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 2018-19

Accounting Standard

AASB 9 Financial Instruments

AASB 15 Revenue from Contracts with Customers: For profit only

AASB 2016-5 Amendments to Australian Accounting Standards – Classification and Measurement of Share-based Payment Transactions

AASB 2016-4 Amendments to Australian Accounting Standards -Applying AASB 9 with AASB 4 Insurance Contracts

AASB 2017-1 Amendments to Australian Accounting Standards – Transfers of Investment Property, Annual Improvements 2014-2016 Cycle and Other Amendments: For profit only

AASB 2017-3 Amendments to Australian Accounting Standards - Clarifications to AASB 4

AASB 2017-5 Amendments to Australian Accounting Standards - Effective Date of Amendments to AASB 10 AND AASB 128 and Editorial Corrections

Interpretation 22 Foreign Currency Transactions and Advance Consideration: For profit only

 

New Accounting Standards and amendments effective 2019-20 or later

Accounting Standard

Effective

AASB 15 Revenue from Contracts with Customers
Effective -
For profit (FP): 2018-19;  Not-for-profit only: 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

2020-21

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 2016-8 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 2017-4 Amendments to Australian Accounting Standards – Uncertainty over Income Tax Treatments

2019-20

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
AASB 2018-3 Amendments to Australian Accounting Standards – Reduced Disclosure Requirements 2019-20
AASB 2018-4 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Public Sector Licensors 2019-20
AASB 2018-5 Amendments to Australian Accounting Standards - Deferral of AASB 1059 2019-20
AASB 2018-6 Amendments to Australian Accounting Standards – Definition of a Business 2020-21
AASB 2018-7 Amendments to Australian Accounting Standards – Definition of Material 2020-21
AASB 2018-8 Amendments to Australian Accounting Standards – Right-of-Use Assets of Not-for-Profit Entities 2019-20

Interpretation 22 Foreign Currency Transactions and Advance Consideration Not-for-profits only

2019-20

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

Last updated: 15/04/2019