Comments sought on exposure drafts

At BDO, we provide comments locally to the Australian Accounting Standards Board (AASB) and internationally to the International Accounting Standards Board (IASB). We welcome any client comments on exposure drafts that are currently available for comment. If you would like to provide any comments, please contact Aletta Boshoff at aletta.boshoff@bdo.com.au.

Document

Proposals

Comments due to AASB by

Comments due to IASB by

ED 319 Insurance in Contracts in the Public Sector

Proposes amendments to IFRS 17 for public sector entities as follows:

  • Exemption from sub-grouping onerous versus non-onerous contracts at initial recognition
  • Exemption from sub-grouping contracts issued no more than one year apart
  • Amending the initial recognition requirements so they do not depend on when contracts become onerous
  • Guidance on coverage periods, which has consequences for assessing eligibility for the premium allocation approach in a public sector context
  • Provides indicators for identifying the transactions AASB 17 should apply to in a public sector context
  • Provides guidance on determining the cash flows within the contract boundary.

8 June 2022

N/A

ED 320 Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities

Proposes additional authoritative implementation guidance in AASB 13 Fair Value Measurement for public sector not-for-profit entities determining fair value of non-financial assets not held primarily for their ability to generate cash flows. The proposed guidance relates to:

  • What market participant assumptions to use in measuring an asset’s fair value
  • Determining highest and best use
  • Application of the cost approach.

30 June 2022

N/A