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:

• Preserve the amendments made to AASB 101 in 2007 to require profit or loss and OCI to be presented together, i.e. either as a single 'statement of profit or loss and comprehensive income', or a separate 'statement of profit or loss' and a 'statement of comprehensive income' – rather than requiring a single continuous statement as was proposed in the exposure draft
• Require entities to group items presented in OCI based on whether they are potentially reclassifiable to profit or loss subsequently, i.e. those that might be reclassified and those that will not be reclassified
• Require tax associated with items presented before tax to be shown separately for each of the two groups of OCI items (without changing the option to present items of OCI either before tax or net of tax).

AASB 2011-9 is applicable from 1 July 2012, with early adoption permitted.

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:

• Requiring the recognition of changes in the net defined benefit liability (asset) including immediate recognition of defined benefit cost, disaggregation of defined benefit cost into components, recognition of remeasurements in other comprehensive income, plan amendments, curtailments and settlements (eliminating the 'corridor approach' permitted by the existing AASB 119)
• Introducing enhanced disclosures about defined benefit plans
• Modifying accounting for termination benefits, including distinguishing benefits provided in exchange for service and benefits provided in exchange for the termination of employment and affect the recognition and measurement of termination benefits
• Clarifying various miscellaneous issues, including the classification of employee benefits, current estimates of mortality rates, tax and administration costs and risk-sharing and conditional indexation features
• Incorporating other matters submitted to the IFRS Interpretations Committee.

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.

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.

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.