Australia proposes a new approach to interpretations

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26 Nov 2005

The Australian Accounting Standards Board has invited comments on a proposed new model for developing interpretations of Australian Accounting Standards, most of which are equivalent to IFRSs.

Under the proposals:
  • The AASB will assume direct responsibility for developing Interpretations and the Urgent Issues Group (UIG) will be disbanded.
  • An Interpretations Agenda Committee would be formed with the purpose of recommending how an issue proposal is dealt with, for example:
    • whether an interpretation is warranted;
    • whether it is a purely domestic issue or whether it should be referred to the International Financial Reporting Interpretations Committee (IFRIC) of the IASB.
  • An advisory panel chaired by the AASB Chairman or another AASB member will be formed on each issue where guidance may be necessary.
The AASB is seeking comments on its proposals by 18 January 2006. Click for (PDF 39k). The invitation to comment may be downloaded from AASB's Website.

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