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Outcomes from October AASB meeting

  • AASB (Australian Accounting Standards Board) (lt blue) Image

27 Oct 2011

The Australian Accounting Standards Board (AASB) has released its Action Alert from its October meeting, held on 26 October 2011.

At this meeting the Board, amongst other things:

  • discussed aspects of accounting for Australia's carbon tax - the AASB is restricting its discussion of the accounting to the fixed-price period, expected to be the first 3 years of the scheme, in the hope that the International Accounting Standards Board will develop guidance on accounting for emissions trading schemes before the flexible period comes into effect. The AASB confirmed that it does not expect to issue an Interpretation on the topic but confirmed that it saw merit in the AASB staff publishing a paper that draws out the relevant accounting issues (for more information, see the staff paper, link to the AASB website)
  • progressed its project on Service Performance Reporting
  • continued to monitor and form views on the core IASB projects/consultation documents – financial instruments, revenue recognition, leases and insurance contracts
  • received progress reports on four of its domestic projects – superannuation entities; control in the not-for-profit sector, not-for-profit entities within the general government sector (ED 212) and extending related party disclosures to the not-for-profit public sector (ED 214)
  • received reports relating to a range of other topics and organisations – an IPSASB Report, IASB Agenda Consultation, IFRS Advisory Council, IFRS Interpretations Committee, Integrated Reporting, and AOSSG.

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

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