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AASB 118 - Revenue
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
Developments 
    IASB Developments 
    The Board and the FASB are conducting a joint project to develop concepts for revenue recognition and a general standard based on those concepts, which would replace the existing standards on revenue recognition, IAS 11 Construction Contracts and IAS 18 Revenue. The Board plans to issue a Discussion Paper (jointly with the FASB) for consultation in the second half of 2008. 
     
    AASB Developments 
    • July 2008
      • AASB 2008-5 Amendments to Australian Accounting Standards arising from Annual Improvements Project was issued in July 2008 and amends paragraph 14(a) of the Appendix. It is applicable from 1 January 2009, with early application permitted.
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      • AASB 2008-7 Amendments to Australian Accounting Standards – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate makes amendments such that all dividends received from a subsidiary, jointly controlled entity or associate are recognised as income by the investor. It is applicable from 1 January 2009, with early adoption permitted.
History
  • July 2004: AASB 118 is issued
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  • February 2007: AASB 2007-2 amends paragraphs 9 and 30 and is applicable to annual reporting periods on or after 28 February 2007, with early adoption permitted from 1 January 2005
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  • April 2007: AASB 2007-4 amends paragraph 21 and is applicable from 1 July 2007, with early adoption permitted from 1 January 2005
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 2008 click here.