AASB publishes new and revised standards
09 Jul 2012
The Australian Accounting Standards Board has published a number of amending standards and a revised standard, largely mirroring changes made to IFRSs in Australian Accounting Standards.
The standards, which were approved on 29 June 2012, are:
| Standard | Effective date |
|---|---|
| AASB 2012-2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities Amends AASB 7 Financial Instruments: Disclosures to require disclosure of information that will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entity’s recognised financial assets and recognised financial liabilities, on the entity’s financial position. |
Annual reporting periods beginning on or after 1 January 2013 |
| AASB 2012-3 Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities Adds application guidance to AASB 132 Financial Instruments: Presentation to address inconsistencies identified in applying some of the offsetting criteria of AASB 132, including clarifying the meaning of “currently has a legally enforceable right of set-off” and that some gross settlement systems may be considered equivalent to net settlement. |
Annual reporting periods beginning on or after 1 January 2014 |
| AASB 2012-4 Amendments to Australian Accounting Standards – Government Loans Adds an exception to the retrospective application of Australian Accounting Standards under AASB 1 First-time Adoption of Australian Accounting Standards to require that first-time adopters apply the requirements in AASB 139 Financial Instruments: Recognition and Measurement (or AASB 9 Financial Instruments) and AASB 120 Accounting for Government Grants and Disclosure of Government Assistance prospectively to government loans (including those at a below-market rate of interest) existing at the date of transition to Australian Accounting Standards. |
Annual reporting periods beginning on or after 1 January 2013 |
| AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle Makes amendments resulting from the IASB's 2009-2011 Annual Improvements Cycle |
Annual reporting periods beginning on or after 1 January 2013 |
| AASB 1048 Interpretation of Standards (revised)The revised version of AASB 1048 updates the lists of Interpretations for new and amended Interpretations issued since the June 2010 version of AASB 1048. | Annual reporting periods ending on or after 30 June 2012 |
Click for AASB announcement (link to AASB website)
