Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 
 

• May 2009 
  AASB 2009-5 Amendments to Australian Accounting Standards arising from the Annual Improvements Project makes the following amendments:
  • AASB 5 – disclosure of non-current assets (or disposal groups) classified as held for sale or discontinued operations
  • AASB 8 – disclosure of information about segment assets
  • AASB 101 – current/non-current classification of convertible instruments
  • AASB 107 – classification of expenditures on unrecognised assets
  • AASB 117 – classification of leases of land and buildings
  • AASB 118 – determining whether an entity is acting as a principal or agent
  • ASAB 136 – unit of accounting for goodwill impairment test
  • AASB 139 – treating loan prepayment penalties as closely related embedded derivatives; scope of exemption for business combination contracts; cash flow hedge accounting.
  It is applicable to annual reporting periods ending on or after 1 January 2010, with early adoption permitted.
 
 

• December 2009 
  AASB 2009-12 Amendments to Australian Accounting Standards amends AASB 8 to require an entity to exercise judgement in assessing whether a government and entities known to be under control of that government are considered a single customer for the purposes of certain operating segment disclosures. It is applicable to annual reporting periods beginning 1 January 2011, with early adoption permitted.

• AASB 8 adopts a management reporting approach to identify operating segments and does not require identification of primary segments and secondary segments
 

• Measurement of segment information is based on the measures provided to management, i.e. AASB 8 does not define the measures required to be reported for each reportable operating segment
 

• AASB 8 requires disclosure of reconciliations between the total reportable measures of operating segments and totals amounts as per the financial report, explanations on how operating segments are determined and how the measures used are determined and entity-wide disclosures (which apply regardless of whether operating segments exist or not).

• July 2004: AASB 114 was issued  
   
  
• September 2005: AASB 2005-10 amends paragraphs 27, 27(a), 27(b), 28, 30-33, 46 and 74. This standard is applicable from 1 January 2007, with early adoption permitted from 1 January 2005.  
   
  
• February 2007: AASB 8 was issued and replaces AASB 114 Segment Reporting. 
  September 2007: AASB 2007-8 was issued and makes amendments arising from the issuance of the revised AASB 101. It is applicable from 1 January 2009, with early adoption permitted from 1 January 2005, provided the revised AASB 101 is also early adopted.
 
 

• April 2007: AASB 2007-4 amends paragraphs 16, 33 and Appendix A. This standard is applicable from 1 July 2007, with early adoption permitted from 1 January 2005. 
   
  
• December 2007: AASB 2007-9 Amendments to Australian Accounting Standards arising from the Review of AAS 27, AAS 29 and AAS 31 was issued to clarify that for-profit government departments are outside the scope of AASB 8. This standard is applicable from 1 July 2008, with early adoption permitted.