News

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

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

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

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.

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

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

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.

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)

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.

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

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

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.

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. 

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.

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 .

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.

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

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.

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.

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.

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.

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

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.

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.

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.

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:

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

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.

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.

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

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.

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

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.

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.

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

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.