Australian accounting standards board aasb 3 discount rates the outstanding claims liability shall be discounted for the time value of money using riskfree discount rates that are based on current observable, objective rates that relate to the nature, structure and term of the future obligations. Aasb decision summary auditor reporting oct 03, 2016 on october 3, 2016, the auditing and assurance standards board aasb released an update of its discussions and decisions on the auditor reporting standard at its september 12, 2016 meeting. The objective of this technical accounting alert ta alert is to. Computer software aasb ref 116, 8, uig interpretation 2. Financial reporting developments for september 2016 reporters what new pronouncements do you need to consider for your next report. To address concerns over the clarity, length, and complexity of its standards, the auditing standards board established clarity drafting conventions and redrafted all its sass in accordance with those conventions.
Aasb 118 compiled 7 standard accounting standard aasb 118 the australian accounting standards board made accounting standard aasb 118 revenue under section 334 of the corporations act 2001 on 15 july 2004. Proposed disclosures under rdr version 2 aasb 118 revenue. Accounting standard aasb 118 revenue as amended this compiled standard applies to annual reporting periods beginning on or after 1 january 2011 but before 1 january 20. This compiled version of aasb 118 applies to annual reporting periods beginning on or after 1 january 2018 but before. Example reduced disclosure requirements pty ltd assets. Amendments to australian accounting standards arising from ed. Fact sheet aasb 118 revenue objective the objective of this standard is to account for revenue from the sale of goods and provision of services and other common revenues. If an item within the scope of this standard does not meet the definition of an intangible asset, expenditure to acquire it or generate it internally is recognised as an expense when it is incurred. View and download audiocodes mediant user manual online.
Sep 25, 2011 according to aasb8, what does this mean. Aasb 118 compiled 8 standard accounting standard aasb 118 the australian accounting standards board made accounting standard aasb 118 revenue under section 334 of the corporations act 2001 on 15 july 2004. It takes into account amendments up to and including 4 june 2014 and was prepared on 10 september 2014 by the staff of the australian accounting standards board aasb. Aasb 20163 amendments to australian accounting standards. Fair value measurement of property, plant and equipment background the australian accounting standards board makes standards, including interpretations, to be applied by entities including governments in preparing financial statements for whole of government and the general government sector. Weve listed the most important changes for you here.
Aasb proposes changes to notforprofit entities and service. Computer software is a core part of the infrastructure of australian government entities, and its use permeates every aspect of their daily business. Statistics government finance statistics gfs manual. Theyre summarised in the diagram on the following page. It takes into account amendments up to and including 30 april 2007 and was prepared on 11 july 2007 by the staff of the australian accounting standards board aasb. This compiled standard applies to annual reporting periods beginning on or after 1 july 2007.
Your guide to aasb 8 intangible assets 2019 update read this guide to find out about the australian accounting standard aasb8, what it is, and why its important for you to know it. The aasb prefers that a word document also be lodged, for internal use only. The only noteworthy difference between the recognition and measurement requirements of. It is very common when providing construction services, accounting services, and development services that the original contract is varied or subject to overruns. The association of alaska school boards is an organization representing school boards in alaska. For type a leases, the lessor would derecognise the underlying asset and recognise a lease receivable and if applicable a residual asset. The new standard mandatorily applies to forprofit entities for annual reporting periods beginning on or after 1 january 2018 and for notforprofit entities from 1 january 2019. This is a sample chapter from the accounting standards. It replaced aasb 118 revenue, aasb 111 construction.
The following preclarity statements on auditing standards sass are archived for reference purposes only. Aasb 116 bearer plants are plants which bear produce on a regular basis, for example grape vines, palm oil trees, fruit trees previously they have been included in the scope of aasb 141 agriculture and held at fair value. The conversion rate is 2 shares for each note held, which is based on the market price per. The clock is ticking on the new aasb 15 revenue standard. For tax purposes, depreciation of 30 has already been deducted in the current and prior periods and the remaining cost will be deductible in future periods, either as depreciation or through a deduction on disposal.
All entities that are required to report under tier 2 by aasb 1053 application of tiers of. However, if the item is acquired in a business combination, it forms part of the goodwill recognised at the acquisition date. The australian accounting standards board makes accounting standard aasb 20074 amendments to australian accounting standards arising from ed 151 and other amendments under section 334 of the corporations act 2001. New accounting standards qao local government finance. Revenue measured at the fair value of the consideration received or receivable. Cinema concepts designed to convert cinema foyers and auditoriums. Aasb 118 is to be read in the context of other australian accounting standards, including aasb 1048 interpretation and application of standards, which identifies the uig.
Australian accounting standard aasb 116 property, plant and equipment. Compiled aasb standard aasb 107 statement of cash flows this compiled standard applies to annual reporting periods beginning on or after 1 july 2011 but before 1 january 20. Proposed disclosures under rdr version 2 aasb 118 revenue and ifrs for smes section 23 revenue. In addition, financial reporting upcoming changes to contributions and leasing standards the lessor would potentially recognise a profit or loss on sale of the leased asset. Negotiated as package with a single commercial objective. Aasb have issued an exposure draft seeking comments in respect of the deferral of the effective date of ifrs15 aasb 15 to annual reporting periods commencing on or after 1 january 2018, with early adoption still permitted aasb 15 will apply to contracts of notforprofit nfp entities that are exchange transactions.
