Each month, this section highlights the latest developments in:
Previous months developments can be accessed through the archive.
Submission to IASB on emissions trading
CPA Australia made a submission to the International Accounting Standards Board calling on it to add the topics of emissions trading and management commentary to its active work program as a matter of urgency.
Australian Petroleum Resource Rent Tax
Australian oil and gas companies will have to account for Australian Petroleum Resource Rent Tax as an income tax under Accounting Standard AASB 112 Income taxes, according to AASB interpretation 1003, issued by the Australian Accounting Standards Board (AASB).
Compiled accounting standards
The AASB issued a series of amending standards during the year.
Amending standards with operative dates for annual reporting periods commencing on or after 1 July 2007 (or earlier application dates) are now fully compiled into the respective Australian accounting standards.
ED 9 Joint arrangements and proposed amendments to IAS 39
The AASB issued exposure draft ED 9 Joint arrangements and the proposed amendments to IAS 39 Financial instruments: recognition and measurement exposures qualifying for hedge accounting for comment.
Members are invited to respond to the exposure draft and proposed amendments via email: professionalstandards@cpaaustralia.com.au by Friday 14 December. Alternatively, members may directly respond to the IASB by 11 January 2008.
The exposure documents are available on the AASB website or from the IASB.
Key decisions at recent AASB meeting November 2007
The AASB held its two day meeting in Melbourne on 14 15 November 2007. Key topics discussed included the Australian PRRT, franked dividend revenue, differential reporting and IFRS for SMES, insurance contracts and business combinations.
SEC to improve consistent disclosure to US investors
The US Securities and Exchange Commission (SEC) has removed the requirement for non-US companies reporting under International Financial Reporting Standards to reconcile their financial statements to US generally accepted accounting principles.
The International Accounting Standards Board has welcomed the decision and acknowledges its importance towards developing a single, high quality language for financial reporting that is internationally accepted.
IASBs first annual improvements project
The International Accounting Standards Board (IASB) has introduced an annual process to deal with non-urgent, but necessary minor amendments to international financial reporting standards (IFRS). It will be know as the annual improvements project.
Expansion of IFRIC and governance announcements
The trustees of the International Accounting Standards Committee (IASC) Foundation, the oversight body of the International Accounting Standards Board (IASB) will begin a series of consultations with key stakeholders on more proposals in the build up to the Constitution Review, scheduled for 2008.
Standard for accountants providing taxation services
The Accounting Professional & Ethical Standards Board (APESB) has issued a revised standard for accountants who offer taxation services. APES 220 Taxation services replaces former professional accounting standard APS 6 Statement of taxation standards. APES 220 is effective from 1 July 2008.
APESB meeting November 2007
The APESB met on 20 November 2007 to discuss matters relating to standards development and review.
2008 APESB meetings
The upcoming meetings of the APESB for 2008 are scheduled for 12 February, 13 May, 12 August and 11 November. All meetings will be held at the Ken Spencer boardroom at the AASB office located at level 7, 600 Bourke Street, Melbourne.
Interested members must register their intention to attend and are requested to observe the meeting guidelines.
Please refer to the APESB website at a later date for the meeting agendas.
2008 AUASB meetings
The AUASB has released its meeting dates for 2008. Public board meetings are scheduled for the following dates: 25 26 February; 14 April (Sydney); 2 3 June; 21 22 July; 8 9 September; 27 28 October; and 1 2 December.
Reminders will be issued in CPA Update closer to the meeting dates. Meeting highlights are published after each meeting in the monthly Latest developments in professional accounting and corporate governance in CPA Update, as well as on the website.
2007 Academic Roadshow
Listen to CPA Australia's professional standards and financial reporting advisers discuss the recent updates to the student auditing and accounting handbooks at the 2007 Academic Roadshow.
New competency requirements for SMSF auditors
In light of recent consultation with the regulator and the growing importance of self managed super funds (SMSFs), CPA Australia, the Institute of Chartered Accountants and National Institute of Accountants will be introducing minimum competency requirements for auditors of these funds.
Members are invited to comment on a draft of these requirements before they are finalised in the new year.
Simpler auditor registration
The Australian Securities and Investments Commission (ASIC) has provided revised guidance for individuals and companies seeking registration as a company auditor or an authorised audit company.
PCAOB inspection report
The Public Company Accounting Oversight Board (PCAOB) has recently released a report on issues identified in the 2004 through to 2006 inspections of nearly 500 US firms that audited 100 or fewer public companies.
There are no corporate governance articles this month.
Greenhouse and energy reporting system comments
In a recent submission, CPA Australia welcomed the National greenhouse and energy reporting system regulations discussion paper, issued by the Greenhouse and Energy Reporting Taskforce of the Australian Greenhouse Office.
This system is both a vital precursor to the Australian emissions trading scheme and a key underpinning of climate change policy development in Australia.
Some of the comments contained in the submission were on matters including: the compliance assurance framework; the definition of emissions; and reporting obligations.
Past pages of Latest developments can be accessed on the website.
