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 Aletta Boshoff at [email protected]mailto:



Comments due to AASB by

Comments due to IASB by

ED 298 General Presentation and Disclosures

The ED proposes a new structure for the statement of profit or loss that is more prescriptive and more closely aligns with the presentation in the cash flow statement.

Proposals include that income and expenses be classified and included in profit or loss in the following categories:

  • Operating
  • Investing
  • Financing
  • Integral associates and joint ventures
  • Income tax
  • Discontinued operations.

In addition, the ED proposes the following new subtotals in the statement of profit or loss:

  • Operating profit
  • Operating profit or loss and income and expenses from integral associates and joint ventures, and
  • Profit or loss before financing and income tax.

The prescriptive nature of the proposals is intended to improve comparability between entities and industries by requiring specific items to be included in the various subtotals.

The ED also proposes that all management performance measures (same measures used in public announcements), be disclosed and reconciled in a single note to the financial statements.

15 August 2020

30 September 2020

ED 302 Amendments to Australian Accounting Standards – Disclosures in Special Purpose Financial Statements of Certain For-Profit Private Sector

The ED proposes to require disclosure about the extent of compliance with the recognition and measurement requirements of Australian Accounting Standards by certain for-profit private sector entities that:

  • Temporarily prepare special purpose financial statements (SPFS) until they are no longer permitted to do so for annual periods beginning on or after 1 July 2021 (e.g. entities preparing financial statements under Part 2M of the Corporations Act), and
  • Continue to prepare SPFS beyond 30 June 2022.

The proposed disclosures are more extensive than what is required by private sector not-for-profit entities (refer AASB 2019-4 Amendments to Australian Accounting Standards – Disclosure in Special Purpose Financial Statements of Not-for-Profit Private Sector Entities on Compliance with Recognition and Measurement Requirements.)

11 September 2020


Discussion Paper Business Combinations – Disclosures, Goodwill and Impairment

The IASB is carrying out a research project on goodwill and impairment to consider issues identified in the post-implementation review of IFRS 3 Business Combinations including:

  • Disclosing information about acquisitions
  • Testing goodwill for impairment – effectiveness and cost
  • Whether to reintroduce amortisation of goodwill
  • Recognising intangibles separately from goodwill.

2 October 2020

31 December 2020



Subscribe to Corporate Reporting Insights


This publication has been carefully prepared, but is general commentary only. This publication is not legal or financial advice and should not be relied upon as such. The information in this publication is subject to change at any time and therefore we give no assurance or warranty that the information is current when read. The publication cannot be relied upon to cover any specific situation and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact the BDO member firms in Australia to discuss these matters in the context of your particular circumstances.

BDO Australia Ltd and each BDO member firm in Australia, their partners and/or directors, employees and agents do not give any warranty as to the accuracy, reliability or completeness of information contained in this article nor do they accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it, except in so far as any liability under statute cannot be excluded. Read full Disclaimer.