AASB 1039 Concise Financial Reports revised and issued
The Australian Accounting Standards Board (AASB) revised and issued AASB 1039 Concise Financial Reports to:
· align the terminology with those used in AASB 101 Presentation of Financial Statements (September 2007) which is applicable for annual reporting periods beginning on or after 1 January 2009
· provide consistent wording in relation to disclosure requirements for segments, in line with AASB 8 Operating Segments.
AASB 1039 is now available from the AASB’s website. AASB 1039 is applicable to annual reporting periods beginning on or after 1 January 2009, with early adoption permitted for annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009.