Members' Handbook - Accounting Standards category

AASB issues updated AASBs 119 Employee Benefits and 134 Interim Financial Reporting

Tue, 08 Feb 2011 06:30:00 GMT

The Australian Accounting Standards Board has updated the compiled versions of AASBs 119 Employee Benefits and 134 Interim Financial Reporting to reflect minor editorial corrections. The corrections to AASB 119 are the amendment of the Contents to show the titles of sections A, B and C of the Implementation Guidance. The corrections to AASB 134 amend the Contents to correctly show paragraph 16A 'Other Disclosures', a minor change to the first row in the Table of Amendments to Illustrative Examples, and corrected the heading level of 'Other Disclosures' and moved it before paragraph 16.

The updated compiled standards will be available shortly under announcements.

International developments

Thu, 13 Jan 2011 06:17:00 GMT

The AASB has this week published its first international update for 2011

APESB issues Professional Standards

Thu, 23 Dec 2010 04:43:00 GMT

The APESB has issued a revised APES 110 Code of Ethics for Professional Accountants and APES 310 Dealing with Client Monies to replace the existing APS 10 Trust Accounts and GN 3 Operation of Trust Accounts

ASIC review of 30 June financial reports and focuses for 31 December 2010

Thu, 23 Dec 2010 04:26:00 GMT

On 22 December 2010, ASIC released the results of its reviews of financial reports for the year ended 30 June 2010 and highlighted areas of focus for entities preparing their 31 Decmeber 2010 financial reports.

Accounting standards update

Thu, 16 Dec 2010 01:26:00 GMT

The Australian Accounting Standards Board releases amended standards and interpretations

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.