Home > Reports > FRC & AASB Annual Report 2003-2004 - AASB work programme 2004-05

Appendix F

AASB work programme 2004-05

The AASB work programme includes:

participating in and monitoring the projects of both the IASB/IFRIC and the IFAC PSC;
progressing the harmonisation of GAAP and GFS reporting and a number of other domestic projects;
providing comments on the IASB/IFRIC and to the IFAC PSC on a wide range of their outputs. AASB staff will regularly provide comment on IASB/IFRIC and IFAC PSC meeting papers. When the Board designates a topic as one in which Australia has a particular interest, the Board will also be involved in commenting on IASB/IFRIC and IFAC PSC meeting papers. The Board will also be involved in commenting on Exposure Drafts and other consultative documents issued by the IASB/IFRIC and IFAC PSC; and
providing staff briefings to Australians on the IFRIC, the IFAC PSC and on PSC Steering Committees on Non-exchange Revenues and Social Policy Obligations, just prior to meetings.

1 IASB-related projects involving significant AASB input

Project	IASB Status	Proposed actions
Extractive Activities	IASB research project	AASB leading a team (Canada, Norway and South Africa) to develop draft recommendations for consideration by the IASB and National Standard setters (NSS)
Joint Ventures	IASB research project	AASB leading a team (Hong Kong, Malaysia & New Zealand) to develop draft recommendations for consideration by the IASB and NSS
Intangible Assets	IASB research project	AASB developing papers for consideration by the IASB and NSS Includes implementation review of IFRS 3/AASB 3
Insurance Contracts Phase 2	IASB active project	AASB to contribute through Advisory Group

2 IASB-related projects involving monitoring by the AASB

Project	IASB Status	Proposed actions
Business Combinations Phase 2	IASB active project	Designated as a project that the AASB should monitor closely
Reporting Comprehensive Income	IASB research project	Designated as a project that the AASB should monitor closely
Revenue and related Liabilities	IASB research project	Designated as a project that the AASB should monitor closely
Consolidation (including Special Purpose Entities)	IASB active project	Designated as a project that the AASB should monitor closely
Post-employment Benefits (convergence)	IASB active project	Monitor
Measurement	IASB research project	Monitor
Leases	IASB research project	Monitor
Financial Instruments	IASB research project	Monitor
Small and Medium-sized Entities	IASB research project	Monitor

Where the AASB has designated a project as one that it should monitor closely, to the extent possible, the Board intends to consider IASB papers as they are considered by the IASB, and to provide the IASB with comments and feedback on a continuous and timely basis.

Other IASB projects will be monitored as closely as possible by AASB staff, which will report issues of concern to the Board on an exception basis.

3 IFAC-PSC-related projects involving monitoring by the AASB

Project	PSC Status	Proposed actions
Non-exchange Revenues	PSC active project	Designated as a project that the AASB should monitor closely. Australia is represented on the PSC Steering Committee. This project may affect the AASB’s work on revenue recognition (see Local Government Review)
Social Policy Obligations	PSC active project	Designated as a project that the AASB should monitor closely Australia is represented on the PSC Steering Committee
Budget Reporting	PSC active project	Designated as a project that the AASB should monitor closely
GAAP/GFS convergence	PSC active project	Designated as a project that the AASB should monitor closely. This project may affect the AASB’s domestic work on GAAP/GFS convergence Australia is represented on the PSC Technical Working Group
Amending IPSASs for IASB Improvements	PSC active projects	Designated as a project that the AASB should monitor closely
Impairment, Non-cash flow Assets	PSC active project	Monitor
Other standards projects	PSC active projects	Monitor

Where the AASB has designated a project as one that it should monitor closely, to the extent possible, the Board (or a subcommittee of the Board) intends to consider PSC papers as they are considered by the PSC, and to provide the PSC with comments and feedback on a continuous and timely basis.

Other PSC projects will be monitored as closely as possible by AASB staff, which will report issues of concern to the Board on an exception basis.

4 New Zealand Convergence Exercise

In adopting the IASB standards, both the AASB and the New Zealand Financial Reporting Standards Board (FRSB) have removed optional treatments, added some disclosure requirements and catered for not-for-profit entities. In some cases, the amendments and additions made by the AASB are different from the amendments and additions made by the FRSB. It may be considered that, since both boards are adopting the same set of IASB standards, they would end up with the same standards. However, the respective starting points and regulatory environments of the two boards are different and have given rise to some differences in the ‘adopted standards’.

The boards have undertaken to work together to remove as many differences as possible in keeping with the need for Trans-Tasman co-operation on regulatory matters. Much of this work will take place in 2004-05.

5 Domestic GAAP/GFS convergence project

Project	Status	Proposed actions
GAAP/GFS convergence – Phase 1 – whole of government (including sector reporting)	Consultation Papers issued – comments being considered by the Board	Continue to consider comments on consultation papers, develop an exposure draft, revise AAS 31 Financial Reporting by Governments and consider the need for other ‘new’ standards
GAAP/GFS convergence – Phase 2 – entities within the GGS (including government departments)		Consider flow on from Phase 1. See also the work on Government Department Review
GAAP/GFS convergence – Phase 3 – other public sector entities (including local governments, universities & GBEs)		Consider flow on from Phases 1 and 2. See also the work on Local Government Review

6 Other Domestic Projects

Project	Status	Proposed actions
Not-for-profit Entities	Definition used in existing AASB standards	Develop proposals on performance reporting and develop guidance to assist constituents to distinguish for-profit and not-for-profit entities
Government Department review (non-GAAP/GFS convergence issues)	AASB subcommittee considering staff papers	Develop and issue an Exposure Draft and revise AAS 29 Financial Reporting by Government Departments. This project is expected to be affected by GAAP/GFS harmonisation
Local Government review	ED 125 – comments being considered by the AASB	Revise AAS 27 Financial Reporting by Local Governments. This project may be affected by GAAP/GFS harmonisation
Superannuation Plans	AAS 25 (1993)	Revise AAS 25 Financial Reporting by Superannuation Plans to take account of the current environment in which plans operate
Managed Investment Schemes	Impacted by Financial Instruments standards	Develop recommendations for the schemes themselves and the managers of the schemes
Segment Reporting in the Public Sector	Currently scoped out of AASB 1005 and AASB 114	Examine the specific issues associated with the public sector in light of the PSC Standard on segment reporting and undertake the normal due process
Related Party Disclosures in the Public Sector	Currently scoped out of AASB 1017, AAS 22 and AASB 124	Examine the specific issues associated with the public sector in light of existing practice in the Australian public sector and the PSC Standard on related parties and undertake the normal due process
Concise Financial Reports	AASB 1039	Revise AASB 1039 Concise Financial Reports to take account of effects of adopting IASB Standards
Director and Executive Disclosures	AASB 1046	Revise AASB 1046 Director and Executive Disclosures by Disclosing Entities to reflect consequential amendments from AASB 2 Share-based Payment
Parent Entity Financial Reports	Discussion paper	Consider submissions and develop recommendations for submission to Treasury

7 UIG/IFRIC Interpretations

Project	Status	Proposed actions
Gold Hedging	Project proposal to be developed by the AASB	Present the project to the IFRIC.
Service Concessions	Project proposal	Closely monitor the IFRIC project. Australia is a member of a project team, led by Spain and including France and the UK.

The AASB/UIG expect to be identifying issues relating to the implementation of the Australian equivalents to IFRSs in Australia and raising issues for resolution by the IFRIC/UIG.

Search this website