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September 2012 AASB meeting

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

10 Sep 2012

Highlights from the outcomes of the Australian Accounting Standards Board (AASB) meeting held on 5-6 September 2012, including a decision to extend the mandatory effective date of the consolidation and joint venture standards for not-for-profit entities.

Highlights include:

  • Deferral of consolidation and joint venture standards - an exposure draft will be issued proposing to defer the mandatory application date of AASB 10 Consolidated Financial Statements, AASB 11 Joint Arrangements, AASB 12 Disclosure of Interests in Other Entities, AASB 127 Separate Financial Statements and AASB 128 Investments in Associates and Joint Ventures from 1 January 2013 to 1 January 2014 for not-for-profit entities (with early adoption from 1 January 2013 permitted) so that Australian not-for-profit implementation guidance can be finalised
  • Pending standards - amending standards are expected shortly to enact the deferred application date of AASB 9 Financial Instruments (to bring it into line with the revised application date of 1 January 2015 of IFRS 9 Financial Instruments), and to implement reduced disclosure requirements (RDR) amendments for AASB 7 Financial Instruments: Disclosures, AASB 12 Disclosure of Interests in Other Entities, AASB 101 Presentation of Financial Statements and AASB 127 Separate Financial Statements.
  • Comprehensive review of IFRS for SMEs - in its submission to teh IASB on its review of the IFRS for Small- and Medium-sized Entities, the AASB is to highlight matters noted as a result of the development of the reduced disclosure requirements (RDR), which in the AASB's view puts "Australia in a unique position to contribute to the review".  Matters to be raised include the differences in recognition and measurement between the IFRS for SMEs and IFRS, the suggestion that entities should be able to adopt an RDR approach or the IFRS for SMEs, and various other matters
  • Defence weapons platforms - an exposure draft is expected to be issued to propose a further two-year period of transitional relief from the requirement to measure defence weapons platforms at fair value
  • Superannuation entities - the AASB continues to push towards finalisation of a replacement standard for AAS 25 Financial Reporting by Superannuation Plans, but will consult on superannuation entities in the public sector.

For full details of all the matters discussed at the meeting, access the AASB Action Alert (link to AASB website).

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