Accounting News, February 2013

21 February 2013

Tim Kendall , National Leader, Audit & Assurance |

Prior to Christmas, the IASB issued a number of proposed clarifications to existing Accounting Standards. In this month’s newsletter, we look at these proposed clarifications, as well as proposals by the AASB to require investment entities to disclose extensive additional consolidated information. We also look at the IFRS Interpretations Committee’s latest rejection statements as well as the education material released by the IFRS Foundation for measuring the fair value of unquoted equity instruments.

In this issue

  • ASIC expecting appropriate disclosure on impact of new consolidations and joint arrangement standards
  • AASB proposes extensive additional Australian disclosures for investment entities 
  • IASB proposes accounting guidance for the acquisition of an interest in a joint operation 
  • IASB proposes to clarify acceptable depreciation methods
  • IASB proposes to resolve conflict between AASB 10 and AASB 128 (2011)
  • IASB proposes to clarify disclosure requirements for impairment of assets
  • IFRS Interpretations Committee rejections – including contingent consideration with continuing employment
  • IFRS Foundation issues illustrative examples on measuring fair value for unquoted equity instruments
  • New BDO publications
  • Comments sought on exposure drafts