Latest developments in professional accounting and corporate governance

Developments in the conceptual framework
The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board issued two consultative documents for public comment in late May 2008.

IASB improves IFRSs
The IASB has concluded its first annual improvements project, which was initiated in 2007.

Determining cost of investment for first-time adopters of IFRSs
Amendments to IFRS 1 First-time adoption of international financial reporting standards and IAS 27 Consolidated and separate financial statements have been issued by the IASB.

Discussion paper on reducing complexity in reporting financial instruments
The IASB will hold a live web presentation on its recently release discussion paper, Reducing complexity in reporting financial instruments, on Tuesday 10 June.

Comment on financial reporting for service concession arrangements
The AASB issued ITC 16 request for comment on IPSASB consultation paper Accounting and financial reporting for service concession arrangements, which outlines the proposals for the accounting by public sector organisations for the infrastructure created by private sector organisations.

Discussion paper on IAS 19 Employee benefits
The IASB published a discussion paper Preliminary views on amendments to IAS 19 Employee benefits for public comment.

AASB invitation to comment on social benefits
In April, the AASB issued an invitation to comment ITC 15 Request for comment on IPSASB exposure draft ED 34 Social benefits: disclosure of cash transfers to individuals or households and IPSASB consultation paper Social benefits: issues in recognition and measurement.

Standard Business Reporting
Standard Business Reporting (SBR) is a Federal Government multi-agency initiative to simplify business-to-government reporting. Its aim is to give businesses a faster, more efficient mechanism to report to government agencies, which will reduce the regulatory burden on business.

To support the initiative, SBR has established a Business Advisory Forum to help it stay in touch with the needs of Australian businesses and their intermediaries.

The forum comprises representatives from industry groups and professional associations, and provides the opportunity to raise issues or concerns about the SBR program.

Members are invited to email their feedback to CPA Australia to be raised at the forum at professionalstandards@cpaaustralia.com.au

Financial Reporting Council's meeting
The next Financial Reporting Council meeting will be held in Canberra on Wednesday 11 June.

Constitution review
The trustees of the International Accounting Standards Committee (IASC) Foundation, the oversight body of the IASB, announced that public input will be sought on its proposals relating to its constitution review.

A round-table discussion will be held in the coming weeks before the publication of the official consultation document.

Ethics and professional standards

New professional standard on business valuation
The Accounting Professional & Ethical Standards Board (APESB) will issue a new standard on business valuation in June 2008, which will be effective for engagements commencing on or after 1 January 2009.

APESB publishes submissions
Submissions from CPA Australia have been published on the APESB website.

Audit and assurance

Guidance statement on the use of service organisations
The AUASB has released a new guidance statement, GS 007 Audit implications of the use of service organisations for investment management services, on the use of service organisations for investment management services.

Corporate governance

ASIC stakeholder survey
The Australian Securities & Investments Commission has released the results of a survey which will shape its strategic review.

Sustainability

There are no sustainability articles this month.

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