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Outcomes from September AASB meeting

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

09 Sep 2011

The Australian Accounting Standards Board (AASB) has released the Action Alert from its September meeting, held on 7-8 September 2011.

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).

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