Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 27/06/2011

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

New cycle of improvements to IFRSs (2011/22) 

In June 2011 the IASB published ED/2011/2 Improvements to IFRSs as part of the annual improvements project cycle that began in 2009.
In the Headlines cover
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Key proposals

  • IFRS 1 applied again if most recent annual financial statements did not state compliance with IFRSs
  • Servicing equipment classified as property, plant and equipment when used for more than one period
  • IAS 12 applied when accounting for income tax on distributions and transaction costs
  • Limited note disclosure when presenting third statement of financial position
  • Comments due by 21 October 2011.
IFRS Briefing Sheets - International financial reporting updates