Compilations of agenda decisions
Compilations of agenda decisions compile all agenda decisions published by the Interpretations Committee in a particular period.
Compilations of agenda decisions
Agenda decisions by date
Agenda decisions published by the Interpretations Committee and included in the annotated Standards are listed below. If you would prefer to see agenda decisions listed by relevant Standards, click here.
All agenda decisions
https://www.ifrs.org/supporting-implementation/how-the-ifrs-interpretations-committee-helps-implementation/#agendadecisions
Q:
What is the relationship between the AASB, the Australian Government and the international standard-setting bodies?
A:
The AASB is an Australian Government agency, reporting to the Parliamentary Secretary to the Treasurer. The AASB’s principal funding is via parliamentary appropriation under the Australian Treasury portfolio. Significant funding is also received from the States and Territories.
The International Accounting Standards Board (IASB) is part of the IFRS Foundation and is an independent private-sector organisation based in London. The Australian Government provides a significant annual monetary contribution to the activities of the IASB.
The IASB is committed to developing, in the public interest, a single set of high quality, global accounting standards that require transparent and comparable information in general purpose financial statements. In pursuit of this objective, the IASB co-operates with national accounting standard-setters (like the AASB) to achieve convergence in accounting standards around the world.
The International Public Sector Accounting Standards Board (IPSASB) is a board of the International Federation of Accountants (IFAC). IFAC is funded principally by its members, which are professional accounting bodies from around the world. Those bodies may propose nominations for membership of the IPSASB and other boards of IFAC.
The IPSASB focuses on the accounting and financial reporting needs of national, regional and local governments, related governmental agencies, and the constituencies they serve. It addresses these needs by issuing and promoting benchmark guidance and facilitating the exchange of information among accountants and those who work in the public sector or rely on its work. The AASB considers the work of the IPSASB in developing and issuing accounting standards for public sector entities in Australia.
Q:
What is an IFRS and how does it affect accounting in Australia?
A:
“IFRSs” is the collective term used to describe the authoritative pronouncements issued by the IASB. Technically, IFRSs comprise:
1. two series of standards: those explicitly called International Financial Reporting Standards and the older series of International Accounting Standards, and
2. two series of Interpretations: those issued by the former Standing Interpretations Committee (SIC) and those issued by the existing International Financial Reporting Interpretations Committee (IFRIC) of the IASB.
Under a broad strategic direction from the FRC, the AASB has adopted IFRSs for application by entities reporting under the Corporations Act 2001 for annual reporting periods beginning on or after 1 January 2005. This is to ensure that general purpose financial statements, prepared by for-profit entities in accordance with AASB standards, will also be in accordance with IFRSs.
The AASB has a transaction neutrality policy, which means similar transactions and events should be accounted for in a similar manner by all types of entities, whether in the for-profit sector, the not-for-profit private sector, or the public sector – unless there is a sound reason to be different in particular circumstances. The AASB considers the specific needs of not-for-profit entities in the private and public sectors when preparing new and revised IFRSs for adoption in Australia.
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