The Institute has lodged its submission on ED 154, which supports the AASB's proposed amendments, but suggests that a final standard would benefit from the inclusion of further guidance. We received a significant amount of member feedback on this ED and would like to thank all those members who contributed to the debate. 
 
ED 154 background 
The purpose of the proposed amendments is to adopt a similar impairment calculation to that which already applies to not-for-profits for non-current assets. Under the proposals, inventories will be written down to cost less 'loss of service potential', instead of the present 'lower of cost and current replacement cost' calculation. This proposed requirement the AASB notes is essentially the same as the equivalent International Public Sector Accounting Standard IPSASB 12 “Inventories”. 
 
The ED notes that as AASB 102 has already been amended for not-for-profits, these further proposed amendments do not further impact compliance with IFRS. 
 
The final Institute submission is available for download here.