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

AASB Developments 
 

• 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 
There is a long term lease accounting project that is expected to result in a fundamental change in accounting for leases. This project will cover leases of real estate as well as equipment leases, with the primary objective being to develop a new model for the recognition of assets and liabilities arising under lease contracts.  
 
The IASB and the US FASB have published for public comment initial proposals for a common standard on lease accounting. The proposals, set out in a discussion paper Leases - Preliminary Views, are open for comment until 17 July 2009. The discussion paper proposes a possible new approach to lease accounting based on the principle that all leases give rise to liabilities for future rental payments and assets (the right to use the leased asset) that should be recognised in an entity’s statement of financial position. This approach is aimed at ensuring that leases are accounted for consistently across sectors and industries. An exposure draft is expected in the first half of 2010 and a final standard is expected in 2011.

• July 2004: AASB 117 was issued. 
   
  
• September 2005: AASB 2005-10 amends paragraphs 31, 35, 47 and 56, and applies from 1 January 2007, with early adoption permitted from 1 January 2005.
 
 

• February 2007: AASB 2007-2 amends paragraphs 10, 33 and 50 and applies to reporting periods ending on or after 28 February 2007, with early adoption permitted from 1 January 2005.
 
 

• April 2007: AASB 2007-4 amends paragraphs 13 and 41 and applies from 1 July 2007, with early adoption permitted from 1 January 2005.