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 |
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 |
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
