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Outcomes from June 2012 AASB meeting

08 Jun 2012

The Australian Accounting Standards Board (AASB) has released an Action Alert summarising outcomes from its June meeting, held on 6-7 June 2012.

At this meeting the Board discussed key issues relating to:

  • financial reporting by superannuation entities
  • financial reporting by not-for-profit entities within the general government sector - deciding not to proceed with the proposed way of enhancing the presentation of financial statements for not-for-profit entities within the general government sector (GGS)
  • related party disclosures in the not-for-profit public sector
  • income from transactions of not-for-profit entities
  • control in the not-for-profit public and private sectors - an ED is expected to be finalised soon.

The Board also:

  • progressed its review of AASB Interpretation 1039 relating to substantive enactment under AASB 112 Income Taxes (equivalent to IAS 12) - the Board asked staff to advise the IFRS Interpretations Committee of the apparent diversity in practice internationally with a view to ascertaining whether the issue of substantive enactment might be an issue needing that Committee’s attention
  • considered a draft revised AASB 1048 Interpretation of Standards - a new version of this standard will be issued by the end of June 2012
  • considered staff views on financial reporting implications of a carbon tax - staff papers, which are intended to draw out for constituents various financial reporting issues that may arise during the fixed price phase and possible accounting treatments in respect of those issues based on current Australian Accounting Standards, are intended to be published on the AASB website as soon as practicable
  • continued to monitor IASB projects addressing: financial instruments, leases, revenue from contracts with customers and the post-implementation review of IFRS 8 Operating Segments
  • received a report on the IFRS Interpretations Committee’s May 2012 meeting
  • considered EFRAG’s Discussion Paper on income tax
  • considered its approach to commenting on proposals for oversight of the IPSASB
  • received a report from the Chair of the New Zealand Accounting Standards Board (NZASB) on developments in New Zealand
  • discussed a draft AASB strategic plan.

 

Click for AASB Action Alert (link to AASB website).

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