Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services
  • Type: Regulatory update
  • Date: 30/08/2012

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

12RU-006 Proposed withdrawal of Australian Interpretation 1039 

This Reporting Update summarises the proposals included in Exposure Draft - ED 226 Withdrawal of Australian Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia.

Key points

  • AASB proposals to withdraw Australian guidance on when new tax legislation is considered substantively enacted.
  • Proposals may change when the impact of new tax bills are recognised.
  • With the current minority government, proposals are not expected to have a significant impact.
  • If the composition of government changes, the proposal may delay when new tax legislation is considered substantively enacted and therefore when the impact of new tax bills are recognised.
Flash Reports - Australian financial reporting updates