AASB requests comments on proposed government loan amendments to IFRS 1
24 Oct 2011
The Australian Accounting Standards Board (AASB) has issued Exposure Draft ED 221 Government Loans (proposed amendments to AASB 1 First-time Adoption of Australian Accounting Standards), which incorporates IASB ED/2011/5.
The ED proposes to provide the same relief in relation to accounting for a government loan with a below-market rate of interest to first-time adopters of Australian Accounting Standards as is granted to existing preparers of financial statements when applying AASB 120 Accounting for Government Grants and Disclosure of Government Assistance.
More information about the proposals can be found in our IFRS in Focus Newsletter (PDF 58k) and our project page for the IFRS 1 amendment.
Comments on ED 221 are due to the AASB by 5 December 2011, with comments on ED/2011/5 due to the IASB by 5 January 2012. Click for AASB announcement (link to AASB website).
