Comments sought on exposure drafts

At BDO, we provide comments locally to the AASB and internationally to the IASB. We welcome any client comments. If you like to provide any comments please contact Wayne Basford.

Document	Proposals	Comments due to AASB by	Comments due to IASB by
*ED 198 Revenue from Contracts with Customers*	Significant changes to the way revenue is recognised, which will result in the withdrawal of: AASB 111 Construction Contracts AASB 118 Revenue Interpretation 13 Customer Loyalty Programmes Interpretation 15 Agreements for the Construction of Real Estate Interpretation 18 Transfers of Assets from Customers Interpretation 131 Revenue – Barter Transactions Involving Advertising Services.	24 September 2010 Comments closed	22 October 2010
ED 203 Removal of Fixed Dates for First-time Adopters (proposed amendments to AASB 1)	Proposes to replace references to a fixed transition date of 1 January 2004 with ‘the date of transition to IFRSs’. Entities adopting IFRSs for the first time would not have to: Restate derecognition transactions that occurred before the date of transition to IFRSs Recalculate ‘day one’ differences on initial recognition where the transaction occurred before the date of transition to IFRSs.	4 October 2010 Comments closed	27 October 2010
ED 204 Deferred Tax: Recovery of Underlying Assets (proposed amendments to AASB 112)	Proposes the introduction of a rebuttable presumption that an asset is recovered entirely through sale unless the entity has clear evidence that recovery will occur in another manner (e.g. through use). The rebuttable presumption would apply for investment properties, property, plant and equipment and intangible assets remeasured at fair value or revalued at fair value.	25 October 2010	9 November 2010
ED 201 Insurance Contracts	Proposes to include general (non-life) and life insurance liabilities under same model with some modifications for short-duration insurance contracts.	8 November 2010	30 November 2010
IFRIC DI/2010/1 Stripping Costs in the Production Phase of a Surface Mine	Proposes that costs associated with a ‘stripping campaign’ be accounted for as an additional component of an existing asset which should be written down over the reserves that directly benefit the campaign.	8 November 2010	30 November 2010
E202 Leases	Proposes that lessees recognise a ‘right-of-use asset’ for leases. Proposes two models to be applied by lessors depending on whether risk or benefits of leased assets is transferred.	12 November 2010	15 December 2010
ED 205 Extending Relief for Consolidation, the Equity Method and Proportionate Consolidation	Exemptions from preparing consolidated financial statements (or equity accounting or proportionate consolidation) by an intermediate parent extended to situations where: Parent is a Tier two entity preparing consolidated financial statements under the Reduced Disclosure requirements (rather than full IFRSs) Parent entity is a not-for-profit Tier one entity that is not fully IFRSs compliant.	12 January 2011	N/A

For more information, please contact:

Name: Wayne Basford

Email: wayne.basford@bdo.com.au

Tel: +61 2 9286 5452