Accounting Standards . The issues below apply to all entities, where applicable. Standards Australia represents our nation on the two major international standardising bodies, the International Organization for Standardization (ISO)* and the International Electrotechnical Commission (IEC). Use the Search pronouncements by reporting period page to find the version of each Standard that applies to any particular reporting period.Where a Standard has been amended and a compiled version has been prepared, the compiled version is listed below. We co-ordinate the attendance of Australian experts at international meetings and participate in the preparation of a wide range of International Standards. Those effective dates reflect the FASB’s recent decision to defer certain major standards. November 16, 2020. This … Amendments to standards to apply … A few key Australian Accounting Standards are changing and are mandatory for NFPs for reporting periods beginning on or after 1 January 2019. This table lists in numeric order only the latest version (by operative date) of each Accounting Standard. December 10, 2020. Australian Accounting Standard AASB 16, Leases (Standard or AASB 16), was issued in February 2016 and is effective for periods beginning on or after 1 January 2019, meaning that for many Australian entities the changes will be effective for 30 June 2020 year-ends. Despite its far reaching effects, many are still unprepared to meet the new regulation. Amending Pronouncements not yet fully compiled are listed below, as well as those that have been compiled for recent periods. The principle of the updated standard is that an entity recognises revenue as performance obligations are satisfied and this will require a thorough understanding of all revenue contracts with customers. ICAI has published a compendium of accounting standards as on 1 July 2019, which includes various relevant Announcements of ICAI on the subject. AASB 9 Financial Instruments (applies from years commencing 1 January 2018); 2. NSW Treasury Guidance . IFRS 16 Leases was issued in January 2016 and is effective for annual reporting periods starting on or after 1 January 2019. The Australian Accounting Standards Board (AASB) has made substantial changes to lease accounting with AASB 16 Leases, with the headline change being the removal of the distinction between operating and finance leases for lessees with most leases now coming on balance sheet. It replaces IAS 17 Leases and related Interpretations. November 18, 2020. 31 December 2019 or 30 June 2020 year ends) will change this accounting and require the majority of leases held by lessees to be recorded on the balance sheet. A copy of OLG’s Council Circular can be accessed here Guidance Paper Circular. Use the Search for a specific document page to find individual, or lists of, Amending Pronouncements.The Notes column below identifies when the Standard listed is a compiled version. IFRS 16 changes the accounting substantially for lessees. IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" is applied in selecting and applying accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. Compliance with any financial requirements (bank covenants and other regulatory requirements, tax implications, the ability to pay dividends, and employe… AASB 16 Leases which is effective for annual periods beginning on or after 1 January 2019 (i.e. PDF copy can be downloaded from the link below: ICAI’s Compendium of Accounting Standards as on 1 July 2019. Apply mandatorily only to future reporting periods ending on 31 December 2019 order the! 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