Highlights from the July 2013 AASB meeting

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22 Jul 2013

The Australian Accounting Standards Board (AASB) has released its 'Action Alert' from its meeting in Melbourne on 17-18 July 2013. Highlights of the meeting discussions include concerns with the IASB's proposals on regulatory deferral accounts and employee contributions to defined benefit plans, consideration of the significant implications possible from the IASB's insurance proposals, and consideration of the implications of IFRIC 21 'Levies' in the Australian context (including the carbon pricing mechanism and state payroll taxes).

The full list of topics discussed at this meeting:

  • Financial instruments - classification and measurement, impairment, general and macro hedge accounting
  • IASB ED/2013/5 Regulatory Deferral Accounts
  • IASB ED/2013/4 Defined Benefit Plans: Employee Contributions
  • Overview of AASB ED 242 Leases
  • Update on IASB insurance contracts project
  • Implications of IFRIC 21 Levies
  • Update on IFRS Interpretations Committee activities
  • Update on IASB's Conceptual Framework project
  • Key issues on International Public Sector Accounting Standards Board (IPSASB) Conceptual Framework exposure draft
  • Report on June 2013 IPSASB meeting

The following pronouncements have been recently issued by the AASB (links to AASB website):

  • ED 230 Classification and Measurement: Limited Amendments to AASB 9 – Tier 2 Supplement (comment deadline 16 September 2013)
  • ED 237 Financial Instruments: Expected Credit Losses – Tier 2 Supplement (comment deadline 16 September 2013)
  • ED 243 Withdrawal of AASB 1031 'Materiality' (comment deadline 23 August 2013)
  • ED 244 Insurance Contracts (AASB comment deadline 27 September 2013)
  • ED 245 Bearer Plants (AASB comment deadline 1 October 2013)
  • AASB 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non-Financial Assets (applies to annual reporting periods beginning on or after 1 January 2014)
  • AASB 2013-4 Amendments to Australian Accounting Standards – Novation of Derivatives and Continuation of Hedge Accounting (applies to annual reporting periods beginning on or after 1 January 2014)
  • Interpretation 21 Levies (applies to annual reporting periods beginning on or after 1 January 2014).

The AASB also noted that the issue of the Australian equivalent to the IASB's Investment Entities amendments are expected to be completed soon.

The next meeting of the AASB will be held on 4-5 September 2013. Click for AASB Action Alert (link to AASB website).

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