Accounting Standard AASB 1034 – Financial Report Presentation and Disclosures Corporations Act 1989 Made 13/10/99 Tabled 21/10/99 S 20/10/99 HR Summary Prescribes general requirements for the structure and content of financial reports required to be prepared by entities in accordance with Chapter 2M of the Act. An act to add Article 7 (commencing with Section 11470) to Chapter 3 of Title 1 of Part 4 of the Penal Code, and to repeal Sections 7907 and 7908 of the Public Utilities Code, relating to criminal procedure. Requires the disclosure of components of remuneration for each director for the entity preparing the financial report, and at least five executives in … Key facts: AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Entities This AASB key facts summary has been prepared by the staff of the AASB for information purposes only and is not authoritative. AASB Standards. AASB 1018, AASB 1034 & AASB 1040 The primary differences between this Standard and the AASB Standards that it supersedes, AASB 1001 Accounting Policies, AASB 1018 Statement of Financial Performance, AASB 1034 Financial Report Presentation and Disclosures and AASB 1040 Statement of Financial Position are: (i) the The Australian Accounting Standards Board makes Accounting Standard AASB 101 Presentation of Financial Statements under section 334 of the Corporations Act 2001. The Operative Date indicates the beginning (or end) of the first annual reporting period to which the version of the Standard applies. The Australian Accounting Standards Board made Accounting Standard AASB 116 Property, Plant and Equipment under section 334 of the Corporations Act 2001 on 15 July 2004. It also removes the requirement for consolidated accounts to disclose the Summary of the ASIC Guidelines The key aspects of the ASIC guidelines are as follows: • The valuation and disclosure of options should be consistent with IASB ED 2 and AASB ED 108 ‘Share-Based Payment’ – AASB 10, AASB 11 Joint Arrangements and AASB 128 Investments in Associates and Joint Ventures respectively and are used in this Standard with the meanings specified in those Australian Accounting Standards. AASB 1017 and AASB 1034 have not been issued to reflect the consequential changes from the release of AASB 1048. entities of remuneration for directors (paragraph 4.2(b) of AASB 1017 Related Party Disclosures) and for executives of disclosing entities (Section 6 of AASB 1034 Financial Report Presentation and Disclosures). This compiled version of AASB 116 applies to annual reporting periods beginning … AbstractThe changes to the trilogy standards which comprise of AASB 1018 ‘Statement of Financial Performance”, AASB 1034, “Financial Report Presentations and Disclosures” and AASB 1040 “Statement of Financial Position” created confusion within the accounting profession and business community. Introduction. 1034. Assembly Bill No. AASB 1017 ‘Related Party Disclosures’ and AASB 1034 ‘Financial Reports Presentation and Disclosures’. CHAPTER 322. Accounting Standards - Provisions and Contingencies by Colin Parker, Stockford Ltd Released April 2002. While the definition of a liability has existed under Australian GAAP for a number of years, its application in the context of provisions has given rise to a broad range of interpretations. The date shown in the Issue Date column is either the date the Standard was made by the AASB or the date of the most recent amendment by the AASB included in the compiled version.