Each month, this section highlights the latest developments in:
Previous months developments can be accessed through the archive.
Financial reporting
Invitation to comment: not-for-profit entities
The Australian Accounting Standards Board (AASB) has issued ITC 14 Proposed definition and guidance for not-for-profit entities for comment.
Roundtables will be held in Melbourne, Sydney and Canberra during March.
Accounting for business combinations
The International Accounting Standards Board (IASB) has issued a revised IFRS 3 Business combinations and, as a consequence, amended IAS 27 Consolidated and separate financial statements.
Some of the key changes have been outlined in a table for easy reference.
Financial instruments standard to be adopted
The International Accounting Standards Board (IASB) issued amendments to the financial reporting of financial instruments on Thursday 14 February.
The amendments will apply for annual periods beginning on or after 1 January 2009, with earlier application permitted.
IASB and IFRIC exposure draft and interpretations
The International Accounting Standards Board (IASB) issued an exposure draft of proposed amendments to IFRS 2 Share-based payment and IFRIC 11 IFRS 2 group and treasury share transactions in December 2007.
The International Financial Reporting Interpretations Committee (IFRIC) issued two draft interpretations entitled D23 Distributions of non-cash assets to owners, and D24 Customer contributions.
New AASB exposure draft ED 160
CPA Australia has responded to the AASB and IASB with general support for the proposed amendments outlined in the AASBs ED 160. ED 160 incorporates the IASBs exposure draft of proposed amendments to IFRS 1 First-time adoption of international financial reporting standards and IAS 27 Consolidated and separate financial statements cost of an investment in a subsidiary.
CPA Australia also expressed concerns in relation to the proposed implementation of the amendments.
IPSAS standards released
The International Public Sector Accounting Standards Board (IPSASB), a standard setting board of the International Federation of Accountants (IFAC), has issued two new international public sector accounting standards (IPSAS): IPSAS 25 Employee benefits; and IPSAS 26 Impairment of cash-generating assets.
The Australian auditor independence framework remains effective, says FRC
The auditor independence framework continues to operate effectively, according to the annual report on auditor independence released by the Financial Reporting Council (FRC).
FRC appoints board members to AASB and AUASB
The FRC has announced its appointments to the AASB and the Auditing and Assurance Standards Board (AUASB).
Ethics and professional standards
Comment on a new APESB exposure draft
On 4 March 2008, the Accounting Professional and Ethical Standards Board (APESB) released an exposure draft of APES 315 Compilation of financial information.
Members are invited to comment on the exposure draft by email on by Friday, 11 April 2008.
Auditor independence requirements amended
The Accounting Professional and Ethical Standards Board (APESB) has issued amendments to auditor independence requirements in section 290: Independence assurance engagements of APES 110 Code of ethics for professional accountants.
Comment on proposed changes to standard on performance engagements
Members are encouraged to submit their comments on the proposed standard on assurance engagements (revision of AUS 806 and AUS 808), issued by the Auditing and Assurance Standards Board (AUASB).
APESB meeting on 12 February 2008
The Accounting Professional and Ethical Standards Board (APESB) held its first meeting of the year on 12 February 2008.
Exposure raft ED 07/07 Business valuation
The APESB issued ED 07/07 Business valuation in December 2007.
CPA Australia will be responding to the APESBs exposure draft, and is inviting comments from members.
Audit and assurance
Outcomes of AUASB meeting February 2008
The AUASB held its 29th meeting on 25 26 February 2007.
Corporate governance
There are no corporate governance articles this month.
Sustainability
Submissions
Recently, CPA Australia submitted comment letters on issues pertaining to climate change, emissions trading and on reporting methodologies and systems to various taskforces and research groups. These submissions are to non-traditional stakeholders.
CPA Australia also commented on sustainability issues in its pre-budget submissions to Treasury at federal and state levels.
Archive
Past pages of 'Latest developments' can be accessed on the website.
