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AASB ISSUES NEW AND REVISED AUSTRALIAN ACCOUNTING STANDARDS INCLUDING ON OFFSETTING FINANICAL ASSETS AND LIABILITES AND GOVERNMENT LOANS |
| Source: | AASB | | Country: | Australia | | Date: | 11/07/2012 | | Contributor: | Andy Lymer | | Web: | http://www.aaasb.com.au |
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The AASB approved five new or revised Australian Accounting Standards on 29 June 2012:
• AASB 2012-2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities;
• AASB 2012-3 Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities;
• AASB 2012-4 Amendments to Australian Accounting Standards – Government Loans;
• AASB 2012-5 Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle; and
• AASB 1048 Interpretation of Standards (revised).
The Standards have been published on the AASB website. AASB 2012?2, AASB 2012-4 and AASB 2012-5 apply to annual reporting periods beginning on or after 1 January 2013.
AASB 2012-3 applies to annual reporting periods beginning on or after 1 January 2014.
AASB 1048 applies to annual reporting periods ending on or after 30 June 2012. Earlier application of the Standards is permitted, with some conditions.
Purpose of the amendments/revision
AASB 2012-2 principally amends AASB 7 Financial Instruments: Disclosures to require disclosure of information that will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entity’s recognised financial assets and recognised financial liabilities, on the entity’s financial position.
AASB 2012-3 adds application guidance to AASB 132 Financial Instruments: Presentation to address inconsistencies identified in applying some of the offsetting criteria of AASB 132, including clarifying the meaning of “currently has a legally enforceable right of set-off” and that some gross settlement systems may be considered equivalent to net settlement.
AASB 2012-4 adds an exception to the retrospective application of Australian Accounting Standards under AASB 1 First-time Adoption of Australian Accounting Standards to require that first-time adopters apply the requirements in AASB 139 Financial Instruments: Recognition and Measurement (or AASB 9 Financial Instruments) and AASB 120 Accounting for Government Grants and Disclosure of Government Assistance prospectively to government loans (including those at a below-market rate of interest) existing at the date of transition to Australian Accounting Standards.
AASB 2012-5 makes amendments resulting from the 2009-2011 Annual Improvements Cycle. The Standard addresses a range of improvements, including the following:
• repeat application of AASB 1 is permitted (AASB 1); and
• clarification of the comparative information requirements when an entity provides a third balance sheet (AASB 101 Presentation of Financial Statements).
AASB 1048 identifies the Australian Interpretations and classifies them into two groups: those that correspond to an IASB Interpretation and those that do not. Entities are required to apply each relevant Australian Interpretation in preparing financial statements that are within the scope of the Standard. The revised version of AASB 1048 updates the lists of Interpretations for new and amended Interpretations issued since the June 2010 version of AASB 1048.
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