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

2019-20

AASB 16 Leases

2019-20

AASB 1058 Income of Not-for-Profit Entities

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 

2018-19

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 - For profit (FP): 2018-19;  Not-for-profit (NFP): 2019-20

FP:
2018-19 
NFP:
2019-20

Interpretation 22 Foreign Currency Transactions and Advance Consideration 2018-19

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