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.
CPA Australia will prepare submissions for the AASB and IASB on the above proposals. Comments from members will better inform us in the development of our submission. CPA Australia requests for comments by Monday, 13 October 2008. These comments may be communicated via: professionalstandards@cpaaustralia.com.au.
AASB Interpretation 15 Agreements for the Construction of Real Estate and AASB Interpretation 16 Hedges of a Net Investment in a Foreign Operation have been issued by the board at its meeting on 27 August 2008. These interpretations conform to their IFRIC equivalents.
AASB Interpretation 15 applies to annual reporting periods beginning on or after 1 January 2009, with early adoption permitted. AASB Interpretation 16 applies to annual reporting periods beginning on or after 1 October 2008, with early adoption permitted.
For more information:
· ED 166
· Copies of the above interpretations and exposure drafts are available from the AASB’s website