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

AASB Developments
• March 2008 
  AASB 2008-3 Amendments to Australian Accounting Standards arising from AASB 3 and AASB 127 amends paragraphs 39-42, inserts paragraphs 42A, 42B and Aus54.1and deletes paragraph 54. It is applicable from 1 July 2009, with early adoption permitted from 30 June 2007, provided the revised AASB 3 and the amendments to AASB 127 are also early adopted.
 
 

• 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.
 
IASB Developments 
In October 2008, the Board issued a Discussion Paper Preliminary Views on Financial Statement Preparation. The aim is to present a cohesive financial picture of each entity such that the relationships between related items in the financial statements are clear. Significant changes proposed include:
• Classifying items in the financial statements into business, financing, equity, discontinued operations and income tax sections, based on management’s approach.
 

• Requiring a single statement of comprehensive income.
 

• Presenting cash flows from operating activities in the statement of cash flows using the direct method only.
An exposure draft is expected in the first half of 2010 and a final standard is expected in 2011.  
 
History
• July 2004: AASB 107 was issued.
 
 

• February 2007: AASB 2007-3 Amendments to Australian Accounting Standards arising from AASB 8 was issued. This standard is applicable from 1 January 2009.
 
 

• April 2007: AASB 2007-4 Amendments to Australian Accounting Standards arising from ED 151 was issued. This standard is applicable from 1 July 2007, with early adoption permitted from 1 January 2005.
 
 

• June 2007: AASB 2007-6 Amendments to Australian Accounting Standards arising from AASB 123 was issued. This standard is applicable from 1 January 2009.
 
 

• June 2007: AASB 2007-7 Amendments to Australian Accounting Standards was issued. This standard is applicable from 1 July 2007, with early adoption permitted from 1 January 2005.
 
 

• July 2007: Erratum amends paragraph 38 and is applicable from 1 July 2007, with early adoption permitted from 1 January 2005.
 
 

• 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.
 
 

• December 2007: AASB 2007-10 Further Amendments to Australian Accounting Standards arising from AASB 101 makes further consequential amendments to change the term ‘general purpose financial report’ to ‘general purpose financial statements’ and the term ‘financial report’ to ‘financial statements’ to better align with IFRS terminology. It is applicable from 1 January 2009, with early application permitted, provided the revised AASB 101 is also early adopted.
 
 

• July 2008: AASB 2008-5 Amendments to Australian Accounting Standards arising from Annual Improvements Project amends paragraph 14 and adds paragraphs 55. It is applicable from 1 January 2009, with early application permitted.
 
 

 
Compiled Standards 
A list of the omnibus amending standards that have affected this standard since its release are included here as is the date when the relevant changes become operative.  
 
Omnibus amending standards are available on the AASB website as are compiled standards incorporating omnibus amendments as soon as they are completed by the AASB. Details of the changes made by each omnibus are summarised in ANT and Charter’s "The Panel" as they are released. For a quick overview of the new material applying at 30 June 2009 click here.