OFFICIAL October 29, 2020 Latest NewsAgenda for AASB Meeting #178 now available The agenda papers and agenda for AASB Meeting #178, to be held on 11-12 November 2020 is now available. This meeting will be held by videoconference. Members of the public wishing to attend the public sessions must register their interest by emailing standard@aasb.gov.au detailing no later than 6 November 2020:
Only attendees that have pre-registered will be provided with registration details to join the Zoom videoconference.
Updated AASB Standard-Setting Framework Documents The AASB has updated its Standard-Setting Frameworks, which set out the principles followed in setting the requirements of Standards. The updated AASB For-Profit Entity Standard-Setting Framework and AASB Not-for-Profit Entity Standard-Setting Framework reflect that several policy documents, other documents and Australian Accounting Standards have been superseded, updated or issued since the Framework documents were first issued in 2018.
AASB Staff FAQ on initial recognition of an asset acquired by an NFP entity in transactions in the scope of AASB 1058 Staff FAQs for not-for-profit (NFP) entities have been extended to assist with accounting for transactions in scope of AASB 1058 Income of Not-for-Profit Entities, such as grants, in relation to which an NPF entity has partially but not yet fully performed the activities required under the agreement and the associated asset (e.g. grant funding in cash or other asset) has not yet been received.
COVID-19 Resources The AASB has created a dedicated web page that houses various internal and external resources as they pertain to COVID-19 and its effects on the financial reporting process. Additional resources and news added this week: The AASB has noted concerns about the impact of COVID-19 crisis on the operations of entities and has been liaising with other regulators to address any financial reporting requirements concerns in a coordinated way. International NewsInternational Accounting Standards Board (IASB) The IFRS Foundation has made available:
The IASB has made available:
International Public Sector Accounting Standards Board (IPSASB) The International Public Sector Accounting Standards Board (IPSASB) has released for comment Exposure Draft (ED) 74, IPSAS 5, Borrowing Costs – Non-Authoritative Guidance. The ED proposes the addition of non-authoritative guidance to IPSAS 5. The new material proposed in ED 74 would clarify how the existing principles for when borrowing costs can be capitalized should be applied in various regularly encountered public sector contexts.
Canadian Accounting Standards Board (AcSB) The Canadian Accounting Standards Board (AcSB) discusses potential COVID-19 financial reporting considerations under IFRS and provides an update on current international standard-setting initiatives. Read more. |