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AASB Developments
• March 2008
AASB 2008-2 makes various amendments as a result of the amendments made to AASB 132 in relation to puttable financial instruments and obligations arising on liquidation. It applies from 1 January 2009, with early adoption permitted. 
 
AASB 2008-3 makes various amendments as a result of the issuance of the revised AASB 3 and the amendments made to AASB 127. 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 makes various amendments due to the Annual Improvements Project and applies from 1 January 2009.

• The revised standard introduces the concept of a ‘complete set of financial statements’ which is identified as:
1. a statement of financial position as at the end of the period
 

2. a statement of comprehensive income for a period
 

3. a statement of changes in equity for a period
 

4. a statement of cash flows for a period
 

5. notes, comprising a summary of significant accounting policies and other explanatory notes
 

6. a statement of financial position as at the start of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.
• The previous version of AASB 101 used the titles ‘balance sheet’ and ‘cash flow statement’. The revised standard uses ‘statement of financial position’ and ‘statement of cash flows’ for those statements, although entities can use other statement titles.
 

• The previous version of AASB 101 required the presentation of an income statement that included items of income and expense recognised in profit or loss. It required items of income and expense not recognised in profit or loss to be presented in the statement of changes in equity, together with owner changes in equity. It also labelled the statement of changes in equity comprising profit or loss, other items of income and expense and the effects of changes in accounting policies and correction of errors as ‘statement of recognised income and expense’. This Standard now requires:
1. all changes in equity arising from transactions with owners in their capacity as owners (i.e. owner changes in equity) to be presented separately from non-owner changes in equity. An entity is not permitted to present components of comprehensive income (i.e. nonowner changes in equity) in the statement of changes in equity. The purpose is to provide better information to users by requiring aggregation of items with shared characteristics and separation of items with different characteristics;
 

2. income and expenses to be presented in one statement (a statement of comprehensive income) or in two statements (a separate income statement and a statement of comprehensive income), separately from owner changes in equity;
 

3. components of other comprehensive income to be displayed in the statement of comprehensive income; and
 

4. total comprehensive income to be presented in the financial statements.
• The revised standard requires an entity to disclose income tax relating to each component of other comprehensive income. The previous version of AASB 101 did not include such a requirement. The revised standard also requires an entity to disclose reclassification adjustments relating to components of other comprehensive income. Reclassification adjustments are amounts reclassified to profit or loss in the current period that were recognised in other comprehensive income in previous periods.
 

• The previous version of AASB 101 permitted disclosure of the amount of dividends recognised as distributions to equity holders (now referred to as ‘owners’) and the related amount per share in the income statement, in the statement of changes in equity or in the notes. The revised standard requires dividends recognised as distributions to owners and related amounts per share to be presented in the statement of changes in equity or in the notes. The presentation of such disclosures in the statement of comprehensive income is not permitted.

• September 2007: AASB 101 revised was issued and is applicable from 1 January 2009, with early adoption from 1 January 2005 permitted.
 
 

• December 2007: AASB 2007-9 was issued and amends paragraph Aus16.2 and applies from 1 January 2009.