The Institute and CPA Australia have lodged their joint submission to the IASB and AASB on IFRIC Proposed Interpretation D23 Distributions of non-cash assets to owners. 
 
The submission expressed concern that the nature and complexity of these types of transactions make the issue of an accounting standard by the IASB a much more suitable option to address and resolve the diversity of practice that exists internationally than the issue of an IFRIC with such a limited scope. However, as an interim measure to resolve the debate, the submission supported the IFRIC's alternative view of the taking of gains arising from these transactions to equity rather than profit. 
 
The joint submissions can be viewed here:

• Submission to the AASB 
  
• Submission to the IFRIC