Business Plan

Output

Highest priorities

· The issue of new and revised standards under the international harmonisation program on:

- Discontinuing operations

AASB 1042 `Discontinuing Operations' issued August 2000.

- Earnings per share

AASB 1027 `Earnings per Share' re-issued October 2000.

- Foreign currency translation

AASB 1012 `Foreign Currency Translation' re-issued November 2000.

- Interim reporting

AASB 1029 `Interim Financial Reporting' re-issued October 2000.

- Segment reporting

AASB 1005 `Segment Reporting' re-issued August 2000.

· The publication of an issues paper dealing with the recognition and measurement of identifiable intangible assets, including research and development.

`Summary of Current Australian and Overseas Pronouncements on Intangible Assets', placed on the AASB web-site on 11 July 2000. The Board's `Strategy Paper Intangible Assets' was placed on the web site on 13 September 2000.

Issues Paper 1, 2A and 2B have been prepared for consideration by the Board. A further two papers are in process of preparation.

Highest priorities (continued)

· The preparation of a discussion paper concerning the reconciliation of Government general purpose financial reporting with Government finance statistics reporting and issues relating to harmonisation.

Issues paper considered by the Board in February and June 2001. Project transferred to the 2001-2002 work program.

· The finalisation of a new standard on Public Infrastructure Disclosures following the issue in 1999 of Exposure Draft ED 100.

Board has briefly reviewed summary of responses to the ED. Project transferred to the 2001-2002 work program.

High priorities

· The issue of new and revised standards under the international harmonisation program.

- Employee benefits

AASB 1028 `Employee Benefits' re-issued June 2001.

- Provisions and contingencies

Board is in final stages of its deliberations on this new standard. Project transferred to the 2001-02 work program.

· The issue of an invitation to comment concerning the recognition and measurement of financial instruments prepared by the Joint Working Group of standard-setters.

Issued in December 2000 with a comment period to 30 June 2001. Responses currently being received. Consideration of responses in conjunction with other members of the JWG placed on 2001-02 work program.

· The issue of an invitation to comment on accounting for share-based payment (including employee options) prepared by the G4+1.

Issued in July 2000; Summary of responses provided to other G4+1 standard-setters and to the IASB. No further action is intended pending an IASB international convergence project on the issues.

High priorities (continued)

· The issue of discussion papers on:

- the use of deprival value/fair value in financial reports

Submission dated 15 March 2001 received from Heads of Treasuries to be considered by Board as part of Impairment project on 2001-02 work program.

- the use of discounting in financial reports

No progress; project will be delayed so that the work of the IASB on measurement can be optimised.

Other priorities

· The issue of new and revised standards under international harmonisation program concerning:

- Consolidations

No progress. Will now be dealt with as an IASB convergence project.

- Director and executive disclosures

Draft exposure drafts and issues are under Board consideration. Project transferred to 2001-02 work program.

· Impairment of assets (Exposure Draft ED 99 comment period ended 30 June 2000)

No progress. Project transferred to 2001-02 work program.

· Investment properties

Draft exposure draft and issues under Board and project advisory panel consideration. Completion of project transferred to 2001-02 work program.

· Post-employment benefits

Issues summary under Board consideration.

Project transferred to 2001-02 work program.

· Related party disclosures

Draft exposure draft and issues ready for consideration by Board as part of 2001-02 work program.

Other priorities (continued)

· A review of Accounting Standard AASB 1015 `Acquisitions of Assets' in view of the Senate's disallowance of paragraphs 6.3 and 6.4.

No progress made. Project transferred to 2001-02 work program.

· Finalising a report on the issues relating to the valuation and accounting for land under roads.

Report is in process of staff consideration. Project transferred to 2001-02 work program.

· A review of the current relevance of Australian Accounting Standard AAS 27 `Financial Reporting by Local Governments'.

Views sought from key constituents on major issues. Project transferred to 2001-02 work program.

· The preparation of a discussion paper on issues relating to financial reporting by not-for-profit entities.

Contractor submitted discussion paper on 31 May 2001. To be considered by the Board as part of 2001-02 work program.

· The preparation of an issues paper concerning prospective information.

No progress made. Former PSASB prepared a draft exposure draft for comment by project advisory panel; some comments received. Project has been abandoned pending possible future work by IFAC PSC.

· A review of Australian Accounting Standard AAS 25 `Financial Reporting by Superannuation Plans' in the light of changes to superannuation arrangements in recent years.

Project is awaiting output from The Institute of Chartered Accountants in Australia working party. Project transferred to 2001-02 work program.