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March 2010



To contact the  Moore Stephens Technical Accounting Services team call Rob Mackay
or Kim Barson on (03) 9614 4444 or email:

Rob Mackay
rmackay@moorestephens.com.au

Kim Barson
kbarson@moorestephens.com.au

    ED 189 Financial Instruments: Amortised Cost and Impairment

    ED 189 Financial Instruments: Amortised Cost and Impairment is the second phase of the IASB’s project to revise and replace IAS 39 Financial Instruments: Recognition and Measurement.
     
    The first phase of the project resulted in the December 2009 release of AASB 9 Financial Instruments which addresses the recognition and measurement of financial assets.  The IASB anticipates that a standard on the second phase will be released in the latter half of 2010 and would be available for early adoption.

    Application of New and Revised Pronouncements

    Generally all new Accounting Standards contain provisions that permit adoption of the requirements in a period prior to the mandatory application date at the option of the entity.

    In some cases entities will see great benefit in early adopting the new or revised standard; however this is not always the case.

    Other news in brief

    On 26 February 2010 the AASB released ED 192 Revised Differential Reporting Framework which aims to introduce a second tier of financial reporting requirements to reduce the burden on non-publicly accountable entities, including SMEs preparing


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