News

02
DECEMBER
2021
AASB

AASB Exposure Draft ED 316 Non-current Liabilities with Covenants

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.

Read more
02
DECEMBER
2021
AASB

AASB Exposure Draft ED 317 Supplier Finance Arrangements

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.

Read more
26
NOVEMBER
2021
AASB

Exposure Draft ED 315 Extending Transition Relief under AASB 1

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

Read more

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

Read more

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.

Read more

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.

Read more

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).

Read more

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.

Read more

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.

Read more

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:

Read more

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

27 Oct
2021
27 October 2021

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

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

Name

Entity

Email address and

Details of sessions they wish to join

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

 

Read more

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.

Read more

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).

Read more

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.

 

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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

25 Aug
2021
25 August 2021

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

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

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

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

Read more

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.

Read more

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
Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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.

 

 

Read more

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)

Read more

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.

Read more

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.

Read more

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
Read more

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.

Read more

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. 

Read more

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.

 

Read more

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 .

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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.
Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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:

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more
Subscribe for updates Subscribe