Adopted Standards
Since 2002, the AASB implemented the broad strategic direction from the Australian Financial Reporting Council (FRC) to adopt International Accounting Standards Board (IASB) standards for financial reporting periods beginning on or after 1 January 2005. In July 2004, the AASB issued a number of standards that apply from 2005, including:
- Australian Accounting Standards that incorporate IASB Standards
- Other AASB Standards supporting the Australian Accounting Standards that incorporate IASB Standards
- Other AASB Standards that apply to certain types of entities
The Australian Accounting Standards that incorporate IASB Standards include:
- AASB 1 First-time Adoption of Australian Accounting Standards, AASB 2 Share-based Payment, etc., which incorporate IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 2 Share-based Payment, etc., being the Standards issued by the IASB since 2001
- AASB 101 Presentation of Financial Statements, AASB 102 Inventories, etc., which incorporate IAS 1 Presentation of Financial Statements, IAS 2 Inventories, etc., being the Standards issued by the International Accounting Standards Committee (IASC), which was the predecessor to the IASB
For reporting periods beginning on or after 1 January 2005, the Australian Accounting Standards that incorporate IASB Standards supersede their previous Australian counterparts, if any.
The other AASB Standards supplementing the Australian Accounting Standards that incorporate IASB Standards comprise:
- AASB 1023 General Insurance Contracts
- AASB 1031 Materiality
- AASB 1038 Life Insurance Contracts
- AASB 1048 Interpretation and Application of Standards
- AASB 1053 Application of Tiers of Australian Accounting Standards
- AASB 1054 Australian Additional Disclosures
Current Australian Accounting Standards for which there are no corresponding IASB Standards remain in force beyond 1 January 2005, even though they may be reissued in the future to update them in this new regime. These include:
- AAS 25 Financial Reporting by Superannuation Plans
- AASB 1004 Contributions, AASB 1039 Concise Financial Reports, AASB 1049 Whole of Government and General Government Sector Financial Reporting, AASB 1050 Administered Items, AASB 1051 Land Under Roads and AASB 1052 Disaggregated Disclosures
Read more about this topic: Australian Accounting Standards Board
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