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

• IASB Developments
   
  
  • The IASB have a research project on extractive activities, with a discussion paper expected to be issued in the first quarter of 2010. The ultimate aim of this project is to develop an IFRS on accounting for extractive activities to supersede IFRS 6, which was released as an interim measure pending completion of the project. The primary focus of the project is to consider financial reporting issues associated with reserves and resources – in particular whether and how to define, recognise, measure and disclose reserves and resources.

• December 2004: AASB 6 was issued.
 
 

• February 2007: AASB 2007-3 makes amendments as a result of the issuance of AASB 8 Operating Segments. It is applicable from 1 January 2009, with early adoption permitted from 1 January 2005, provided AASB 8 is also adopted.
 
 

• April 2007: AASB 2007-4 amends paragraph 9 and is applicable from 1 January 2009, with early adoption permitted from 1 January 2005.
 
 

• September 2007: AASB 2007-8 makes amendments as a result of the issuance of the revised AASB 101 Presentation of Financial Statements. It is applicable from 1 January 2009, with early adoption permitted, provided the revised AASB 101 is also adopted.
 
 

• 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.