Previous months developments can be accessed through the archive.
Financial reporting
Executive remuneration survey New CPA Australia-commissioned research indicates that top listed companies are increasingly using stock options as part of their remuneration practices and that the overall amount paid in stock options is also on the increase.
The research examined 54 S&P/ASX200 companies which used stock options as part of their remuneration packages in both 2006 and 2007.
AASB meeting March 2008 The Australian Accounting Standards Board (AASB) held its second meeting for 2008 on 5 and 6 March 2008 in Melbourne.
Financial instruments discussion paper The AASB released a discussion paper which attempts to distinguish between equity financial instruments and other financial instruments (non-equity) on 28 February 2008.
The purpose of the discussion paper is to invite comments and views of various stakeholders on whether the proposals are an appropriate stage for the International Accounting Standards Boards (IASBs) deliberations.
Business combinations revised The AASB reissued AASB 3 Business combinations based on the revised IFRS 3 Business combinations at its March 2008 meeting.
Puttable financial instruments standard adopted The Australian Accounting Standards Board (AASB) has adopted the International Accounting Standards Boards (IASBs) issued amendments to the financial reporting of financial instruments.
Amendments were made to IAS 32 Financial instruments: presentation and IAS 1 Presentation of financial statements puttable financial instruments and obligations arising on liquidation.
Comment on IFRICs drafts interpretations The International Financial Reporting Interpretations Committee (IFRIC) has issued two draft interpretations entitled D23 Distributions of non-cash assets to owners and D24 Customer contributions.
The two draft interpretations have been approved and issued by the AASB for comment.
IFRIC update March 2008 An IFRIC update was released on IFRIC D21 Real estate sales, IFRIC D22 Hedges of a net investment in a foreign operation and also on other agenda issues from its March 2008 meeting in London.
IASC trustees appointed The International Accounting Standards Committee (IASC) Foundation announced on 11 March 2008 the appointment of three trustees:
Robert Glauber, retired chairman and chief executive officer, NASD, and former under-secretary to the US Treasury for Finance
Pedro Malan, former finance minister and former president of the Central Bank of Brazil, and currently chairman of the board of Unibanco
Luigi Spaventa, former chairman of Consob and former Italian minister of the budget
Ethics and professional standards
Comment on compilation of financial information The Accounting Professional and Ethical Standards Board (APESB) released an exposure draft of APES 315 Compilation of financial information on Tuesday 4 March.
The exposure draft proposes clarification of the fundamental responsibilities of accountants who collect, classify and summarise financial information.
Audit and assurance
AUASB issues guidance on audit implications The Auditing and Assurance Standards Board (AUASB) recently announced the released of GS 007 Audit implications of the use of service organisations for investment management services.
