

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AASB Research Report 20 Crypto assets – Australian stakeholders’ perspectives

19 Sep
2023
19 September 2023

The AASB Research Centre, jointly with the CPA Australia and Associate Professor Andrew Jackson from the University of New South Wales, published a research report that provides an overview of perspectives shared by some Australian stakeholders about crypto assets accounting and reporting.

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AASB Dialogue Series – Navigating the Accounting Standards

19 Sep
2023
19 September 2023

What are the challenges of understanding accounting standards? How to navigate the accounting standards? What is the AASB pronouncements web portal, and how to use it? Join the webinar session to learn more! 

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AASB Action Alert No. 225

18 Sep
2023
18 September 2023

The Action Alert for the 198 th AASB Board meeting is now available.

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The Agenda and Papers for AASB Meeting 198 are now available

31 Aug
2023
31 August 2023

The Agenda and Papers for AASB Meeting 198 to be held on 13-14 September 2023, are now available. Public gallery attendance will be by videoconference only.

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AASB Action Alert No. 224

10 Aug
2023
10 August 2023

The Action Alert for the 197th AASB Board meeting is now available.

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2024 AASB Research Forum Call for Expressions of Interest

02 Aug
2023
02 August 2023

Researchers are invited to submit working papers or research proposals for the 2024 AASB Research Forum , themed Accounting and Reporting in Changing Times.

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The Agenda and Papers for AASB Meeting 197 are now available

27 Jul
2023
27 July 2023

The Agenda and Papers for AASB Meeting 197 to be held on 8 August 2023, are now available. Public gallery attendance will be by videoconference only.

 

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ITC 54 Post-implementation Review of AASB 1056 Superannuation Entities and Interpretation 1019 The Superannuation Contributions Surcharge

11 Jul
2023
11 July 2023

Your feedback is requested to inform the post-implementation review of AASB 1056 Superannuation Entities and Interpretation 1019 The Superannuation Contributions Surcharge.

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AASB Pronouncements Web Portal

10 Jul
2023
10 July 2023

The beta banner has now been removed from the portal as all AASB pronouncements have been loaded, including those applying to the financial year 2022/23.  The portal home page includes a link to a listing of new Standards applying mandatorily to 2022/23.  The portal versions are now suitable for use for year-end reporting requirements. The superseded versions and amending Standards features of the portal are not yet fully functional – stay tuned for updates!

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ED 325 International Tax Reform – Pillar Two Model Rules – Tier 2 Disclosures

07 Jul
2023
07 July 2023

The AASB is proposing amendments to AASB 1060 that would require affected Tier 2 entities to include targeted disclosures in their financial statements.  These amendments are in response to international tax reform and the issue of AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules (June 2023).

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ITC 53 Request for Comment on IASB Request for Information on Post-implementation Review of IFRS 15 Revenue from Contracts with Customers

05 Jul
2023
05 July 2023

Your feedback is requested to inform the post-implementation review of IFRS 15 Revenue from Contracts with Customers.

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AASB 2023-1 Amendments to Australian Accounting Standards – Supplier Finance Arrangements

29 Jun
2023
29 June 2023

The AASB has issued AASB 2023-1 , which amends AASB 107 Statement of Cash Flows and AASB 7 Financial Instruments: Disclosures to require an entity to provide additional disclosures about its supplier finance arrangements.

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AASB 2023-3 Amendments to Australian Accounting Standards – Disclosure of Non-current Liabilities with Covenants: Tier 2

27 Jun
2023
27 June 2023

The AASB has issued AASB 2023-3 , which amends AASB 1060 to clarify the criteria for classifying a liability as current or non-current and improve the information disclosed in financial statements about certain non-current liabilities with covenants.

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AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules

27 Jun
2023
27 June 2023

The AASB has issued AASB 2023-2 , which provides temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s (OECD’s) international tax reform.

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AASB Action Alert No. 223

26 Jun
2023
26 June 2023

The Action Alert for the 196th AASB Board meeting is now available.

