1/02/2017 Current Standard AASB 139 (to be replaced by AASB 9) … 0 ��\��"����+�BI���8,s�Fz.�G��ۦq���r9�Q,��fu��.f��+�ͺD�ۆ��L9���\d�X�j�X���!��j`��B�6X�}*$ͺ4T^n�VC� 8��I�����lq�m����B�?���`�E�T��:H�ե�t�ND�V܊��XSw�k���3i29"mM�*�/�f��nq��N�������H�rjؘ,��o��� ����6g�� �R�^=�r] ��.c( ��4Y����=�bh�1 �8O����.���X+BQFd�?�ӗ+�A9l���-�K�A��� The Australian Accounting Standards Board (AASB) has issued two new pronouncements which: • Remove the ability to prepare special purpose financial statements for some for-profit entities – through an Amending Standard, AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements CURRENT AASB PUBLICATIONS LISTING / PRICE LIST (as at 5th February 2014) All prices quoted are GST Inclusive. Accounting Standard AASB 101. . Guidance for AASB 15 Revenue from contracts with customers 4 Overview 1.1 Objective AASB 15 Revenue from Contracts with Customers (AASB 15) is effective for NSW for-profit public sector agencies from FY2018/19 and a year later (i.e. 0000002002 00000 n The carrying amount of those parts that are replaced is derecognised in accordance with the derecognition provisions of this Standard (see paragraphs 67–72). After that, companies will be required to determine the amount and timing of revenue using AASB … Overview on AASB 9 Financial Instruments 2 Introduction AASB 9 Financial Instruments (AASB 9) is effective for NSW public sector agencies from FY2018/19, and replaces AASB 139 Financial Instruments: Recognition and Measurement (AASB 139).This Treasury document provides a high-level overview of the key changes in AASB 9. The income tax disclosures are instead covered by AASB 1024 'Accounting for Income Tax'. Summary What is IFRS 15. 0000070370 00000 n In due course, Treasury will issue a Policy and Guidelines Paper to replace TPP 08-1 Accounting for Financial Instruments. The commentary to AASB 1018 noted that an item must both be outside the ordinary activities of the business and be of a non-recurring nature before it could be classified and disclosed as an extraordinary item. AASB 1058, leased assets arising from significantly below market leases will be measured at fair value at the inception of the lease whereas the lease liability will be recognised at present value of peppercorn lease payment amounts. The Standards applying from 1 January 2005 are available here. Status of Newly Converged Accounting Standards Prior to 2005, the relevant standards were: AASB 1018 ‘Statement of Financial Performance’, AASB 1034 ‘Financial Report Presentation and Disclosure’, and AASB 1040, ‘Statement of Financial Position’. New or changed guidance The option to apply AASB 1 or AASB 108 depends on what reporting requirements were … AASB 118 will be replaced by AASB 15 in January 2018. AASB 1058 replaces most of the NFP income recognition requirements in AASB 1004 Contributions (AASB 1004). The New Financial Reporting Trilogy - AASB 1018 and AASB 1034 by Colin Parker, Australian Society of CPAs (ASCPA) Released April 2000. In 2007, the AASB approved an 'Amending Standard' that rescinded the changes that the AASB had made to IFRS Standards when it initially adopted them. IAS-8 refers to discontinued operations. Depending on the year-end of your entity, general purpose financial statements (GPFS) will be required, at the latest, for: 30 June 2022 year-ends (for June balancing entities) AASB Invitation to Comment – Exploring the Demand for Agreed-upon Procedures Engagements and Other Services, and the Implications for the IAASB’s International Standards December 20, 2016. AASB 16 is likely to require significant judgement and analysis to determine whether the contract contains leasing elements. But, Global replaced 4 Pecil relics with 4 equivalent Beatrix relics. Show simple item record. For example, if additional disclosures are required to present a true and fair view, then these cannot be presented as a recast statement of financial performance. Note: Where there are two Standards with the same number, the Standard issued earlier cannot be applied once the latest Standard becomes operative. Under AASB 9, equity investments are normally measured at fair value through profit or loss (FVPL). 1 This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. schedule 5) that set out the format for the profit and loss statement and balance sheet and disclosures for the notes. AASB 1018, AASB 1034 & AASB 1040 Page 73 BASIS FOR CONCLUSIONS ON IAS 1 (available to AASB online subscribers or through the IASB) Australian Accounting Standard AASB 101 Presentation of Financial Statements is set out in paragraphs 1 – Aus126.7 and the Appendix. 0000003912 00000 n <<551C7CC4CD86CF42B5A29A1FC9AE67EE>]/Prev 351839>> 0000004120 00000 n This Treasury document provides a high-level overview of the key changes in AASB 9. CONTENTS 1. Background AASB Issues New Revenue Recognition Standard 2. DIFFERENCES BETWEEN AASB 101 AND AASB 1001, AASB 1018, AASB 1034 & AASB 1040 Page 73 BASIS FOR CONCLUSIONS ON IAS 1 (available to AASB online subscribers or through the IASB) Australian Accounting Standard AASB 101 Presentation of Financial Statements is set out in paragraphs 1 – Aus126.7 and the Appendix. However, agencies still need to review AASB 9 in detail to understand its requirements. 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