Username:
Password:
Forgot Password?

AASB 108 - Accounting Policies, Changes in Accounting Estimates and Errors
Print this Article Print this Article
Email this Article

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

 
Developments
  • December 2009 
    AASB 2009-12 Amendments to Australian Accounting Standards makes editorial amendments to reflect the changes made to IFRSs by the IASB. It is applicable to annual reporting periods beginning 1 January 2011, with early adoption permitted.
Key Differences 
 
None 
 
History
  • July 2004: AASB 108 was issued.
    •  
     
  • April 2007: AASB 2007-4 makes editorial amendments, effective from 1 July 2007, with early adoption permitted from 1 January 2005.
    •  
     
  • September 2007: AASB 2007-8 consequential amendments as a result of the issuance of revised AASB 101 Presentation of Financial Statements. It is applicable from 1 January 2009, with early application permitted, provided the revised AASB 101 is also early adopted.
    •  
     
  • December 2007: AASB 2007-10 makes further consequential amendments as a result of the issuance of revised AASB 101. It is applicable from 1 January 2009, with early application permitted, provided the revised AASB 101 is also early adopted.
    •  
     
  • July 2008: AASB 2008-5 amends paragraphs 7, 9 and 11 in relation to the status of implementation guidance, as a result of the annual improvements project, and is applicable from 1 January 2009, with early application permitted.
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 2009 click here.