Appendix F
AASB work program 2002-03
The AASB's standard setting work program for the year to 30 June 2003 has been approved by the FRC.
Continuing projects
| Project | AASB proposed actions |
| Outstanding AASB exposure drafts | |
| ED 103 Investment Property (comment period closed 31 March 2002) | Issue new Standard |
| ED 104 Impairment of Assets (comment period has been extended to align with proposed Business Combinations ED comment period deadline) | Issue new Standard |
| ED 106 Director, Executive and Related Party Disclosures (comment period closes 30 September 2002) | Issue amended Standards |
| Outstanding invitations to comment | |
| Proposed Improvements to IASs and their Impact on Australian Standards. Proposals relate to: | |
| IAS 1 Presentation of Financial Statements | Review responses to Invitation to Comment |
| IAS 2 Inventories | Make AASB submissions to IASB on proposals |
| IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors | Monitor responses to IASB Exposure Draft |
| IAS 10 Events after Balance Date | Monitor IASB deliberations and outcomes and make further submissions to IASB if considered appropriate |
| IAS 16 Property, Plant and Equipment | Identify remaining IASB/AASB non-conformities and consider appropriate actions to remove non-conformities |
| IAS 17 Leases | Issue AASB Standards incorporating amended IASs (timing may extend beyond 30 June 2003) |
| IAS 21 The Effects of Changes in Foreign Exchange Rates | |
| IAS 24 Related Party Disclosures | |
| IAS 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries | |
| IAS 28 Accounting for Investments in Associates | |
| IAS 33 Earnings per Share | |
| IAS 40 Investment Property | |
| Outstanding invitations to comment | |
| IAS 32 Financial Instruments: Disclosures and Presentation | |
| IAS 39 Financial Instruments: Measurement and Recognition | |
| Other international convergence and harmonisation projects | |
| Business Combinations Phase I incorporating goodwill and other intangibles | Issue AASB exposure drafts comprising IASB exposure draft and wrap-around identifying the impact the proposals would have on existing Australian Standards.Review responses to AASB exposure draft.Make AASB submission to IASB on proposals.Monitor IASB developments. |
| Share-based payments | Monitor IASB deliberations and outcomes.Issue exposure draft in conjunction with IASB. |
| Post-employment benefits | Take joint role in association with IASB to improve IAS 19 as a convergence project in relation to Post-employment Benefits: Defined Benefit Plans.Prepare issues papers and present to IASB and AASB.Prepare IASB and AASB exposure drafts for consideration by Boards.Issue AASB Exposure Draft. |
| Public sector specific projects | |
| Public Infrastructure Recognition, Measurement and Disclosures | Consider issues and recommendations in report of HOTARAC Private Provision of Public Infrastructure Sub-Committee.Consider possible relevance of IASB project on Derecognition.Issue Exposure Draft. |
| GPFR/GFS Comparison | Consider forthcoming report and recommendations on Harmonisation of Public Sector Financial Reporting Requirements working partyIssue Exposure Draft (if considered a justifiable option) |
| Land Under Roads | Issue amendments to AAS 27, AAS 29 and AAS 31 |
| Review of AAS 27 Financial Reporting by Local Governments | Consider issues raised in submissions requested from key constituentsIssue exposure draft of amendments |
| Review of AAS 29 Financial Reporting by Government Departments | Consider issues raised in existing and forthcoming HOTARAC reportsIssue exposure draft of amendments |
| Review of AAS 31 Financial Reporting by Governments | Consider issues raised in existing and forthcoming HOTARAC reportsIssue exposure draft of amendments |
| Other national projects | |
| Review of AAS 25 Financial Reporting by Superannuation Plans | Consider issues paperIssue exposure draft of amendments |
| Managed Investment Schemes | Consider issues relating to Managed Investment Schemes and determine whether an industry specific standard is an appropriate justifiable option |
| Not-for-Profit Entities | Consider issues relating to Not-for-profit entities (especially public fund raising charities) and determine whether a specific standard is a justifiable option |
New projects - International convergence and harmonisation
| Project | AASB proposed actions |
| International accounting standards board | |
| Reporting performanceBusiness Combinations, Application of the Purchase MethodConsolidation Policy and special purpose entitiesRevaluations (including fair value/deprival value comparison) (convergence topic)First-Time Application of International Financial Reporting Standards | Participate via monitoring and other processes in accordance with PS 4 `International Convergence and Harmonisation Policy' |
| Activities of Financial Institutions: Disclosures and PresentationInsurance ContractsConcepts - revenue, liabilities and equityOther Convergence projects, as decided by IASB | |
| IFAC public sector committee | |
| Budgetary ReportingNon-Reciprocal RevenueSocial Policy Obligations | Participate via monitoring and other processes in accordance with PS 4 `International Convergence and Harmonisation Policy' |
Research project
Co-sponsorship of a research study into the current practices in the major financial centres concerning the appropriateness of the Australian statutory requirement to present a full parent entity financial report with a group's consolidated financial report in the entity's annual financial report. Issues to be examined include the existence or otherwise of legislation that controls such practices, the relevance of parent entity financial reports, including their usefulness to financial analysts, investors and other users of annual financial reports, and the available alternatives.