Comments sought on exposure drafts
At BDO, we provide comments locally to the Australian Accounting Standards Board (AASB) and internationally to the International Accounting Standards Board (IASB). We welcome any client comments on exposure drafts that are currently available for comment. If you would like to provide any comments please contact Wayne Basford at firstname.lastname@example.org.
||Comments due to AASB by
||Comments due to IASB by
|ED 280 Property, Plant and Equipment – Proceeds before Intended Use
||Proposes prohibiting deducting any proceeds from selling ‘test items’ against the cost of an item of PPE, as well as clarifying:
- The meaning of ‘testing whether the asset is functioning properly’, and
- That the proceeds from sale of items produced while bringing an asset into the location and condition necessary for it to be capable of operating in the manner intended by management would be recognised in accordance with applicable accounting standards, for example, inventories produced would be recognised as revenue.
|18 September 2017
||19 October 2017
|ITC 35 Disclosure Initiative – Principles of Disclosure
||In this next step in the IASB’s Disclosure Initiative project, this Discussion Paper seeks to establish clear principles governing what, how and where information should be disclosed in the financial statements. The proposals include:
- Seven principles of effective communication for entities preparing financial statements
- Possible approaches to improve the disclosure objectives and requirements in IFRS Standards, and
- Principles of fair presentation and disclosure of performance measures and non-IFRS information in financial statements, to ensure that such information is not misleading.
|4 September 2017
||2 October 2017
|ITC 36 Request for Comment on IASB Request for Information on Post-implementation Review – IFRS 13 Fair Value Measurement
||As part of its post-implementation review of IFRS 13 Fair Value Measurement, the IASB is seeking feedback on:
- Fair value disclosures – usefulness and which level 3 disclosures are costly to prepare
- Determining fair value for quoted investments in subsidiaries, joint ventures, associates and CGUs – whether there are material differences in fair value between prioritising level 1 inputs (P*Q) and fair value using other valuation techniques
- Applying the concepts of ‘highest and best use’ when measuring fair value of non-financial assets, and
- Applying judgement in assessing whether a market for an asset or liability is active and whether a input is unobservable and significant (i.e. level 3).
|31 August 2017
||22 September 2017