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].

Document

Proposals

Comments due to AASB by

Comments due to IASB by

ED 307 Regulatory Assets and Regulatory Liabilities

Proposes requirements for recognition and measurement of regulatory assets and regulatory liabilities, including the recognition of regulatory income and expense in profit or loss.

If finalised, this will replace IFRS 14 Regulatory Deferral Accounts which permits a variety of accounting approaches.

10 May 2021

30 June 2021

ITC 42 Business Combinations under Common Control

Proposes to reduce diversity in practice when accounting for business combinations under common control by the receiving company.

17 July 2021

1 September 2021

ED 309 Disclosure Requirements in Australian Accounting Standards – A Pilot Approach

Proposes a new approach to developing disclosure requirements in Australian Accounting Standards, and new disclosure requirements for fair value (AASB 13) and employee benefits (AASB 119).

The aim of the new approach is to enable entities to enhance their judgement when making disclosures, and reduce ‘boilerplate’ information.

16 August 2021

21 October 2021

ED 310 Lack of Exchangeability

Proposes that when exchangeability between two currencies is lacking, an entity shall estimate the spot exchange rate at that date. The exposure draft includes conditions that must be met at the measurement date for the estimated spot exchange rate.

23 July 2021

1 September 2021

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