AASB further amends AASB 1049

The AASB has completed its post implementation review of the requirements of AASB 1049 with the release of a new amending standard AASB 2011-13 Amendments to Australian Accounting Standard – Improvements to AASB 1049 (PDF). This revision implements the remainder of the proposed operational  improvements exposed in ED 211 Proposed Amendments to AASB 1049 earlier this year, and follows the issue of amending standard AASB 2011-3 in May 2011 which addressed the changes in this ED requiring more immediate attention. The new standard is applicable to annual reporting period beginning on or after 1 July 2012, with early adoption permitted.

For more information, see the AASB website.

Article last updated 5 January 2012