Each month, this section highlights the latest developments in:
Previous month's developments can be accessed through the archive.
Financial reporting
AASB issues amending standard
The Australian Accounting Standards Board (AASB) has issued amending standard AASB 2008 7 Amendments to Australian accounting standards cost of an investment in a subsidiary, jointly controlled entity or associate.
New accounting pronouncements amending various standards
The AASB issued two new amending standards which affect 27 existing standards as a result of the International Accounting Standards Board's (IASB's) Improvements to IFRSs, which was released in May 2008.
Latest IFRIC interpretations
The International Financial Reporting Interpretations Committee (IFRIC) has issued two new interpretations, IFRIC 15 Agreements for the construction of real estate and IFRIC 16 Hedges of a net investment in a foreign operation.
IASB improves IFRSs
The AASB considered the IASB's first annual improvements project at its meeting on 25 and 26 June.
Calculation of earnings per share simplified
The IASB issued an exposure draft on Simplifying earnings per share (proposed amendments to IAS 33) in August 2008.
Proposals on IASB composition and public accountability
Members have until Friday 12 September to comment on the International Accounting Standards Committee (IASC) Foundation's discussion document, Review of the constitution: public accountability and the composition of the IASB proposals for change.
Developments in the conceptual framework
Comments on the IASB's exposure draft An improved conceptual framework for financial reporting and consultative document Preliminary views on an improved conceptual framework for financial reporting: the reporting entity can be made directly to the IASB until Monday 29 September.
Submission on financial instruments with characteristics of equity
Submissions were made to the AASB and the IASB on the IASB discussion paper Financial instruments with characteristics of equity. CPA Australia recommended a long-term project involving more analysis of the basic ownership model and the ownership settlement approach which is seen as preferable by the IFRS community.
It was also highlighted that the application of IAS 32 Financial instruments: classification has raised issues including that liabilities have arisen for partnership equity.
Developments in accounting standard setting
The AASB and the New Zealand Financial Reporting Standards Board held a joint meeting from 30 to 31 July in Auckland.
Simple business-to-government reporting
Standard Business Reporting is a Federal Government multi-agency initiative to simplify business-to-government reporting.
IFRS Taxonomy 2008 released
The IASC Foundation has announced the release of the IFRS Taxonomy 2008.
Ethics and professional standards
APESB meeting: August 2008
The Accounting Professional & Ethical Standards Board Limited (APESB) held its most recent meeting on 11 and 12 August.
Code of ethics for professional accountants
The International Ethical Standards Board for Accountants, an independent standard-setting body of the International Federation of Accountants (IFAC), issued proposed changes to the IFAC Code of ethics for professional accountants.
Audit and assurance
Auditing standard pronouncements and exposure drafts: July 2008
New pronouncements in compliance engagements, performance engagements and the audit of disclosing entities that are companies were issued by the Auditing and Assurance Standards Board during July.
Corporate governance
Hong Kong companies ordinance rewrite
Hong Kong's Financial Services and the Treasury Bureau published a consultation paper Share capital, the capital maintenance regime statutory amalgamation procedure in June to consult on legislative proposals to improve provisions in the Third public consultation companies ordinance (chapter 32).
Improvements in corporate governance by listed entities
The Australian Securities Exchange (ASX) reviewed listed entities' reporting against the ASX corporate governance council's principles and recommendations. The review, Analysis of corporate governance disclosures practices in 2007 annual reports, showed an improvement in the corporate governance reporting.
Sustainability
Carbon pollution reduction scheme
The Department of Climate Change has released the report Carbon pollution reduction scheme green paper. The government invites stakeholders to submit comments by Wednesday 10 September.
Members may be particularly interested in chapter 5, which covers reporting and compliance and chapter 11, which is on tax and accounting issues.
Archive
Past pages of 'Latest developments' can be accessed on the website.
