AASB issues standards on comprehensive income and post-employment benefits, proposes related RDR disclosures
29 Sep 2011
The Australian Accounting Standards Board (AASB) has issued the following pronouncements.
AASB 2011-9 Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income | |
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Implements equivalent amendments to those made by the IASB to IAS 1 Presentation of Financial Statements to revise the way other comprehensive income is presented. The amendments to AASB 101 Presentation of Financial Statements:
AASB 2011-9 is applicable from 1 July 2012, with early adoption permitted. |
IFRS in Focus Newsletter, AASB announcement (link to AASB website) |
AASB 119 Employee Benefits (September 2011) AASB 2011-10 Amendments to Australian Accounting Standards arising from AASB 119 AASB 2011-11 Amendments to AASB 119 (September 2011) arising from Reduced Disclosure Requirements |
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Equivalent to the revised IAS 19 Employee Benefits issued by the IASB, with revised requirements for pensions and other postretirement benefits, termination benefits and other changes. The key amendments include:
AASB 119 (September 2011) and AASB 2011-10 are applicable from 1 January 2013, with early adoption permitted. AASB 2011-11 is applicable from 1 January 2013, with early adoption permitted. |
IFRS in Focus Newsletter, AASB announcement (link to AASB website) |
Exposure Draft ED 218 Presentation of Items of Other Comprehensive Income: Tier 2 Proposals | |
Analyses the new and substantively modified disclosure requirements arising from AASB 2011-9 that were not included in the requirements of IAS 1 Presentation of Financial Statements at the time IFRS for SMEs was issued, proposing those disclosures be retained in the Tier 2 disclosure requirements ('Reduced Disclosure Requirements' or 'RDR') As a 'simplified' exposure draft, only adverse comments need to be submitted to the AASB, with any such comments due by 5 December 2011. |
AASB announcement (link to AASB website) |
Exposure Draft ED 219 AASB 13 Fair Value Measurement and AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13: Tier 2 Proposal | |
Sets out the disclosures in AASB 13 Fair Value Measurement and the disclosures amended in other Australian Accounting Standards arising from AASB 13 from which it is proposed entities applying Tier 2 disclosure requirements should be exempt. Comments are due to the AASB by 5 December 2011. |
AASB announcement (link to AASB website) |