The AASB has introduced consolidation relief for NFP entities which defers the mandatory application date of AASB 10, AASB 11, AASB 12, AASB 127 Separate Financial Statements and AASB 128 Investments in Associates and Joint Ventures for NFPs from 1 January 2013 to 1 January 2014.
This decision reflects the fact that the Board’s exposure draft to propose Australian NFP entity implementation guidance for inclusion in AASB 10 has yet to be issued.
Revisions to RDR requirements – AASB 2012-11 Amendments to Australian Accounting standards ÛÒ Reduced Disclosure Requirements and Other Amendments makes various editorial corrections to the reduced disclosure regime (RDR) requirements to ensure they correctly reflect board decisions. Nine standards have been amended and the changes are operative for financial reporting periods beginning on or after 1 July 2013. In particular the amendments include an extension of the relief from consolidation and the equity method for entities preparing RDR financial statements. The amendments remove the requirement for the consolidated financial statements prepared by the ultimate or any intermediate parent to be IFRS compliant in these circumstances.