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

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

ED 304 Interest Rate Benchmark Reform – Phase 2:Tier 2 Disclosures

AASB 2020-8 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform – Phase 2 (September 2020) amended AASB 7 Financial Instruments: Disclosures, AASB 9 Financial Instruments and other Standards to assist entities in recognising the effects of interest rate benchmark reform in their financial statements.

ED 304 proposes to provide relief for entities reporting under the Tier 2 – Simplified Disclosures framework from disclosing the financial effects of their initial application of the amendments in AASB 2020-8. However, it does not propose to provide relief from these disclosures for entities applying the Reduced Disclosures Framework.

12 November 2020

N/A

 

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.