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

• March 2008 
  AASB 2008-3 makes consequential amendments as a result of the revised AASB 3 Business Combinations and amendments to AASB 127 Separate and Consolidated Financial Statements. It is applicable from 1 July 2009, with early adoption permitted from 30 June 2007, provided the revised AASB 3 and the amendments to AASB 127 are also early adopted.
 
 

• July 2008
  • AASB 2008-6 makes consequential amendments as a result of the amendments to AASB 5 Non-Current Assets Held for Sale and Discontinued Operations. It is applicable from 1 July 2009, with early application permitted from 1 January 2005
  • AASB 2008-7 allows first-time adopters to use a deemed cost option for determining the cost of an investment in a subsidiary, associate or jointly controlled entity in the separate financial statements. It is applicable from 1 January 2009, with early adoption permitted from 1 January 2005
   
  
• October 2009 
  AASB 2009-9 improves the transitional requirements on initial adoption relating to oil and gas assets and lease arrangements affected by IFRIC 4 Determining Whether an Arrangement Contains a Lease. They apply to annual reporting periods beginning on or after 1 January 2010 and early adoption is permitted.
 
 

• December 2009 
  AASB 2009-13 amends AASB 1 as a result of the issuance of AASB Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments, to allow a first time adopter to apply the transitional provisions in AASB Interpretation 19. The amendment applies to annual reporting periods beginning on or after 1 July 2010, with early adoption permitted.

• July 2004: AASB 1 was issued. 
   
  
• December 2004: Three different amending standards were issued:
  • AASB 2004-1, to provide an exception from the requirement to present comparative information for AASB 6, effective from 1 January 2005
  • AASB 2004-2, to provide a choice as to when to apply fair value measurement of financial assets and financial liabilities, effective from 1 January 2005
  • AASB 2004-3, to make amendments arising from the reissuance of AASB 119 Employee Benefits, effective from 1 January 2006, with early adoption permitted from 1 January 2005, provided the reissued AAS 119 is also early adopted
   
  
• June 2005: Three different amending standards were issued:
  • AASB 2005-4, to make amendments in relation to designation of financial instruments at fair value through profit or loss in accordance with the fair value option amendment to AASB 139 Financial Instruments: Recognition and Measurement, effective from 1 January 2006, with early adoption permitted form 1 January 2005
  • AASB 2005-5, to provide an exemption to allow entities to determine whether an arrangement existing at the transition date is, or contains, a lease on the basis of facts and circumstances at that date, rather than at the inception date of the arrangement, effective from 1 January 2006, with early adoption permitted from 1 January 2005
  • AASB 2005-8, makes some minor amendments to clarify existing requirements, applicable for annual reporting periods ending on or after 31 December 2005
   
  
• September 2005: AASB 2006-10 makes consequential amendments as a result of the issuance of AASB 7 Financial Instruments: Disclosures, and applies from 1 January 2007, with early adoption permitted from 1 January 2005.
 
 

• March 2006: AASB 2006-2 inserts an ‘Aus’ paragraph to allow the use of AASB 1 by not-for-profit public sector entities experiencing difficulties in complying with some Standards subject to making certain disclosures. It is applicable to annual reporting periods ending on or after 20 June 2006, with early adoption permitted from 1 January 2005.
 
 

• April 2006: The AASB decided to delete all Aus paragraphs in the Implementation Guidance of AASB 1.
 
 

• February 2007: AASB 2007-2 makes consequential amendments as a result of the issuance of AASB Interpretation 12 Service Concession Arrangements, effective from 1 January 2008, with early adoption permitted from 1 January 2005, provided that Interpretation 12 is also early adopted. This amending standard also changes the reference from UIG Interpretations to Interpretations, applicable to annual reporting periods ending on or after 28 February 2007, with early adoption permitted from 1 January 2005.
 
 

• April 2007: AASB 2007-4 makes editorial amendments, effective from 1 July 2007, with early adoption permitted from 1 January 2005.
 
 

• June 2007: AASB 2007-7 makes further editorial amendments, effective from 1 July 2007, with early adoption permitted from 1 January 2005.
 
 

• June 2007: AASB 2007-6 makes consequential amendments as a result of the reissuance of AASB 123 Borrowing Costs. It is effective from 1 January 2009, with early adoption permitted from 1 January 2005, provided AASB 123 is also early adopted.
 
 

• 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.
 
 

• April 2009: AASB 2009-1 Amendments to Australian Accounting Standards – Borrowing Costs for Not-for-Profit Public Sector Entities amends AASB 123 by reintroducing the option to expense the borrowing costs in the period in which they are incurred, therefore allowing such entities the option to choose whether borrowing costs directly attributable to a qualifying asset are expensed or capitalised. It is applicable to annual reporting periods commencing on or after 1 January 2009 that end on or after 30 April 2009.