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).

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.