At this meeting the Board, amongst other things:

• progressed its 'Income of Not-for-profit Entities (NFPs)' and 'Service Concession Arrangements – Grantors' projects
• considered a submission on its public sector work program and received a report on the NFP symposiums that were held in August
• held preliminary discussions about the accounting implications of a carbon tax and MRRT:
  • the AASB discussed accounting for the 'fixed price' component of the Federal Government's proposed carbon tax and will consider an issues paper at a future meeting discussing in more detail the various accounting issues for both the emitter and the government, including possible treatments of permits and obligations arising from emissions
  • The AASB had an education session on accounting for the proposed Mineral Resource Rent Tax (MRRT) and will discuss the topic again at the February 2012 meeting
• continued to monitor and form views on a range of IASB projects/consultation documents
• received progress reports on its domestic project on Superannuation Entities (a revised exposure draft is expected to be available for issue in October 2011)
• received an update on progress of the differential reporting research project (a precursor to the possible elimination of the reporting entity concept from Australian Accounting Standards) - research is continuing
• discussed the results of preliminary research into reducing complexity in financial reporting
• received reports relating to AOSSG and NZASB

The next AASB meeting is due to be held on 26-27 October 2011. Click for AASB Action Alert (link to AASB website).