New Accounting alert from Deloitte (Australia)

  • Australia Image

06 Sep 2010

Deloitte (Australia) has published an Accounting Alert providing a summary of the Australian Accounting Standards Board (AASB) September meeting held on 1-2 September 2010.

Amongst other issues, the alert highlights the Australian consequences of IASB ED/2010/3 Defined Benefit Plans — Proposed amendments to IAS 19, particularly in relation to liabilities arising from the Australian statutory requirement for employers to provide long service leave for eligible employees. The remeasurement component of movements in these liabilities would be recognised in other comprehensive income under the proposals and is causing some concern amongst Australian constituents.

The AASB Action Alert (PDF 69k, link to AASB website) issued by AASB from the meeting notes the following:

The Board considered the comments it received from constituents... and decided that its submission to the IASB should... express disagreement with... the proposed treatment of obligations for long-service leave and other similar long-term employee benefits because the changes are not sufficiently justified in the absence of a generally accepted principle for determining which items should be presented in OCI

The comment period on IASB ED/2010/3 closes today (6 September 2010). Click for:


Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.