Each month, this section highlights the latest developments in:
Previous month's developments can be accessed through the archive.
Financial reporting
Simple business-to-government reporting
Standard Business Reporting is a Federal Government multi-agency initiative that aims to give businesses a faster, more efficient mechanism to report to government agencies, which will reduce the regulatory burden on business.
Latest IFRIC interpretations
The International Financial Reporting Interpretations Committee (IFRIC) has issued two new interpretations, IFRIC 15 Agreements for the construction of real estate and IFRIC 16 Hedges of a net investment in a foreign operation.
Proposals on IASB composition and public accountability
The trustees of the IASC Foundation issued a discussion document, Review of the constitution: public accountability and the composition of the IASB proposals for change.
IASB improves IFRSs
The Australian Accounting Standards Board (AASB) considered the International Accounting Standards Board's (IASB's) first annual improvements project at its meeting on 25 and 26 June.
Developments in the conceptual framework
The AASB has replicated and published the two documents ED 164 An improved conceptual framework for financial reporting: the objective of financial reporting and qualitative characteristics and constraints of decision-useful financial reporting information, and ITC 17 Request for comment on IASB discussion paper preliminary views on an improved conceptual framework for financial reporting: the reporting entity for comment by Monday 18 August.
Reducing complexity in reporting financial instruments
Members are invited to comment on the AASB's discussion paper Reducing complexity in reporting financial instruments by Friday 15 August.
Discussion paper on IAS 19 Employee benefits
You are invited to comment by Friday 15 August on the IASB's discussion paper Preliminary views on amendments to IAS 19 Employee benefits.
IFRS conference in Amsterdam June 2008
The International Accounting Standards Committee Foundation's (IASCF's) IFRS Conference was held on 25 and 26 June in Amsterdam.
Singapore SMEs: proposal for simplified accounting
The Singapore Accounting Standards Council (ASC) has issued the consultation paper Proposed framework for differential reporting which may lead to simplifying accounting for Singapore SMEs and other qualifying entities.
Upcoming FRC meeting
The next Financial Reporting Council (FRC) meeting will be held in Sydney on Wednesday 3 September.
Appointments to IFRIC: July 2008
The trustees of the IASCF confirmed the reappointment of Jean Louis LeBrun, partner and chairman of the Supervisory Board, Mazars, France, as member of IFRIC.
SEC roundtable on fair value
The Securities and Exchange Commission (SEC) hosted a roundtable in Washington, DC on 9 July to facilitate discussion about the benefits and potential challenges associated with existing fair value accounting and auditing standards.
Improvements in financial reporting
Outcomes from the SEC's advisory committee meeting on improvements to financial reporting, which was held on 11 July, are available.
Discussion on conceptual framework: financial reporting
The AASB will hold a roundtable discussion on the IASB's latest paper, Preliminary views on an improved conceptual framework for financial reporting: the reporting entity, in Melbourne on Thursday 14 August. The paper is a joint project with the US Financial Accounting Standards Board and aims to replace existing frameworks of the two boards.
Ethics and professional standards
IESBA Code of ethics for professional accountants
The International Ethical Standards Board for Accountants (IESBA), an independent standard-setting body of the International Federation of Accountants (IFAC), has issued proposed changes to the IFAC Code of ethics for professional accountants.
IESBA independence proposals
The IESBA issued a re-exposure draft of proposals to enhance two areas of independence requirements in the Code of ethics for professional accountants. Members may submit their comments to CPA Australia by Friday 15 August.
APESB invites comments and issues replacement standards
Members are invited to comment on the exposure draft ED 04/08 Proposed standard APES 215 Forensic accounting services issued by the APESB.
Joint accounting bodies respond to ED 03/08
As a member of the joint accounting bodies CPA Australia has commented that the approach adopted in APES 210 Conformity with auditing and assurance standards, as currently applies, is preferred to that proposed in ED 03/08 in a submission lodged with the APESB in July.
Compiled APES 110 Code of ethics for professional accountants
In July 2008, the Accounting Professional & Ethical Standards Board (APESB) issued a compiled version of APES 110 Code of ethics for professional accountants which incorporates amendments issued up to and including 15 February 2008.
New professional standards on valuation engagements
Members performing valuation services are advised that the APESB has issued a new professional standard on valuation engagements.
Audit and assurance
Auditing standards July 2008
The Auditing and Assurance Standards Board has issued ASAE 3100 Compliance engagements and GS 008 The auditor's report on a remuneration report pursuant to section 300A of the Corporations Act 2001.
New international auditing and assurance standards
The International Auditing and Assurance Standards Board (IAASB) recently released International Standard on Auditing (ISA) 550 (revised and redrafted) Related parties and three clarity redrafted ISAs.
New chair of IAASB
The Board of the International Federation of Accountants announced on 7 July the appointment of Professor Dr Arnold Schilder RA, to lead the International Auditing and Assurance Standards Board (IAASB) from 1 January 2009.
Professor Schilder's appointment to the three-year term as IAASB chair was approved by the Public Interest Oversight Board, which oversees the IAASB's activities, at its recent meeting in Spain.
IAASB Strategy and Work Program
The International Auditing and Assurance Standards Board (IAASB) recently released its Strategy and Work Program for 2009 2011.
The three-year strategy emphasised the development of standards that contribute to the effective operation of the world's capital markets and that address the needs of small and medium-sized entities, and small and medium practices.
ASIC's focus for the upcoming period
The Australian Securities & Investments Commission (ASIC) recently highlighted some areas of focus for companies and auditors preparing the 30 June financial reports.
New system to search standards online
The AASB and the Auditing and Assurance Standards Board will publish compiled amended standards online, which will be regularly updated. The improved system will simplify the search process and allow users to extract versions on specified dates, with links to relevant amending standards.
Corporate governance
Improvements in corporate governance by listed entities
The Australian Securities Exchange (ASX) recently reviewed listed entities' reporting against the ASX Corporate Governance Council's principles and recommendations. The review showed an improvement in the corporate governance reporting.
Hong Kong's companies ordinance re-write
The Hong Kong's Financial Services and the Treasury Bureau (FSTB) published a consultation paper 'Share capital the capital maintenance regime statutory amalgamation procedure' to consult on legislative proposals to improve provisions in the companies ordinance.
Sustainability
Carbon reduction scheme green paper
The Department of Climate Change has released its Green paper on carbon pollution reduction scheme, which sets out options and identifies the government's disposition and preferred positions on emissions trading and the support proposed to help households and businesses.
Archive
Past pages of 'Latest developments' can be accessed on the website.
