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AASB 111 - Construction Contracts

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

 
AASB Developments
  • 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.
Key Differences 
There are no key differences available for this standard. 
 
History
  • July 2004: AASB 111 was issued.
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  • 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.
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.