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The Revised Agenda and Papers for AASB Meeting 196 are now available

19 Jun
2023
19 June 2023

The Revised Agenda and Papers  for AASB Meeting 196, to be held on 21-22 June 2023, are now available. Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest by 19 June 2023.

 

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Webinar: Insights and application of normative and empirical research in standard setting and accounting practice

14 Jun
2023
14 June 2023

Uncover the power of normative and empirical research.  

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Congratulation to Ms Kris Peach and Ms Ruth Picker

13 Jun
2023
13 June 2023

The Board and staff of the AASB would like to congratulate, former AASB Chair, Deputy Chair and Board Member, Kris Peach and former AASB Acting Chair, Deputy Chair and Board Member Ruth Picker, on being awarded an AM in the recent King’s Birthday honours.

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Dr Andreas Barckow, Chair of the IASB visited Australia

07 Jun
2023
07 June 2023

During June 2023, Dr Andreas Barckow and Professor Ann Tarca visited Sydney and Melbourne to participate in a series of events that allowed stakeholders to hear directly from the IASB on topics of interest. Click here to access the available slides and and further information about each event.

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AASB Website and Standards Portal Linked to IFRS Interpretations Committee Agenda Decisions

07 Jun
2023
07 June 2023

On the AASB website, a new page under the Pronouncements tab identifies when there are IFRS IC agenda decisions relating to an Australian Accounting Standard or Interpretation that corresponds with an IFRS Accounting Standard or IFRIC Interpretation. The tables list the date of the latest agenda decision relevant to each pronouncement. Each date is linked to the page on the IFRS Foundation website that provides all of the agenda decisions relating to the IFRS Accounting Standard or IFRIC Interpretation, not just the latest one.

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ITC 52 Request for Comment on IASB Request for Information on Post-implementation Review IFRS 9 Financial Instruments–Impairment

06 Jun
2023
06 June 2023

Your feedback is requested to inform the post-implementation review of IFRS 9 Financial Instruments –Impairment.

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Stakeholder database updates 2023

25 May
2023
25 May 2023

The Australian Accounting Standards Board (AASB) and Auditing and Assurance Standards Board (AUASB)  are conducting a review of our stakeholder database, to ensure our records of stakeholders are up  to date.

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Superannuation Entities – Fatal-Flaw Review version of a reissued AASB 1056 open for comment

17 May
2023
17 May 2023

The Fatal-Flaw Review version is open for comment to the AASB until 15 June 2023.  No substantive amendments are proposed, since a Post-implementation Review of AASB 1056 is also underway as a separate project.

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AASB-AUASB Joint Research Report: Australian Listed Entities: Recognised intangible assets and key audit matters

11 May
2023
11 May 2023

The AASB-AUASB published a joint research report (with Professor Matthew Pinnuck and Dr Mark Willis) that aims to understand the significance of recognised intangible assets on the balance sheets of Australian listed entities.

 

 

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Vale Ian Mackintosh

11 May
2023
11 May 2023

Our condolences to the family and friends of Ian Mackintosh, who sadly passed away last week.  Ian was a widely respected standard-setter with a long and varied career across multiple continents.

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AASB Action Alert No. 222

09 May
2023
09 May 2023

The Action Alert for the 195th AASB Board meeting is now available.

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AASB Research Report 19 Common Financial Statement Items: Charities with $0.5–$3 million in revenue

26 Apr
2023
26 April 2023

The AASB published a research report to identify common financial items recorded in the financial statements of charities in Australia. The findings are intended to provide input for the AASB’s development of a new reporting tier project, Tier 3 general purpose financial statements. The project aims to provide simpler accounting requirements for smaller not-for-profit private sector entities.

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The Agenda and Papers for the AASB Meeting 195, to be held on 4 May 2023 are now available.

20 Apr
2023
20 April 2023

A Public Agenda and the Public Papers for the AASB Meeting 195, to be held on 4 May 2023, are now available.

Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest by emailing [email protected] detailing:

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AASB-AUASB Dialogue Series – Navigating Going Concern Disclosures in Financial Reports and the Relevant Auditor's Responsibilities

13 Apr
2023
13 April 2023

Why are going concern disclosures important? Are current going concern disclosures in financial reports sufficient? What recent concerns have arisen regarding the relevant accounting and auditing standards? Why is the auditing standard being revised? These critical questions will be the focus of discussion at the upcoming Dialogue Series Session. 

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AASB Research Report 18 AASB 17 Insurance Contracts Presentation, Disclosure, Transition and Other Accounting Policy Decisions: A Survey on Australian Insurance Entities

30 Mar
2023
30 March 2023

AASB Research Report 18 provides findings on how some insurers plan to apply AASB 17 Insurance Contracts. This information will be useful for the post-implementation review of the standard.

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CA ANZ and Professor Peter Wells release report on digital reporting

27 Mar
2023
27 March 2023

Chartered Accountants ANZ and Professor Peter Wells have recently published a report " Can digital reporting tame the corporate reporting beast? " exploring how digital reporting can potentially address the challenges faced by corporate reporting.

This report is relevant to both the AASB and AUASB’s work programs. In particular, the Parliamentary Joint Committee (PJC) inquiry into the Regulation of Auditing in Australia recommended that the Australian Government take appropriate action to make digital financial reporting standard practice in Australia.

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AASB Exposure Draft ED 324 Amendments to the Classification and Measurement of Financial Instruments

27 Mar
2023
27 March 2023

AASB ED 324 proposes amendments to the classification and measurement requirements in AASB 9 Financial Instruments and related requirements in AASB 7 Financial Instruments: Disclosures following feedback received from the post-implementation review of the classification and measurement requirements in IFRS 9/AASB 9.

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AASB Exposure Draft ED 323 Disclosure of Non-current Liabilities with Covenants – Proposed Amendments to Tier 2

16 Mar
2023
16 March 2023

AASB ED 323 proposes amendments to AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities to clarify the criteria for classifying a liability as either current or non-current and improve the information disclosed in financial statements about certain non-current liabilities with covenants.

 

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AASB Action Alert No. 221

14 Mar
2023
14 March 2023

The Action Alert for the 194th AASB Board meeting is now available.

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Webcast: Modifications to AASB 13 Fair Value Measurement applicable to not-for-profit public sector entities

07 Mar
2023
07 March 2023

AASB staff prepared a webcast to provide a high-level overview of the modifications to AASB 13 Fair Value Measurement applicable to not-for-profit public sector entities.

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We want to hear from you: Digital assets in Australia

28 Feb
2023
28 February 2023

The AASB Research Centre, in collaboration with CPA Australia and Associate Professor Andrew Jackson from the University of New South Wales, is seeking input from preparers, users, and auditors on matters pertaining to the accounting and reporting of digital assets.

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The Agenda and Papers for the AASB Meeting 194, to be held on 8-9 March 2023 are now available.

22 Feb
2023
22 February 2023

A Public Agenda and the Public Papers for the AASB Meeting 194, to be held on 8-9 March 2023, are now available.

Public gallery attendance will be by videoconference only.  Members of the public wishing to join the public sessions must register their interest by emailing [email protected] detailing:

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AASB Action Alert No. 220

03 Feb
2023
03 February 2023

The Action Alert for the 193rd AASB Board meeting is now available....

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The Public Agenda and the Public Papers for the AASB Meeting 193, to be held on 1 February 2023, are now available

25 Jan
2023
25 January 2023

A Public Agenda and the Public Papers for the AASB Virtual Meeting 193, to be held on 1 February 2023, are now available.

Public gallery attendance will be by videoconference only. Members of the public wishing to join the public sessions must register their interest by emailing [email protected] detailing:

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

By 30 January 2023.  Only attendees that have pre-registered will be provided with registration details to join the Zoom Videoconference.

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Is the growth of digital assets a pressing issue for accounting and corporate reporting?

12 Jan
2023
12 January 2023

Don't miss the opportunity to join us on Wednesday, 8 February 2023 (4:00 PM-5:15 PM AEDT), as we partner with CPA Australia and CA ANZ to kick off our inaugural Dialogue Series of the year!

