Outcomes from February 2012 AASB meeting
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).