Outcomes from the July 2012 AASB meeting
Jul 27, 2012
The Australian Accounting Standards Board (AASB) has released its Action Alert from its meeting held on 25-26 July 2012. Key outcomes included a decision to issue an exposure draft proposing to withdraw Interpretation 1039 'Substantive Enactment of Major Tax Bills in Australia', agreement to extend related party disclosures under AASB 124 to not-for-profit public sector entities from 1 July 2014, and a decision to allow two years (after issue) before the forthcoming superannuation fund standard is applicable.
The AASB also:
- Expressed reservations with the IASB/FASB tentative decision in the leases project to distinguish between two types of leases
- Noted concern that the IFRS Interpretations Committee draft Interpretation on levies does not deal with levies that apply upon reaching a minimum revenue threshold.
For full details of the topics discussed, refer to the AASB Action Alert (link to the AASB website).