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Outcomes from February 2012 AASB meeting

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

17 Feb 2012

The Australian Accounting Standards Board (AASB) has released its Action Alert from its February meeting, held on 15-16 February 2012.

At this meeting the Board discussed key issues relating to:

  • A draft staff paper on financial reporting implications of a carbon tax - a staff paper being is being developed
  • Tentative Agenda Decisions on the proposed resource rent tax bills (dealing with Mineral Resource Rent Tax (MRRT) and extension of the Petroleum Resource Rent Tax (PRRT)) - two agenda decisions were approved, however an agenda decision on whether a deferred tax asset arises was deferred pending consideration of this matter by the IFRS Interpretations Committee
  • A review of AASB 1031 Materiality - this is being considered for possible withdrawal, in light of the lack of equivalent guidance under IFRS
  • Proposals to be included in an Exposure Draft (ED) on Control in the Not-for-Profit (NFP) Public and Private Sectors
  • The basis for progressing its Service Performance Reporting Project.

The AASB also:

  • Considered a request for an amendment to AASB 1049 Whole of Government and General Government Sector Financial Reporting relating to defence weapons platforms
  • Considered the content of its submissions to the IPSASB on its ED on Long-Term Sustainability of Finances, to the ACNC Implementation Taskforce on its Implementation Design Discussion Paper and to the IASB on its ED on Revenue from Contracts with Customers
  • Continued to monitor and form views on other IASB projects: Leases and Financial Instruments
  • Made decisions relating to RDR – Tier 2 Amendments to Standards
  • Received reports relating to the IPSASB’s December 2011 meeting and the IFRS Interpretations Committee.

 

Click for AASB Action Alert (link to AASB website).

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