Outcomes from July AASB meeting

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14 Jul 2011

The Australian Accounting Standards Board (AASB) has released its Action Alert from its July meeting, held on 13-14 July 2011.

Topics discussed at the meeting included:

  • Update on IASB projects – the AASB discussed its responses and plans in relation to the IASB's projects on revenue recognition, leases, consolidation - investment entities, financial instruments (impairment, and the possible deferral of the mandatory date of IFRS 9)
  • Not-for-profit matters – the AASB discussed the post implementation review of AASB 1049 (the AASB will next consider a draft Amending Standard), service concession arrangements (grantor accounting), income of not-for-profit entities, IPSASB exposure draft on Conceptual Framework, June IPSASB meeting update, and upcoming public sector and not-for-profit symposiums (details)
  • Other matters – Australian implications of the IASB's amendments to IAS 1 on the presentation of other comprehensive income, a decision to clarify guidelines on Reduced Disclosure Requirements (RDR), a presentation on integrated reporting, an update on the July IFRS Interpretations Committee meeting, the AASB's business plan and board membership, discussions with the Financial Reporting Council, and the forthcoming AOSSG meeting in Melbourne on 23-24 November 2011.

The next AASB meeting is due to be held on 7-8 September 2011. Click for AASB Action Alert (link to AASB website).

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