AASB issues a number of pronouncements to close out 2012

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27 Dec 2012

The Australian Accounting Standards Board (AASB) has issued a number of pronouncements to close out 2012.

The pronouncements are as follows (links in the first column are to the AASB website):

PronouncementRelevant dateComments
Exposure Draft ED 233 Australian Additional Disclosures - Investment Entities Comments requested by 29 March 2013 Proposals regarding the possible adoption of the IASB's investment entities amendments in the Australian context, see our separate story*
AASB 2012-11 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements and Other Amendments Applies to annual reporting periods beginning on or after 1 July 2013 Continues the consolidation exemption for entities using 'Reduced Disclosure Requirements' (RDR), and makes a number of IASB and AASB editorial corrections
AASB 2012-8 Amendments to AASB 1049 - Extension of Transitional Relief for the Adoption of Amendments to the ABS GFS Manual relating to Defence Weapons Platforms Applies to annual reporting periods beginning on or after 1 July 2012 Provides a further two-year period of transitional relief from the requirement to adopt Chapter 2 Amendments to Defence Weapons Platforms of the Australian Bureau of Statistics (ABS) publication Amendments to Australian System of Government Finance Statistics in the financial statements prepared in accordance with AASB 1049
Drafts of AASB 105X Budgetary Reporting and AASB 2012-XX Amendments to AASB 1049 – Relocation of Budgetary Reporting Requirement Will remain on the AASB’s website until 31 January 2013 Provides an opportunity for constituents to familiarise themselves with the documents, as well as to provide comments on the final wording
AASB 2012-9 Amendment to AASB 1048 arising from the Withdrawal of Australian Interpretation 1039 Applies to annual reporting periods beginning on or after 1 January 2013 Amends Australian domestic standards AASB 1048 Interpretation of Standards to reflect the withdrawal of Australian-specific Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia

* In addition, the AASB has issued Australian exposure drafts that incorporate many of the recent IASB exposure drafts.  The comment periods for these exposure drafts are generally shorter than the IASB equivalents to allow the AASB time to consider comments received in formulating its own response to the IASB.

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