The Institute lodged with the Australian Accounting Standards Board (AASB) and International Accounting Standards Board (IASB) its submission on ED 160 Exposure Draft of Proposed Amendments to AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards and AASB 127 Consolidated and Separate Financial Statements: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate. Overall, the Institute supports the proposed amendments, although with some significant concerns in connection with the detail of some of the amendments. The proposed mandatory impairment testing of an investment following the payment of a dividend is, in the Institute's view, unduly onerous. 
 
The Institute's submission to the AASB on ED 160: Proposed Amendments to AASB 1 and AASB 127 
under ED 160 can be viewed here (pdf). 
 
The Institute's submission to the IASB on the Proposed Amendments to IFRS 1 and IAS 27 can be viewed here (pdf). 
 
This article was taken from ANT05/2008 and is current up to 15 February 2008