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AASB ED 322 International Tax Reform – Pillar Two Model Rules

10 Jan
2023
10 January 2023

AASB ED 322 proposes amendments to AASB 112 Income Taxes to introduce a temporary exception to deferred tax accounting for OECD Pillar Two taxes and current tax disclosure requirements

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Five New Amending Standards to end the year!

22 Dec
2022
22 December 2022

The AASB has issued five Amending Standards, with a range of application dates. The Standards address non-current liabilities with covenants, editorial corrections and repeals of Standards, insurance contracts in the public sector (two Standards) and fair value measurements of non-financial assets of not-for-profit public sector entities not held primarily for their ability to generate net cash inflows.

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AASB Action Alert No. 219

19 Dec
2022
19 December 2022

The Action Alert for the 192nd AASB Board meeting is now available.  The Board met on 14-15 December 2022.

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AASB-AUASB Joint Research Report on Climate-Related Disclosures and Assurance in the Annual Reports of ASX Listed Companies

19 Dec
2022
19 December 2022

The AASB-AUASB published a joint research report (authored by Jean You and Professor Roger Simnett) that identifies climate-related disclosures and associated assurance practices in Annual Reports of ASX-listed entities

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Empowering the AASB to deliver sustainability reporting standards

01 Dec
2022
01 December 2022

On 28 November 2022 the Treasury published for comment Exposure Draft Legislation seeking to empower the AASB to deliver sustainability reporting standards. The Treasury’s comment period closes 16 December 2022.

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AASB Post-implementation Review virtual outreach sessions

22 Nov
2022
22 November 2022

AASB Staff are holding three virtual outreach sessions to obtain feedback from not-for-profit public and private sector stakeholders on the topics considered in its post-implementation reviews.

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AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback

18 Nov
2022
18 November 2022

AASB 2022-5 amends AASB 16 Leases to add subsequent measurement requirements for sale and leaseback transactions that satisfy the requirements in AASB 15 Revenue from Contracts with Customers to be accounted for as a sale.

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A Revised Public Agenda and the Public Papers for the AASB Meeting 192, to be held on 14-15 December, are now available.

16 Nov
2022
16 November 2022

A Revised Public Agenda  and the  Public Papers for the AASB Meeting 192, to be held on 14-15 December 2022, are now available.

 

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AASB Action Alert No. 218

11 Nov
2022
11 November 2022

The Action Alert for the 191st AASB Board meeting is now available.  The Board met on 10 November 2022....

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FRC Appoints Boards Members to AASB

10 Nov
2022
10 November 2022

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

 

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A Public Agenda and the Public Papers for the AASB Virtual Meeting 191, to be held on 10 November, are now available.

28 Oct
2022
28 October 2022

A Public Agenda and the Public Papers for the AASB Virtual Meeting 191, to be held on 10 November 2022, are now available.

Public gallery attendance will be by videoconference only. Members of the public wishing to join the public sessions must register their interest by emailing [email protected] detailing:

Name
Entity
Email address and
Agenda number of sessions they wish to join
By 4 November 2022. Only attendees that have pre-registered will be provided with registration details to join the Zoom videoconference.

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

26 Oct
2022
26 October 2022

The AASB has issued a Fatal-Flaw Review Draft version of a proposed Standard that would amend AASB 17 Insurance Contracts for application by public sector entities. Comments are due by 11 November 2022

 

 

 

 

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Australian and Malaysian Standards Boards Publish First Joint Research

26 Oct
2022
26 October 2022

The AASB and the Malaysian Accounting Standards Board (MASB) have published their first research paper together marking an important new stage of their partnership.

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Fatal-Flaw Review Draft Standard: Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities

12 Oct
2022
12 October 2022

The AASB has issued a Fatal-Flaw Review Draft version of a proposed Standard that would amend AASB 13 Fair Value Measurement for application by not-for-profit public sector entities. Comments are due by 11 November 2022.

