Accounting News, February 2011

21 February 2011

Tim Kendall , National Leader, Audit & Assurance |
The IASB appears to be trying hard to meet its 30 June 2011 deadline for a completely new financial instruments standard. They have recently released an exposure draft to simplify hedge accounting as well as a supplement to significantly simplify the original expected loss impairment model for financial assets. Following amendments to IAS 12, AASB 112 Income Taxes has also been amended. Changes are also being proposed to the Corporations Act to improve accountability by boards to shareholders on director and executive remuneration. In addition, ASIC has published comments on its review of 30 June 2010 financial statements.