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 makes some minor amendments and applies from 1 July 2009, with early adoption permitted from 30 June 2007, provided the revised AASB 3 and amended AASB 127 are also early adopted.
   
   
  
  • May 2009 
    AASB 2009-4 Amendments to Australian Accounting Standards arising from the Annual Improvements Project makes the following amendments:
    • AASB 2 – scope of AASB 2 as a result of the revised AASB 3
    • ASAB 138 – additional consequential amendments arising from the revised AASB 3 and measuring the fair value of an intangible asset acquired in a business combination
    • Interpretation 9 – scope of interpretation 9 as a result of the revised AASB 3
    • Interpretation 16 – amendment to the restriction on the entity that can hold hedging instruments
    It is applicable to annual reporting periods ending on or after 1 July 2009, with early adoption permitted. 
     
    
  • July 2009 
    AASB 2009-8 Amendments to Australian Accounting Standards – Group Cash-settled Share-based Payment Transactions amends AASB 2 and supersedes Interpretation 8 Scope of AASB 2 and Interpretation 11 Group and Treasury Share Transactions. The amendments clarify the scope of AASB 2 by requiring an entity that receives goods or services in a share-based payment arrangement to account for those goods or services regardless of which entity in the group settles the transaction, and regardless of whether the transaction is settled in cash or shares. It is applicable to annual reporting periods commencing on or after 1 January 2010, with early adoption permitted. 
    

• IFRIC Update 
   
  
  • November 2009 
    The IFRIC received a request to add to its agenda a project to clarify how the examples of non-vesting conditions in paragraph IG24 of IFRS 2 should be applied.  
    The IFRIC decided that further research and analysis were needed to determine:
    • whether the issues identified in the submission fundamentally relate to the interaction of other conditions with the service conditions, and
    • whether these types of transactions are widespread and the extent of diversity in practice.
  The IFRIC will consider this further at the January 2010 meeting.

• July 2004: AASB 2 was issued. 
   
  
• February 2007: AASB 2007-1 made various amendments to AASB 2, applicable from 1 March 2007, with early adoption permitted from 1 January 2005. 
   
  
• April 2007: AASB 2007-4 amends paragraph IG12, applicable from 1 July 2007, with early adoption permitted from 1 January 2005. 
   
  
• June 2007: AASB 2007-7 amends paragraph IG8, applicable from 1 July 2007, with early adoption permitted from 1 January 2005. 
   
  
• September 2007: AASB 2007-8 amends paragraphs 1(b) and 1.1(c) in order to refer to ‘general purpose financial statements’ instead of ‘general purpose financial report’, in line with the revised AASV 101 Presentation of Financial Statements and is applicable from 1 January 2009, with early adoption permitted.
 
 

• 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.
 
 

• February 2008: AASB 2008-1 Amendments to Australian Accounting Standards – Share-based Payments: Vesting Conditions and Cancellations clarifies that vesting conditions only include service conditions and performance conditions, and that all cancellations are accounted for in the same way. It is applicable from 1 January 2009, with early adoption permitted.