 

 

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Webinar on IASB's Primary Financial Statements project

07 Oct
2022
07 October 2022

The International Accounting Standards Board technical staff are holding two live webinars on Friday 14 October to give the latest updates on the Primary Financial Statements project including on the IASB's tentative decisions to date.

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AASB 2022 Research Forum Registration now open!

05 Oct
2022
05 October 2022

The AASB will be co-hosting the  2022 Research Forum  with RMIT College of Business and Law on  Monday   5 December  in  Melbourne  at Dexus Place on Bourke St.

This year we are offering the opportunity for you to attend in Melbourne at Dexus Place on Bourke St, virtually if you cannot join us in-person, or at the University of Queensland in Brisbane from the live viewing satellite broadcast venue.

Limited spots are available for in-person attendance. Register here .

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Virtual outreach event on IASB Exposure Draft Third edition on the IFRS for SMEs Accounting Standard

04 Oct
2022
04 October 2022

The International Accounting Standards Board, Asian-Oceanian Standard-Setters Group and the Malaysian Accounting Standards Board are organising an outreach event on 26 October 2022.

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Invitation to Comment ITC49 Post-implementation Review of AASB 1059 Service Concession Arrangements: Grantors

28 Sep
2022
28 September 2022

The AASB is seeking feedback from stakeholders to assist its assessment of whether AASB 1059 Service Concession Arrangements: Grantors continues to meet its objectives and could be improved through amendment.

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Development of simplified accounting requirements for smaller not-for-profit private sector entities

27 Sep
2022
27 September 2022

The AASB has published its Discussion Paper – Development of Simplified Accounting Requirements (Tier 3 Not-for-Profit Private Sector Entities) being the first step in revising the not-for-profit private sector financial reporting framework. Comments are open until 31 March 2023.

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AASB Action Alert No. 217

26 Sep
2022
26 September 2022

The Action Alert for the 190th AASB Board meeting is now available.  The AASB met on 21 September 2022.

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AASB Submission on the Queensland not-for-profit subordinate legislation review discussion paper

13 Sep
2022
13 September 2022

The AASB submitted its response to the Queensland Department of Justice and Attorney-General on proposed amendments to the Associations Incorporation Regulation 1999 and the Collections Regulation 2008.

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A REVISED Public Agenda and the Public Papers for the AASB Meeting 190, to be held on 21 September, are now available.

12 Sep
2022
12 September 2022

A Revised Public Agenda and the Public Papers for the AASB Meeting 190, to be held on 21 September 2022, are now available

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ACNC launches free governance short courses

07 Sep
2022
07 September 2022

The Australian Charities and Not-for-profits Commission (ACNC) has launched a program of free, online short courses. The new Governing Charities program will benefit those seeking to improve their leadership and governance. While primarily aimed at Australian registered charities, some courses and content will be of interest to all Not-for-profits. The program is designed to be flexible, accessible and self-paced. Each course takes from one to two hours, and a certificate can be downloaded on completion.

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2022-2026 AASB Agenda Consultation Feedback Statement

23 Aug
2022
23 August 2022

The AASB published its 2022–2026 Agenda Consultation Feedback Statement.

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AASB Dialogue Series on External Reporting for Not-for-profit Private Sector entities: Challenges and Opportunities

18 Aug
2022
18 August 2022

The AASB, jointly with CPA Australia and CA ANZ, will hold its fourth AASB Dialogue Series on Wednesday, 14 September 2022 (12:00 PM-1:00 PM AEST), featuring Professor David Gilchrist (University of Western Australia) who will share some of the findings from his research on External Reporting for Not-for-profit Private Sector Entities.

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AASB Submission on Exposure Draft on the Remake of ACNC Regulations

11 Aug
2022
11 August 2022

The AASB submitted its response to Treasury in relation to Exposure Draft on Australian Charities and Not-for-profits Commission Regulations 2022.

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AASB Action Alert No. 216

04 Aug
2022
04 August 2022

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

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

28 Jul
2022
28 July 2022

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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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 [email protected] 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 [email protected] 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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