News

In respect to Tier 1 General Purpose Financial Statements (GPFS), the AASB is proposing changes to:

• amend AASB 18 and AASB 107 Statement of Cash Flows  for application by superannuation and not-for-profit entities; and
• clarify how entities prepare the operating cash flow reconciliation.

The AASB has concluded its Post-Implementation Review (PIR) of certain Not-for-Profit (NFP) topics, finding that the requirements are generally working as intended.

The October edition of  Reporting Roundup  is out now!

AASB staff have prepared a Staff FAQs document in response to questions from local governments.

The  Action Alert for the 215th AASB Board meeting is now available.

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Wednesday, 22 October 4:00 PM — 5:15 PM (AEDT)

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September edition of Reporting Roundup

Highlights in this month’s edition include:

• Review of  AASB 1060 and 2020-2
• Registrations open for the  2025 AASB Research Forum
• Update on the  AASB S2 Implementation Advisory Panel
• Next AASB Board Meeting agenda & more

Read more here

The AASB is conducting a Post-implementation Review of:

• AASB 1060 Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities
• AASB 2020-2 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities

Feedback is also sought on potential updates to Tier 2 reporting requirements in light of recent updates to the following:

• IFRS for SMEs Accounting Standard (3 ^rd Edition)
• AASB 18 Presentation and Disclosure in Financial Statements
• IFRS 19 Subsidiaries without Public Accountability: Disclosures

Registrations  are now open for the 2025 AASB Research Forum: Accounting and Reporting in the Digital Era.

AASB S2 includes proportionality mechanisms to assist entities to comply with the Standard. These mechanisms support disclosures involving significant judgement or uncertainties and enable a tailored, proportionate application of specific requirements based on an entity’s unique circumstances.

Read more here: Proportionality Mechanisms in AASB S2

The AASB has released a research report investigating the statement of cash flows and related matters, drawing on evidence from the ASX 50. Read the report here .

The AASB has published new educational material to assist understanding of the greenhouse gas (GHG) emissions disclosures under AASB S2 Climate-related Disclosures.  

Join our webinar on Goodwill and Impairment.

The AASB has commenced Phase 1 of its Agenda Consultation for the 2027–2031 period and is seeking broad preliminary input on key challenges and emerging areas that may warrant its attention via a stakeholder survey. ...

AASB 2025-3 amends AASB 1060 to add new disclosure requirements for Tier 2 entities that recognise nature-dependent electricity contracts meeting the ‘own-use’ criteria as procurement contracts.

In this month’s edition of  Reporting Roundup , we highlight key updates and upcoming events including:

• AASB 16 Leases Roundtables  – Feedback highlights and upcoming session on 1 September
• ISSB Consultation  – Proposed amendments to SASB Standards
• Dialogue Series  – Expert panel discussion on Goodwill and Impairment,  25 September
• 2025 AASB Research Forum  – Keynote speaker announcement
• November Forums
• Sustainability Forum  – 18 November
• Applied Research Forum  – 19 November
• AASB Agenda Consultation Launch  – Survey open for input on 2027–2031 priorities (closes 17 October)
• AASB S2 Training Recap  – Strong turnout and plans for future workshops with ASIC

The AASB, AUASB and CA ANZ have published an independent research report on climate-related disclosures and assurance in the 2023 and 2024 annual reports of ASX-listed entities.

The AASB, in collaboration with CPA Australia, CA ANZ and the NZ External Reporting Board, is hosting a series of virtual roundtables to gather feedback on the application of AASB 16 Leases in Australia.

Our latest edition of  Reporting Roundup  highlights the following focus areas:

• AASB’s presence at the AFAANZ Conference
• Ongoing support for IFRS adoption in Vietnam
• Keynote speaker announced for the 2025 Research Forum
• Technical training on AASB S2 with Sue Lloyd
• Invitation to comment on the Post-implementation Review of AASB 16

Read the full update  here .

Your feedback is requested to inform the post-implementation review (PIR) of AASB 16 Leases – are any changes needed to the Standard?

The latest edition of Reporting Roundup includes:

• An update on AASB international engagement
• Launch of the AASB S2 Implementation Advisory Panel
• Information on the next AASB Dialogue Series.

Click here to read the latest edition.

Join our webinar for a practical look at the challenges of segment reporting.

Our latest news and information is out now. Click here to read the latest edition.

The AASB is currently consulting on proposed amendments to AASB S2.

AASB ED SR2 Amendments to Greenhouse Gas Emissions Disclosures proposes additional relief for specific greenhouse gas emissions disclosure requirements.  This includes GHG associated with derivatives, investment banking and insurance underwriting, application of the Global Industry Classification Standard; use of Greenhouse Gas Protocol measures and the use of global warming potential values.

In this edition of the Reporting Roundup :

• New climate-related financial disclosures implementation support materials now available
• Report: Risks flagged within financial statements increases globally
• Updates on international and domestic engagements

The AASB has now published the first set of materials to assist entities with sustainability-related and climate-related financial disclosures.

Visit the AASB Knowledge Hub  here .

The AASB and AUASB would like to congratulate former Chair and CEO of the Australian Auditing and Assurance Standards Board   Merran Kelsall AO  who has been appointed Chair of the IFRS Advisory Council.   Read more

In December last year, we issued a call for  innovative research  proposals that would challenge the status quo and meet the future demands of a rapidly evolving reporting landscape.

Recognising the strong interplay between reporting and audit and assurance standards, we are expanding the scope of the research proposals to include audit and assurance.  We have also extended the deadline for proposals to 9 March 2025 .

Click  here  for more information.

Welcome to the first edition of our new monthly e-newsletter   'Reporting roundup' , your one-stop-shop for updates on the AASB's current projects, international insights and latest research.

The AASB has issued AASB 2025-1 Amendments to Australian Accounting Standards – Contracts Referencing Nature-dependent Electricity to amend AASB 7 and AASB 9. The Standard is available on the Pronouncements Web Portal.

The amendments clarify the application of the ‘own-use’ criteria, permit hedge accounting (if appropriate) and add new disclosure requirements.

One of the primary functions of the AASB is to deliver accounting standards that reduce the cost of capital for Australian entities.  We have now published a research report which explores potential models for determining the cost of capital and applies a subset of these estimates to investigate the association between the cost of capital and accounting standard-setting in Australia. Read More .

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

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.

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

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.

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.

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.

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 .

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.

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

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.

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.

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.

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 .

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 .

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

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.

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

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

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 .

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.

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.