Accounting Handbook 2006

by Sepi Roshan and Jessie Wong.

The following documents have been issued, revised or deleted since the publication of the Accounting Handbook 2006

AAS 25 Financial Reporting by Superannuation Plans AAS 25, 05-06.doc

For an explanation of the amendments to this Standard mandated by Omnibus Standard 2005-13 issued December 2005, please refer to the Omnibus Standard itself. Omnibus Standards are now published on the Accounting Handbook Companion Website. Further commentary by the Technical Editors is also available on the Website.

AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards
AASB amendments 1, 07-04_COMPapr06.pdf

For an explanation of the amendments to this Standard mandated by Omnibus Standard 2006-2 issued March 2006, please refer to the Omnibus Standard itself. Omnibus Standards are now published on the Accounting Handbook Companion Website. Further commentary by the Technical Editors is also available on the Website.

AASB 119 Employee Benefits (July 2004 version) (withdrawn)

The reissuing of AASB 119 Employee Benefits in December 2004 for application to annual reporting periods beginning on or after 1 January 2006 withdraws AASB 119 (July 2004) from that date.

AASB 121 The Effects of Changes in Foreign Exchange Rates
AASB amendments 121, 07-04_COMPfeb06.pdf

For an explanation of the amendments to this Standard mandated by Omnibus Standard 2006-1 issued January 2006, please refer to the Omnibus Standard itself. Omnibus Standards are now published on the Accounting Handbook Companion Website. Further commentary by the Technical Editors is also available on the Website.

AASB 124 Related Party Disclosures (revised) AASB 124.pdf

AASB 124 Related Party Disclosures was introduced upon the adoption of Australian equivalents to IFRSs. The reissuing of AASB 124 Related Party Disclosure in December 2005 for application to annual reporting periods beginning on or after 1 January 2005 that end before 31 December 2005 caused the immediate withdrawal of AASB 124 Related Party Disclosures (April 2005).

AASB 1023 General Insurance Contracts AASB 1023.pdf

For an explanation of the amendments to this Standard mandated by Omnibus Standard 2005-12 issued December 2005, please refer to the Omnibus Standard itself. Omnibus Standards are now published on the Accounting Handbook Companion Website. Further commentary by the Technical Editors is also available on the Website.

AASB 1038 Life Insurance Contracts AASB 1038.pdf

For an explanation of the amendments to this Standard mandated by Omnibus Standard 2005-12 issued December 2005, please refer to the Omnibus Standard itself. Omnibus Standards are now published on the Accounting Handbook Companion Website. Further commentary by the Technical Editors is also available on the Website.

AASB 1046 Director and Executive Disclosures by Disclosing Entities (withdrawn)

The reissuing of AASB 124 Related Party Disclosure in December 2005 for application to annual reporting periods beginning on or after 1 January 2005 that end before 31 December 2005 caused the immediate withdrawal of AASB 1046 Director and Executive Disclosures by Disclosing Entities and AASB 1046A Amendments to Accounting Standards AASB 1046.

AASB 1048 Interpretation and Application of Standards AASB application 1048, 04-06.pdf

AASB 1048 Interpretation and Application of Standards (July 2006) is the most recent revision of the AASB 1048 that was introduced upon the adoption of Australian equivalents to IFRS for annual reporting periods beginning on or after 1 January 2005. AASB 1048 brings UIG Interpretations into the Australian Accounting Standards framework.

INT 2 Member’s Shares in Co-operative Entities and Similar Instruments (new)
UIG Interpretation 2, Mar05.doc

INT 7 Applying the Restatement Approach under AASB 129 Financial Reporting in Hyperinflationary Economies (new) UIG Interpretation 7, Feb06.doc

INT 8 Scope of AASB 2 (new) UIG Interpretation 8, Mar06.doc

INT 9 Reassessment of Embedded Derivatives (new) UIG Interpretation 9, April06.doc

INT 1002 Post Date-of-Stapling Arrangements (new) Interpretation 1002, Dec05.doc

Omnibus Standard 2005-12 Amendments to Australian Accounting Standards [AASB 1038 & AASB 1023] (new) AASB amendments 2005-12 12_05.doc

This Omnibus Standard makes amendments to AASBs 1023 & 1038 that friendly socieities may have unallocated surplus that is in the nature of “policyholder equity”.

Omnibus Standard 2005-13 Amendments to Australian Accounting Standards [AAS 25] (new)
AASB amendments 2005-13 12_05.doc

This Omnibus Standard makes amendments to AAS 25 that financial liabilities held by superannuation plans be measured at their net market value – and any changes in net market value be recognised in the profit or loss for the reporting period.

Omnibus Standard 2006-1 Amendments to Australian Accounting Standards [AASB 121] (new)
AASB amendments 2006-1 01_06.doc

This Omnibus Standard makes amendments to AASB 121 that consistent with the IASB’s amendment to IAS 21, a monetary item can be denominated in any currency and still be part of the reporting entity’s net investment in foreign operations.

Omnibus Standard 2006-2 Amendments to Australian Accounting Standards [AASB 1] (new)
AASB amendments 2006-2 03_06.doc

This Omnibus Standard makes amendments to AASB 1 to allow the use of the AASB 1 transitional requirements by not-for-profit public sector entities experiencing extreme difficulty in complying with some standards (subject to making certain disclosures).

AAS 22 Related Party Disclosures (withdrawn)

The reissuing of AASB 124 Related Party Disclosures in December 2005 for application to annual reporting periods beginning on or after 1 January 2005 that end before 31 December 2005 caused the immediate withdrawal of AAS 22 Related Party Disclosures.