The Next Clarity Instalment
The AUASB has issued the next six exposure drafts in Clarity format (that makes 10 of the total of 41 pronouncements to be exposed as part of the Clarity project). Again, the exposure period is 30 days (comments due by 15 October 2008), so if you have any comments please send them to us in the next few weeks: professionalstandards@cpaaustralia.com.au .
Remember, the new revised and redrafted standards will become operative on 1 January 2010.
AASB exposure drafts and interpretations issued
The Australian Accounting Standards Board (AASB) has issued two exposure drafts entitled:
· ED 165 Improvements to Australian Accounting Standards
· ED 166 Simplifying Earnings per Share: Proposed Amendments to AASB 133
These were originally issued by the IASB. In accordance with the AASB’s transaction neutral policy, the AASB reissued the above documents with an additional request for specific comments relating to the not-for-profit and public sectors.
Assurance Engagements – AUASB '3000' Series
You are probably aware by now that the AUASB now has three standards on assurance engagements in its 3000 series. In July this year, standards on Compliance engagements (ASAE 3100) and Performance engagements (ASAE 3500) were added to the first standard in the series, ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information (issued in July 2007).
Proposed standard from IPSASB
The International Public Sector Accounting Standards Board (IPSASB) has issued exposure draft ED 35 IPSAS 5 Borrowing Costs (Revised 200X) for comment. Members may wish to comment on the ED because
the proposed IPSAS 5 differs from the IFRS equivalent, IAS 23 Borrowing Costs, mainly in respect of recognition.