At the June AASB Board meeting, the Board considered two draft Amending Accounting Standards as part of the latest phase of the annual improvements project.

The draft amending standards make amendments to seven AASBs. The annual improvements project is undertaken to make necessary, but non-urgent, amendments to AASBs where the amendments will not be included as part of another major project. 

The amendments were issued by the IASB in May 2010, and will be approved at an out-of-session meeting of the AASB Board.

The amendments will effect:
  • AASB 1 First-time Adoption of Australia Accounting Standards;
  • AASB 3 Business Combinations;
  • AASB 7 Financial Instruments: Disclosures;
  • AASB 101 Presentation of Financial Statements;
  • AASB 127 Consolidated and Separate Financial Statements;
  • AASB 134 Interim Financial Reporting; and
  • Interpretation 13 Customer Loyalty Programmes