Application date of AASB 1059 Service Concession Arrangements: Grantors delayed until 2020

The new accounting requirements for public sector grantors in service concession arrangements (AASB 1059) have been deferred to periods commencing 1 January 2020.

The Australian Accounting Standards Board (AASB) recently announced a one-year deferral on the new accounting requirements for public sector grantors in service concession arrangements so that it has time to further consider various implementation issues raised by stakeholders when preparing for first-time adoption on 1 January 2019.

As a result, AASB 1059 will apply to annual periods beginning on or after 1 January 2020, rather than 1 January 2019.

AASB 2018-5 Amendments to Australian Accounting Standards – Deferral of AASB 1059 is the amending standard that gives effect to the deferral.