News

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

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.

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.

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.

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.

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

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....

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 .

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.

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