Appendix F
AASB's Work program
1 July 2001 to 30 June 2002
The AASB's standard-setting priorities for the year to 30 June 2002 have been approved by the FRC. These priorities are:
Highest priorities
- New and revised standards under the international harmonisation program
on:
- Provisions, contingent liabilities and contingent assets (finalisation of standard)
- Impairment of assets (including consideration of responses to Exposure Draft ED 99)
- Investment property (issue of exposure draft)
- Other new and revised standards:
- Revaluation of Non-Current Assets (limited amendments arising from Exposure Draft ED 101)
- Public Infrastructure Disclosures (including consideration of responses to Exposure Draft ED 100)
- Related Parties and Director and Executive Disclosures (issue of exposure draft and finalisation of revised standards)
- The preparation of an issues paper dealing with the recognition and measurement of intangible assets, including goodwill. The objective is to obtain input from constituents on key issues. An exposure draft will be issued in conjunction with the IASB's first phase project on Business Combinations. This project includes issues relating to acquired intangible assets.
- Reconciliation of government general purpose financial reporting with government financial statistics. The objective is to determine whether or not such a reconciliation should form part of general purpose financial reports and if so, whether such inclusion is presently feasible.
- Study of the reporting issues relating to dual-listed entities and consideration of an exposure draft.
- Study of responses to the Invitation to Comment on the Joint Working Group Draft Standard on Accounting for Financial Instruments and Similar Items, in conjunction with other national standard setters and the IASB. As an immediate measure the Board will issue an exposure draft based on the International Standard IAS 39 Financial Instruments : Recognition and Measurement, in conjunction with the IASB's priority project on improvements to that standard.
Other priorities
- IASB Convergence and Standards Improvement Projects. The Board's intention is to take a lead role on a limited number of appropriately prioritised IASB projects, as well as a supporting or monitoring role on others. The AASB will need to keep abreast of the work of the IASB on an ongoing basis in view of its harmonisation policy. To assist in this project, AASB staff will publish a `Convergence Handbook' comparing AASB standards with International Standards.
- Post-employment benefits. Consideration of issues as an IASB convergence project.
- Finalising a report on the issues relating to the valuation and accounting for land under roads. The objective is to provide input to the Board to assist its deliberations on whether to retain the requirements of AAS 27 `Financial Reporting by Local Governments', AAS 29 `Financial Reporting by Government Departments', and AAS 31 `Financial Reporting by Governments' which presently require the recognition of land under roads, following the expiration of transitional provisions in 31 December 2002.
- Review and updating of Accounting Standards AAS 27 Financial Reporting by Local Governments, AAS 29 Financial Reporting by Government Departments and AAS 31 Financial Reporting by Governments.
- Superannuation plans (revision and updating of AAS 25 Financial Reporting by Superannuation Plans) and managed investment schemes. AAS 25 is in need of revision and updating. Managed investment schemes are being considered in conjunction with superannuation plans given the interrelationship between superannuation plans and managed investments.
- Not-for-Profit entities. A contractor has submitted a discussion paper identifying major issues in financial reporting by not-for-profit entities, including matters that may be dealt with in an accounting standard. The Board will examine the report and the desirability of issuing an accounting standard on the topic.
- Review of Accounting Standard AASB 1015 Acquisitions of Assets in view of the Senate's disallowance of paragraphs 6.3 and 6.4.