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AASB publishes new and revised standards

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

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:

StandardEffective 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

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