Members' Handbook - Accounting Standards category

Australian Accounting Standards Board’s new chairman

Wed, 14 Jan 2009 03:48:00 GMT

The Minister for Superannuation and Corporate Law, Senator Nick Sherry, announced the appointment of Kevin Stevenson as chairman of the Australian Accounting Standards Board (AASB) for a five year term commencing 1 July 2009. Mr Stevenson will replace Professor David Boymal who retired in November 2008.

International Accounting Standards Committee Foundation’s constitutional review

Tue, 09 Dec 2008 05:26:00 GMT

The trustees of the International Accounting Standards Committee (IASC) Foundation, at its Beijing meeting in October 2008, continued on the second part of its constitutional review. The publication of the discussion document on 8 December 2008 is the first step in the second part of the review.

Cancellation of the January 2009 IFRIC meeting

Sun, 07 Dec 2008 23:30:00 GMT

The International Accounting Standards Board (IASB) has advised that the meeting of the International Financial Reporting Interpretations Committee (IFRIC) scheduled for 8 and 9 January 2009 has been cancelled. Reasons for the cancellation are provided on the IASB’s website.

Not-for-profit entities must re-measure assets

Fri, 05 Dec 2008 00:25:00 GMT

The Australian Accounting Standards Board (AASB) decided to make AASB 2008-11 Amendments to Australian accounting standard: business combinations among not-for-profit entities (AASB 3), a standard which requires not-for-profit entities to apply the revised AASB 3 Business combinations, except where there is common control, at its November meeting.

New IASB pronouncements and amendments

Fri, 28 Nov 2008 02:32:00 GMT

The International Accounting Standards Board (IASB) has recently issued the following documents:
• Reclassification of Financial Assets-Effective Date and Transition (Amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures)
• a revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards
• IFRIC Interpretation 17 Distributions of Non-cash Assets to Owners.

Potential use of financial statements prepared in accordance with IFRSs by US issuers

Thu, 20 Nov 2008 04:34:00 GMT

The Securities Exchange Commission (SEC) in United States has proposed a roadmap for the potential use of financial statements prepared in accordance with the International Financial Reporting Standards (IFRSs).

Roundtables on global financial crisis

Fri, 07 Nov 2008 03:05:00 GMT

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have announced the roundtable discussions to identify the financial reporting issues highlighted by the current economic climate.

Latest updates from the IASB

Wed, 05 Nov 2008 03:03:00 GMT

The International Accounting Standards Board (IASB) has just issued a revised IASB work plan dated 31 October 2008. Details are available from the IASB’s website.

New amending standard AASB 2008-9 Amendments to AASB 1049 for Consistency with AASB 101

Thu, 09 Oct 2008 00:03:10 GMT

The Australian Accounting Standards Board (AASB) has issued AASB 2008-9 Amendments to AASB 1049 for Consistency with AASB 101.

Exposure draft – amendments to the retrospective application of IFRSs for first time adopters

Wed, 08 Oct 2008 00:01:00 GMT

The International Accounting Standards Board (IASB) has published for public comment an exposure draft of proposed amendments to IFRS 1 First-time adoption of International Financial Reporting Standards.