Changes in Australian Accounting Standards 

The following information is a summary list of new Australian Accounting Standards and amendments to existing Standards.  Where available, the effective date of the amendments or new standards are listed.

Links to the full text of the following standards and interpretations can be found on the AASB website: www.aasb.gov.au/Pronouncements.aspx.

New Accounting Standards and amendments effective in 2017-18

Accounting Standard

AASB 2016-1 Amendments to Australian Accounting Standards – Recognition of Deferred Tax Assets for Unrealised Losses

AASB 2016-2  Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 107

AASB 2016-4 Amendments to Australian Accounting Standards – Recoverable Amount of Non-Cash-Generating Specialised Assets of Not-for-Profit Entities

AASB 2016-7 Amendments to Australian Accounting Standards – Deferral of AASB 15 for Not-for-Profit Entities

AASB 2017-2 Amendments to Australian Accounting Standards – Further Annual Improvements 2014-2016 Cycle

 

New Accounting Standards and amendments effective 2018-19 or later

Accounting Standard

Effective

AASB 9 Financial Instruments 2018-19
AASB 15 Revenue from Contracts with Customers
Effective -
For profit (FP): 2018-19;  Not-for-profit (NFP): 2019-20
FP: 2018-19
NFP: 2019-20
AASB 16 Leases 2019-20
AASB 17 Insurance Contracts 2021-22
AASB 1058 Income of Not-for-Profit Entities 2019-20
AASB 1059 Service Concession Arrangements:  Grantors 2019-20
AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15 2019-20
AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 2021-22
AASB 2015-8 Amendments to Australian Accounting Standards – Effective Date of AASB 15  2019-20
AASB 2016-3 Amendments to Australian Accounting Standards – Clarifications to AASB 15  2019-20
AASB 2016-5 Amendments to Australian Accounting Standards – Classification and Measurement of Share-based Payment Transactions  2018-19
AASB 2016-6 Amendments to Australian Accounting Standards - Applying AASB 9 with AASB 4 Insurance Contracts 

2018-19

AASB 2016-8 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities 2019-20
AASB 2017-1 Amendments to Australian Accounting Standards – Transfers of Investment Property, Annual Improvements 2014-2016 Cycle and Other Amendments
Effective -  FP: 2018-19;  NFP: 2019-20
FP: 2018-19 
NFP: 2019-20
AASB 2017-3 Amendments to Australian Accounting Standards – Clarifications to AASB 4  2018-19
AASB 2017-4 Amendments to Australian Accounting Standards – Uncertainty over Income Tax Treatments 2019-20
AASB 2017-5 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections 2018-19
AASB 2017-6 Amendments to Australian Accounting Standards – Prepayment Features with Negative Compensation 2019-20
AASB 2017-7 Amendments to Australian Accounting Standards – Long-term Interests in Associates and Joint Ventures 2019-20
AASB 2018-1 Amendments to Australian Accounting Standards – Annual Improvements 2015–2017 Cycle 2019-20
AASB 2018-2 Amendments to Australian Accounting Standards – Plan Amendment, Curtailment or Settlement 2019-20
Interpretation 22 Foreign Currency Transactions and Advance Consideration  2018-19
Interpretation 23 Interpretation 23 Uncertainty over Income Tax Treatments  2019-20

Note: Links to the full text of the above Standards and Interpretations can be found on the AASB website: www.aasb.gov.au/Pronouncements.aspx