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Accounting alert 2008/12 - September 2008 AASB meeting highlights

The AASB's September 2008 meeting was a one-day affair. Although largely devoted to a discussion of the forthcoming exposure draft on accounting by superannuation plans and ADFs, the Board did not finalise the ED and it will be considered further at its October meeting.

The AASB make revised AASB 1048 Interpretation and Application of Standards and issued AASB 2008-9 to amend AASB 1049 Whole of Government and General Government Sector Financial Reporting to be consistent with AASB 101 Presentation of Financial Statements (September 2007).

Due to the limited nature of the meeting, we have not produced our usual full analysis for this meeting. Instead, we have provided a summary table of the decisions made at the meeting immediately below.

 

Topic Overview Comments and more information
Superannuation plans and approved deposit funds (ADFs) The AASB confirmed many of its previous decisions, considered the treatment of defined benefit obligations and determined the structure of the exposure draft. A further revised version of the draft exposure draft will be considered at its next meeting  Agenda paper 3.2 Draft Exposure Draft ED 16X Superannuation Plans and Approved Deposit Funds (PDF 3.19MB)
GAAP/GFS harmonisation for entities in the general government sector (GGS) The AASB reconsidered its decisions on GAAP/GFS harmonisation for the GGS in view of a Heads of Treasuries letter to the Board on some of the practical issues. The Board ultimately agreed that the approach for entities in the GGS could differ from AASB 1049 and it proposes amending AASB 101 to specify such entities should adopt the financial statement formats in AASB 1049 excluding the key fiscal aggregates. The AASB has effectively decided to proceed with a limited scope project that meets its objectives in this area.
Conceptual Framework The AASB considered its submission on the IASB Discussion Paper Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Reporting Entity. The draft submission will be significantly amended and a revised draft will be considered at the October 2008 meeting.

 Agenda paper 7.2 Draft submission on IASB Discussion Paper Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Reporting Entity (PDF 296kb) 

 Agenda paper 7.3 Summary of Comments by Participants at the ITC 17 Roundtables (PDF 486kb) 

 Agenda paper 7.4 Comment Letters on ITC 17 Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Reporting Entity (PDF 2.15MB) 

Interpretations The Board made AASB 1048 Interpretation and Application of Standards (September 2008), which included Interpretation 15 Agreements for the Construction of Real Estate, Interpretation 16 Hedges of a Net Investment in a Foreign Operation, Interpretation 1003 Australian Petroleum Resource Rent Tax and Interpretation 1038 Contributions by Owners Made to Wholly-Owned Public Sector Entities (December 2007)

This is the first update of AASB 1049 since September 2007 and brings various Interpretations and amendments into the Corporations Act 2001 for the first time. 

 Agenda paper 5.4 Draft Proposed AASB 1048 Interpretation and Application of Standards (PDF 858kb) 

Amendments to AASB 1049 for consistency with AASB 101 The Board made AASB 2008-9 Amendments to AASB 1049 for Consistency with AASB 101. The Amending Standard applies to annual reporting periods beginning on or after 1 January 2009.

Some issues raised by constituents in their submissions on ED 163 Proposed Amendments to AASB 1049 for Consistency with AASB 101 will be considered as part of a separate post-implementation review of AASB 1049. 

 Agenda paper 4.3 Draft Proposed Standard AASB 2008-X Amendments to AASB 1049 for Consistency with AASB 101 (PDF 1.09MB) 

 Agenda paper 4.4 Draft compiled AASB 1049 (marked up from AASB 1049) (PDF 1.33MB) 

 Agenda paper 4.5 Submission on ED 163 from Australasian Council of Auditors-General (PDF 760kb) 

 Agenda paper 4.6 Submission on ED 163 by HoTARAC (PDF 627kb) 

 

More information on the above topics can be obtained from the AASB Action Alert (PDF 58kb) for the meeting.

The next meeting of the AASB is another one-day meeting, scheduled for 10 October 2008 in Melbourne.

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