New Accounting alert from Deloitte (Australia)
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:
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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:
- Accounting alert 2010/11 (link to Deloitte Australia website)
- Our index of past Australian Accounting Alerts
- IAS Plus Update Newsletter Closing the Corridor – IASB Proposes Significant Changes to Pension Accounting (85k)
