OFFICIAL December 3, 2020 Latest NewsInvitation to Comment 42 Business Combinations under Common Control Comments are invited on possible new accounting requirements for business combinations under common control – where mergers and acquisitions occur involving entities within the same group. The aim of the possible requirements would be to reduce diversity in practice and to improve transparency and comparability in reporting these transactions.
Exposure Draft ED 305 Lease Liability in a Sale and Leaseback Amendments to AASB 16 Leases have been proposed to specify the method a seller-lessee uses in initially measuring the right-of-use asset and liability arising in a sale and leaseback transaction. The amendments would also address how the seller-lessee subsequently measures that liability.
AASB Research Forum 2020 The Australian Accounting Standards Board (AASB) in conjunction with the University of New South Wales, co-hosted the 2020 AASB Virtual Research Forum on Monday, November 30, via Zoom, where academics and financial reporting stakeholders from the public sector, for-profit and not-for-profit sectors came together to discuss the following three research projects:
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. 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 NewsThe IFRS Foundation The IFRS Foundation has:
The International Accounting Standards Board (IASB):
International Federation of Accounting Standard Setters (IFASS) A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS), including a presentations on going concern by AASB and NZASB, held on 30 September and 1 October 2020.
International Valuation Standards Council (IVSC) IVSC has made available their latest Perspectives Paper: How do you Define and Estimate 'Social Value'? This Paper will explore some of the concepts surrounding Social Value and seek your comments to determine whether standards or guidance material are required. Read more. |