Aasb107 compiled aasb standard aasb 107 statement of cash. It incorporates relevant amendments made up to and including 27 october 2010. Googles free service instantly translates words, phrases, and web pages between english and over 100 other languages. Aasb 118 revenue as amended incorporates ias 18 revenue as issued and amended by the international accounting standards board iasb. This revenue can only be recognised when it is probable that. Aasb 17 insurance taskforce update august 2017 digital. Reproduction within australia in unaltered form retaining this notice is permitted for. The clock is ticking on the new aasb 15 revenue standard accounting inpractice 04 may 2017 organisations must be operating under the new aasb 15 revenue from contracts with customers aasb 15 from 1 january 2018 but some businesses and their accountants are not close to being ready. Boymal dated 30 april 2007 chair aasb accounting standard aasb 20074 amendments to australian accounting.
Aasb 2008 amendments to australian accounting standards arising from aasb interpretation 17 distributions of noncash assets to owners. The australian accounting standards board aasb is implementing the financial reporting councils policy of adopting the standards of the international accounting standards board iasb for application to reporting periods beginning on or after 1 january 2005. Straight away standard setting news from pwc aasb proposes changes to notforprofit entities and service concession arrangements the aasb has issued the following exposure drafts relating to income for notforprofit entities, service concession arrangements and fair value disclosures of notforprofit public sector entities. This compiled version of aasb 118 applies to annual reporting periods beginning on or after 1 january 2014 but before 1 january 2018. Your guide to aasb 8 intangible assets 2019 update.
Guidance for aasb 15 revenue from contracts with customers. From 1 january 2016, bearer plants have been removed from the scope of aasb 141 and moved to aasb 116 property. Submissions are to be lodged with the aasb via the submit comments to aasb button for the proposal document on the work in progress open for comment page of the aasb website. Consideration in one contract depends on the other contract. Property sales from unconditional contract to settlement. Aasb 107 page 1 of 31 this is a sample chapter from the 9th edition of guide to accounting standards find out more at au.
Compiled aasb standard aasb 118 revenue this compiled standard applies to annual reporting periods beginning on or after 1 january 2011 but before 1 january 20. Under aasb 118, recognition was based on when risks and. Some sales recognised in 2014 under aasb 118, recognised. Capitalisation of software australian national audit office. Aug 29, 2017 our update in july provided some background on ifrs 17 as well as information about the taskforce and its aims and plans. Financial reporting developments for september 2016 reporters. Aasb 3 march 2008, as amended, aasb 127 as amended in may july. Paragraphs that have been added to this standard and do not appear in the text of ias 18 are identified with the prefix aus, followed by the number of the relevant iasb paragraph and. We noted that we had set up six technical drafting groups, each led by a member of the taskforce, supporting the aspiration of the taskforce to produce information notes on aasb 17. This policy is set up in compliance with accounting standard aasb116 property, plant and equipment and aasb8 intangible assets. Ifrs is available in chapter 2 of our manual of accounting. Fact sheet aasb 118 revenue key reporting requirements 1. Moore stephens and tax effect accounting toolkit in developing the tax effect accounting toolkit, moore stephens has brought together its extensive practical experience in preparing tax returns and authoring electronic calculators to produce a detailed yet simple and easy to use electronic solution.
Terms defined in this standard are in italics the first time they appear in the standard. Aasb 118 revenue australian accounting standards board. Deloitte illustrative aasb 1056 financial report for superannuation. Contracts, aasb 118 revenue, interpretation customer loyalty programmes. Aasb 15 revenue from contracts with customers replaces aasb 118 revenue, aasb 111 construction contracts and four related interpretations. As always, please talk to your pwc engagement team for more information on how these apply to your specific circumstances. Interpretation customer loyalty programmes ifric 15 agreements for the construction of real estate. Financial reporting standards update a summary of changes to. Its membership consists of more than 330 individual board members, responsible for students who attend alaskas public schools. The objective of this policy is to prescribe the accounting treatments for computer software.
Computer software aasb ref 116, 8, uig interpretation 2 policy owner contact no. Main differences in recognition, measurement or presentation requirements. Jan 30, 2015 accounting standard aasb 118 revenue as amended. Where the agreement is within the scope of aasb 118 where an agreement does not meet the definition of a construction contract and therefore falls within the scope of aasb 118, it is necessary to consider whether the agreement is for the rendering of services or for the sale of goods.
A brief discussion of some of the key features of ifrs 9 and what it means for financial statements of. Implementation considerations for the new revenue standard. Erstellen sie pdfdateien aus diversen dateiformaten wie word doc, excel xls. Australian accounting standard aasb 118 revenue is set out in paragraphs aus1. This compiled standard applies to annual reporting periods beginning on or after 1 january 2018.
It takes into account amendments up to and including27 october 2010 and was prepared on 26 november 2010 by the staff of the australian accounting standards board aasb. Aasb118 revenue compiled aasb standard aasb 118 revenue. It incorporates relevant amendments made up to and including 11 may 2011. Illustrative ifrs consolidated financial statements for 2018. Page 1 consulting special gaap report aasb 15 march 2016 carmen ridley gaap consulting team leader, corporate. For example, if an entity had been applying the revaluation model to property. It should therefore be accounted for under aasb 118. Guidance for aasb 15 revenue from contracts with customers 4 overview 1.
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