Topics discussed at the meeting included:

• Recently issued IASB standards – the AASB expects to issue, out of session, Australian equivalents to IFRS 10 Consolidated Financial Statements (issued May 2011), IFRS 11 Joint Arrangements (issued May 2011) and IFRS 12 Disclosure of Interests in Other Entities (issued in May 2011), IAS 27 Separate Financial Statements (as amended in 2011), IAS 28 Investments in Associates and Joint Ventures and IFRS 13 Fair Value Measurements. Exposure drafts proposing disclosure relief for 'Tier 2' entities (applying the Reduced Disclosure Regime, or RDR), are also expected to be issued
• Imminent IASB standards – the AASB discussed the amendments to Australian guidance (in relation to not-for-profit or public sector entities and the RDR) arising from the expected IASB amendments to IAS 1 Presentation of Financial Statements and IAS 19 Employee Benefits
• Update on IASB projects – the AASB discussed the IASB's projects on financial instruments (impairment, hedge accounting and offsetting), insurance contracts, leases and revenue recognition
• Differential reporting – the AASB received a presentation from the external consultants engaged in the differential reporting research project (which may result in the removal of the 'reporting entity' concept from Australian Accounting Standards)
• Other matters – discussion on proposed amendments to AASB 124 Related Party Disclosures (removal of individual key management personnel disclosures), update on IFRS Interpretations Committee Interpretations, progress on development of an exposure draft on income of not-for-profit entities, proposed guidance on the IFRS for SMEs, IPSASB Conceptual Framework, and an update on auditing developments.

The next AASB meeting is due to be held on 13-14 July 2011.

Click for AASB Action Alert (link to AASB website).