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| Subject: Re: Tax.AASB1020/AAS3 | |
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Date Posted: 05:30:59 01/22/03 Wed In reply to: positively or negatively. 's message, "TaxAASB1020." on 05:29:19 01/22/03 Wed http://www.cpaaustralia.com.au/03_publications/02_aust_cpa_magazine/2002/46_dec/3_2_46_34_reporting.asp Australian CPA December 2002 Reporting update Jim Dixon, CPA Australia's accounting and audit director, has the lowdown on Sarbanes-Oxley; the privacy act; and auditing estate agents' trust accounts AASB Operative date of accounting for income taxes standard deferred The Australian Accounting Standards Board (AASB) indicated its intention to adopt IAS 12 'Income Taxes' once the International Accounting Standards Board (IASB) issues an amended standard under its intended convergence program. The Board agreed that it would further defer the operative date of AASB1020/ AAS 3 'Income Taxes' to annual reporting periods beginning on or after 1 January 2005. However, for those companies that wish to early adopt, they can use AASB1020/AAS3 as they are harmonised with IAS 12. ED108 'Shared based payments' The AASB is requesting comments on this exposure draft by 31 January 2003. It deals with share-based payments to employees (including directors) and non-employees. This will enable the views of constituents to be considered in preparing the AASB's submission to the IASB before the IASB submission date of 7 March 2003. www.aasb.com.au UIG News Status of tax consolidation The first consolidation act and the second bill were enacted or substantively enacted for financial reporting purposes on 21 October 2002. Therefore, the first act and the second bill must be taken into account in the recognition and measurement of deferred tax balances in accordance with UIG Abstract 39: 'Effect of Proposed Tax Consolidation Legislation on Deferred Tax Balances'. SIC-33 The UIG decided not to develop an abstract based upon interpretation SIC-33 'Consolidation and Equity Method - Potential Voting Rights and Allocation of Ownership Interests'. The AASB has committed to issuing Australian Standards based on the resulting international standards. The principles of SIC-33 are included in IAS 27 and IAS 28. The members agreed not to revise UIG Abstract 41 'Fair Value of Equity Instruments Issued as Purchase Consideration'. www.aasb.com.au International IASB update A memorandum of understanding has been reached between the IASB and FASB, to work together toward the convergence of global accounting standards. This follows the commitment by the European Union (and Australia) to adopt IASB standards from 2005. Former SEC Chairman Pitt has stated that if, by 2005, there has been sufficient progress in the improvement and short-term convergence of accounting standards, then 2005 could become a target date for the SEC to determine whether foreign private issuers in the United States which prepare accounts in accordance with IAS should continue to be required to reconcile to US GAAP. IFAC IFAC Credibility Task Force has been researching a number of issues relating to the role of codes of ethics and executive remuneration as factors that give rise to the loss of confidence in financial statements. The role may also extend to examine the respective roles of the chair and the CEO in different countries. www.ifac.org Audit News AUS 526 AUS 526 'Auditing Fair Value Measurements and Disclosures' has been approved, with an operative date on or after 31 December 2003. The AUS 526 addresses audit considerations relating to the valuation, measurement, presentation and disclosure for material assets, liabilities, and specific components of equity presented at fair value in financial statements. (Fully converged with ISA 545). www.aarf.asn.au Audit of Superannuation Funds Audit Guide 4 'Audit of Superannuation Funds' (2002 ed.) has been published and is available in the CPA Australia bookstore. This book has been endorsed by APRA. Sample Audit Programs Sample Audit Programs for Small Entities (2002 ed.) has been published and is available in CPA Australia bookstore. The book includes chapters on the audit of: self-managed superannuation funds; members' trust accounts; incorporated/unincorporated associations; and real estate agents' trust accounts. -------------------------------------------------------------------------------- About the author Reporting Update is written by Naomi Carroll, technical adviser – accounting and audit, and Jim Dixon, director, accounting and audit, at CPA australia [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Re: Tax.AASB1020/AAS3 | AASB1020, | 05:34:42 01/22/03 Wed |