The Australian Accounting Standards Board (AASB) is implementing the Financial Reporting Council’s policy of adopting the Standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005.
How do I read AASB 132?
Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 132 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation and Application of Standards, which identifies the UIG Interpretations.
What is AASB 132 financial instruments disclosure and presentation?
Australian Accounting Standard AASB 132 Financial Instruments: Disclosure and Presentation is set out in paragraphs 1 – 95 and the Appendix. All the paragraphs have equal authority. Terms defined in this Standard are in italics the first time they appear in the Standard.
What are the two tiers of AASB 1053?
AASB 1053 Application of Tiers of Australian Accounting Standards establishes a differential reporting framework consisting of two tiers of reporting requirements for preparing general purpose financial statements: (a) Tier 1: Australian Accounting Standards; and (b) Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements.
Acronym Definition AASB Australian Accounting Standards Board AASB Alabama Association of School Boards AASB Association of Alaska School Boards AASB American Association of Small Businesses
What is the accrual basis of accounting AASB?
AASB 112.5 accrual basis of accounting The effects of transactions and other events are recognised when they occur (and not as cash or its equivalent is received or paid) and they are recorded in the accounting records and reported in the financial statements of the periods to which they relate. F.22 accrued benefits
What is a claims expense AASB 1023?
AASB 1023.19.1 claims expense The charge to the statement of comprehensive income for the reporting period and represents the sum of claims settled and claims management expenses relating to claims incurred in the period and the movement in the gross outstanding claims liability in the period.
What is a business combination AASB 3?
AASB 3.A business combination A transaction or other event in which an acquirer obtains control of one or more businesses. Transactions sometimes referred to as ‘true mergers’ or ‘mergers of equals’ are also business combinations as that term is used in this Standard.
