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 aletta.boshoff@bdo.com.au.

Document Proposals Comments due to AASB by Comments due to IASB by
ITC Draft Appendix to the Tax Transparency Code For entities voluntarily adopting the Tax Transparency Code (TTC), the ITC proposes a draft appendix to the TTC which includes disclosure aiming to increase the tax transparency of both large and medium-sized businesses, so as to enable users such as social justice groups, media, analysts, shareholders and the general public to better understand the entity’s tax position. 28 February 2018 N/A
DP Australian-specific Insurance Issues – Regulatory Disclosures and Public Sector Entities Public sector entities
Proposes:
  • That the scope of AASB 17 Insurance Contracts be expanded to ‘insurance-like’ arrangements created by statute rather than contractual arrangements, and
  • Additional guidance for determining when an ‘insurance-like’ arrangement exists in Appendix E to AASB 17.
Regulatory disclosures for the for-profit private sector
Seeking comment on whether certain regulatory disclosures included in AASB 1023 General Insurance Contracts and AASB 1038 Life Insurance Contracts should not be carried forward into either AASB 17 or AASB 1054 Australian Additional Disclosures.
28 February 2018 N/A
ED 283 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Public Sector Licensors Subject to certain exceptions, this ED proposes to include licenses issued by not-for-profit public sector licensors within the scope of AASB 15 if they are not subject to AASB 16 Leases.
It also proposes to add Appendix G as Australian application guidance for not-for-profit public sector licensors.
31 March 2018 N/A
ED 284 Recent Standards – Reduced Disclosure Requirements Proposes a reduction in disclosures required by AASB 16, AASB 1058 and AASB 1059 for entities applying reduced disclosures (Tier 2). 31 March 2018 N/A