Financial reporting
Content Summary
2025
28 March 2025 - In this submission, we support the proposed updates to the Handbook that reflect the creation of the ISSB and the due process requirements underpinning the standard-setting activities of the body.
12 March 2025 In this submission, we support the amendments proposed in the ED; however we highlight the concerns that the recognition proposals have broader consequences than the IASB intended when developing the targeted amendments.
28 February 2025 - In this submission, we reiterate that we do not support the development of a new IPSAS for guidance relating to the recognition, measurement, display, and disclosure of tangible natural resources as proposed in the ED. This is for the reasons outlined in our joint submission to the preceding Consultation Paper – Natural Resources.
28 Feb 2025 - In this submission, we strongly support the Australian Accounting Standards Board (AASB) efforts to improve the transparency and accountability of reporting in the NFP private sector via the creation of a new, fit-for-purpose Tier 3 reporting standard for smaller NFPs.
28 Feb 2025 - In this submission, we support the Board’s decision to make limited amendments to the Conceptual Framework for Financial Reporting to incorporate the new Tier 3 standard into the Australian Accounting Standards Framework. We recommend amending and aligning the relevant NFP thresholds in Commonwealth legislation to facilitate the effective implementation of the new Tier 3 standard.
3 February 2025 - In this submission, we recommend that the IASB consider the matters raised in the TAD more broadly as part of its Intangible Assets project. Additionally, we propose the development of educational materials and guidance on reporting for climate-related intangible assets.
20 January 2025 - In our joint submission, we support the IASB’s efforts to address application challenges and reduce diversity in practice through the narrow-scope amendments to IAS 28 Investments in Associates and Joint Ventures (IAS 28) contained in the ED.
14 January 2025 - In this joint submission, we strongly support the extension of the existing ACNC transitional reporting arrangements to 2028-29.
2024
29 November 2024 In this joint submission, we reiterate our concerns relating to the introduction of current operational value (COV) as a fair value measurement basis. We recommend the IPSASB conducts field testing before adopting the COV measurement basis to other standards/assets as proposed in ED 90.
28 November 2024 In this joint submission, we support the IASB’s proactive approach to enhance transparency and consistency in reporting the effects of climate-related and other uncertainties in financial statements. In addition, we encourage IASB to develop additional examples and educational materials that cover the effects of climate-related and other uncertainties in the financial statements.
16 September 2024 - In our joint submission, we express support for the majority of the proposed requirements in the Exposure Draft. Additionally, we recommend placing greater emphasis on ongoing education and resource support.
15 July 2024 - In this joint submission, overall, we do not support the proposals because, in our view they do not justify the implementation costs and come with several practical challenges, including commercial sensitivity and auditability of the proposed disclosures and may create an expectation gap in the context of the audit of the financial statements.
31 May 2024 - In this joint submission, we reiterate that we do not support the proposal to measure concessionary leases and right-of-use assets in-kind at the present value of payments for the lease at market rates based on the current use of the underlying asset.
27 March 2024 - In our joint submission, we support, in principle, the IASB’s decision to focus on targeted improvements to the existing requirements of IAS 32 Financial Instruments: Presentation (IAS 32) and related standards that address the identified challenges. However, the feedback we received indicates that some of the proposed amendments could be subject to varying interpretations.
14 March 2024 - In our joint submission, we provide support for most of the proposed requirements in the Exposure Draft. We also recommend that the consideration be given to planning for the timely conduct of a post-implementation review to understand user experience, identify implementation challenges and further shape the education programme going forward.
15 February 2024 - In our joint submission, we agree with the proposed update to the strategic objective which reflects the shift in the balance of public sector financial reporting needs towards the maintenance of IPSAS and the development of International Public Sector Sustainability Reporting Standards. We also agree with the proposal to add maintenance activities to the Work Program.
5 February 2024 - In our joint submission, we agree that the thought process, rationale and conclusions are appropriate for the specific fact pattern set out in the TAD. We also recommend that the IFRS Interpretations Committee highlight the matters raised in the request for consideration more broadly by the IASB in its Provisions—Targeted Improvements and Climate-related and Other Uncertainties in the Financial Statements projects.
26 January 2024 - We commend the XRB for reviewing the Public Benefit Entity (PBE) tier sizes as they have not been adjusted since the XRB’s Accounting Standards Framework was first established in 2012. In particular, we support in principle the proposal to increase the tier 2 and tier 3 PBE size thresholds.
2023
10 November 2023 - Overall, we have heard consistent views from preparers and auditors that AASB 1056 is well-written, structured and fit-for-purpose. Feedback also indicates that any additional reporting requirements, including sub-fund reporting, would be resource-intensive.
27 October 2023 - We recommend the IASB update the existing Illustrative Examples and include more Illustrative Examples, including the thought process and rationale, to assist preparers identify performance obligations. Also, we recommend that the IASB clarifies the requirements and gives greater emphasis to the assessment of control as the primary criteria for determining whether the entity is a principal or agent.
27 September 2023 - In general, the impairment requirements based on the expected credit loss model (ECL) in IFRS 9 Financial Instruments (IFRS 9) work as intended for financial institutions and represent an improvement to the incurred loss model prescribed in IAS 39 Financial Instruments (IAS 39). Nevertheless, entities other than financial institutions have found implementing the ECL impairment requirements a challenging and costly exercise.
19 July 2023 - We recommend the IASB introduce clarification around the electronic payment systems and financial assets with ESG features and include disclosure objectives.
2022
22 November 2022
9 December 2022
17 October 2022
8 September 2022
30 June 2022
1st April 2022
2021
23 December 2021
9 December 2021
26 October 2021
17 May 2021
2020
14 August 2020
3 August 2020
23 July 2020
16 July 2020
25 May 2020
19 February 2020
2019
19 December 2019
25 September 2019
7 February 2019
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