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

AASB Developments
 

• 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.
 
 

• 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.
 
 

• 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.
 
IASB Developments 
The IASB have a Financial Statement Presentation project, jointly with the FASB. The tentative decisions to date in relation to cash flow statements include:
• That the initial discussion paper (due in third quarter of 2008) should describe the Board’s conceptual preference for presenting cash flow information using the direct method and explain a cost-effective way of collecting that information.
 

• To modify the information to be disaggregated in the reconciliation schedule (ie a reconciliation of the statement of cash flows to the statement of comprehensive income).
 
IFRIC Developments 
The issue of how expenditure on unrecognised assets should be classified in the cash flow statement was referred to the Board with a recommendation that IAS 7 be amended to make explicit that only an expenditure that results in a recognised asset can be classified as a cash flow from an investing activity.

• 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.