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).

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.