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].



Comments due to AASB by

Comments due to IASB by

ED 314 Subsidiaries without Public Accountability: Disclosures

Proposes to permit eligible subsidiaries to apply reduced disclosures in conjunction with the recognition and measurement requirements in IFRS standards. Eligible subsidiaries do not have public accountability and have an ultimate or intermediate parent entity that produces consolidated financial statements available for public use that comply with IFRS.
The AASB is also seeking comment on the relevance of these proposals in the Australian context, i.e. whether they should replace Simplified Disclosures for all Tier 2 entities, or whether they can sit alongside Simplified Disclosures as an additional option for reduced disclosures.

1 November 2021

31 January 2022

ED 315 Extending Transition Relief under AASB 1

The Exposure Draft includes two proposals:

  • If a subsidiary becomes a first-time adopter later than its parent entity, it will be allowed to use information included in its overseas parent’s IFRS-compliant consolidated financial statements when preparing GPFS for the first time.

At present, this exemption is only available if the parent entity’s financial statements were prepared in accordance with Australian Accounting Standards.

  • An entity will be able to apply AASB 1 exemptions when preparing its first consolidated financial statements if it is transitioning from separate general purpose (RDR) financial statements to consolidated general purpose (Simplified Disclosures).

27 January 2022


ED 316 Non-current Liabilities with Covenants – Proposed amendments to AASB 101


  • To defer application date for changes to the classification requirements of current and non-current liabilities to annual periods beginning on or after 1 January 2024
  • To clarify that if the right to defer settlement for at least 12 months after reporting date were subject to the entity complying with conditions after the reporting period, then those conditions would not affect whether the right to defer settlement exists at reporting date
  • Additional presentation and disclosures for ‘non-current liabilities subject to conditions in the next 12 months’.

3 February 2022

21 March 2022

ED 317 Supplier Finance Arrangements - Proposed amendments to AASB 107 and AASB 7

Proposes to describe the characteristics of a ‘supplier finance arrangement’ in AASB 107.
Also proposes additional disclosures for AASB 107 Statement of Cash Flows and AASB 7 Financial Instruments: Disclosures.

3 February 2022

28 March 2022


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