Appendix E
Progress made on 2003-04 work programme
Highest priorities
Adoption of IASB Standards and Framework |
Output to 30 June 2004 |
Framework |
|
Framework for Preparation and Presentation of Financial Statements |
Pending Framework issued |
IAS 1 Presentation of Financial Statements |
Pending AASB 101 issued |
IAS 2 Inventories |
Pending AASB 102 issued |
IAS 7 Cash Flow Statements |
Pending AASB 107 issued |
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors |
Pending AASB 108 issued |
IAS 10 Events After the Balance Sheet Date |
Pending AASB 110 issued |
IAS 11 Construction Contracts |
Pending AASB 111 issued |
IAS 12 Income Taxes |
Pending AASB 112 issued |
IAS 14 Segment Reporting |
Pending AASB 114 issued |
IAS 16 Property, Plant and Equipment |
Pending AASB 116 issued |
IAS 17 Leases |
Pending AASB 117 issued |
IAS 18 Revenue |
Pending AASB 118 issued |
IAS 19 Employee Benefits |
Pending AASB 119 issued |
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance |
Pending AASB 120 issued |
IAS 21 The Effects of Changes Foreign Exchange Rates |
Pending AASB 121 issued |
IAS 23 Borrowing Costs |
Pending AASB 123 issued |
IAS 24 Related Party Disclosures |
Pending AASB 124 issued |
IAS 27 Consolidated and Separate Financial Statements |
Pending AASB 127 issued |
IAS 28 Investments in Associates |
Pending AASB 128 issued |
IAS 29 Financial Reporting in Hyperinflationary Economies |
Pending AASB 129 issued |
IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions |
Pending AASB 130 issued |
IAS 31 Interests in Joint Ventures |
Pending AASB 131 issued |
IAS 32 Financial Instruments: Disclosure & Presentation |
Pending AASB 132 issued |
IAS 33 Earnings per Share |
Pending AASB 133 issued |
IAS 34 Interim Financial Reporting |
Pending AASB 134 issued |
IAS 36 Impairment of Assets |
Pending AASB 136 issued |
IAS 37 Provisions, Contingent Liabilities and Contingent Assets |
Pending AASB 137 issued |
IAS 38 Intangible Assets |
Pending AASB 138 issued |
IAS 39 Financial Instruments: Recognition & Measurement |
Pending AASB 139 issued |
IAS 40 Investment Property |
Pending AASB 140 issued |
IAS 41 Agriculture |
Pending AASB 141 issued |
IFRS 1 First-time Adoption of Australian Equivalents to International Financial reporting Standards |
Pending AASB 1 issued |
IFRS 2 Share-based Payment |
Pending AASB 2 issued |
IFRS 3 Business Combinations |
Pending AASB 3 issued |
IFRS 4 Insurance Contracts |
Pending AASB 4 issued |
IFRS 5 Non-Current Asset as Held for Sale and Discontinued Operations |
Pending AASB 5 issued |
ED 6 Exploration for and Evaluation of Mineral Resources |
ED 130 issued in January 2004 |
Domestic projects |
Output to 30 June 2004 |
Consequential amendments to remaining AASB Standards |
Pending AASB 1004 Contributions (r) issued Pending AASB 1031 Materiality (r) issued Pending AASB 1023 General Insurance Contracts (r) issued Pending AASB 1038 Life Insurance Contracts (r) issued |
Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards |
AASB 1047 Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards issued in April 2004 |
Director, Executive and Related Party Disclosures (issue amended Standard) |
AASB 1046 Director, Executive and Related Party Disclosures by Disclosing Entities issued in January 2004. |
Public Infrastructure Disclosures |
The AASB is monitoring international developments. |
Reconciliation of government general purpose financial reporting with government finance statistics |
Project is being advanced in association with a HOTARAC sub-committee. A Reference committee and a project advisory panel were formed. Consultative papers were issued and responses are being analysed. |
Research report on Australian requirements relating to presentation of a full parent entity financial report with a group’s consolidated report in the entity’s annual financial report |
Discussion Paper Relevance of Parent Entity Financial Reports published in December 2004. |
Review and update Accounting Standards AAS 27 Financial Reporting by Local Governments, AAS 29 Financial Reporting by Government Departments and AAS 31 Financial Reporting by Governments |
ED 125 Financial Reporting by Local Governments issued in October 2003. Submissions under review. The AASB has made significant progress in developing proposed revisions to AAS 29 and AAS 31. The AASB issued Consultation Papers for comment on GAAP/GFS convergence issues. Work on this project has slowed because of the high priority given to the GAAP/GFS convergence project. |
Superannuation plans (revision and updating of AAS 25 Financial Reporting by Superannuation Plans) and managed investment schemes |
No progress. Work on these projects has been deferred because of priorities given to adoption of IASB Standards and GAAP/GFS convergence. |
Not-for-profit entities |
The AASB continues to issue sector-neutral Standards to the extent feasible. The AASB amended the definition of not-for-profit entity, which is included in the ‘2005 set of Standards’. Formal work on this project has been deferred because of priorities given to adoption of IASB Standards and GAAP/GFS convergence. |
* Pending standards were made, and the pending framework approved, by the AASB at its meeting on 15 July 2004.
UIG Interpretation Projects
During the year the UIG as part of the Year 2005 project approved 12 Pending Interpretations of IASB Standards and Interpretations, and reviewed existing UIG Abstracts for consistency with Australian equivalents to IASB Standards to identify changes in practice expected from 2005. Nine UIG Abstracts were withdrawn and further Abstracts will be withdrawn as the UIG completes its review. Pursuant to its Charter, the UIG continued to monitor the work programme of the IASB’s IFRIC, making submissions on matters being considered by IFRIC, including exposure drafts, and reviewing IFRIC Interpretations.