GAAP ALERT No.9/2009                             To read on line please click here

By Colin Parker B.Bus FCA MAICD
Principal, GAAP Consulting, colin@gaap.com.au
Member of the Australian Accounting Standards Board (2006-2009)

INTRODUCTION

Dixon Reports on ASIC’s Victorian Accounting Liaison May Meeting
Annual Improvements in AASB issued 2009-4 from 1 July 2009
Annual Improvements in AASB issued 2009-5 from 1 July 2010
Restructured First-time Adoption Standard Issued
ED 181 ‘Fair Value Measurement’ Released
ED 182 Minimum Funding Requirements for Comment
AUASB June Meeting Highlights
Proposal to Clarify Accountants’ Role on Due Diligence Committees
Niven the New Top Corporate Cop
FRC Membership Changes
IPSASB May Meeting Highlights
Japan Road Map to IFRS
IFAC Welcomes IOSCO Support of New Clarity ISAs
Lawler Partners Launches New National Alliance
GAAP Team in Print

Dixon Reports on ASIC’s Victorian Accounting Liaison May Meeting

Highlights from ASIC’s Victorian Accounting Liaison Meeting on 22 May as reported by GAAP Consulting’s Jim Dixon included the following.

ASIC’s Shane Barbetti opened the meeting by providing an overview of the recent significant internal re-organisation of ASIC which has resulted in the establishment of two separate divisions covering the Real Economy and the Financial Economy. Shane explained that the main impact of this reorganisation has been to bring accountants, auditors, lawyers and management together in a co-ordinated focus to achieve the main objectives of ASIC. As an illustration within the Financial Economy there are now 8 separate teams dedicated to examining on-site the performance and operations of auditing firms.

Doug Niven addressed what ASIC believes should be the key areas of focus for accountants and auditors in the current market conditions. He identified these key areas of focus as including going concern considerations, impairment of assets, determining fair values, off-balance-sheet arrangements and the new financial instrument disclosures. These issues and the associated concerns are addressed in an ASIC Review 08-218 (issued on 3 December 2008). Given the uncertainty and the volatility impacting the financial climate, the assumptions around going concern should be a fundamental focus for directors.

Doug addressed the need make maximum use of market related inputs, particularly when the fair value of the instrument in question could not be determined from an active market. In this context, as there are still a considerable number of Defined Benefit Superannuation Funds in operation it was considered important to remind the audience of the need to recognise the fair value the assets and the movement in the fair values of these assets, being administered by such Funds.

In highlighting impairment issues, Doug put particular emphasis on the implications of the tests for impairment being backward looking. Hence, anticipated or likely future outcomes are not considered relevant to determining whether an asset is impaired. It follows that determining whether an impairment is permanent or temporary is also not relevant in the context of the tests required by the accounting standard. Also, ASIC had concerns about the rule of thumb assertions currently being made about the phrase ‘significant or ‘prolonged’. Accordingly, 12 months or even 9 months, may be too long a period to apply for the impairment being over a prolonged period. Just as 20% loss of value was not necessarily a benchmark for an impairment being judged ‘significant’. The set of circumstances applying to each asset in question has to be separately assessed on its merits.

The audience was reminded that an entity holding listed securities as available for sale, where fair value adjustments were treated through equity, should test for impairment at each reporting date. In the event of recovery of value of these securities at a future date, any fair value gain was not available as revenue through the profit or loss (until that security was sold).

In reviewing international regulatory developments, Doug alerted the audience to three consultative papers that were that are imminent for release by IOSCO; these will cover Audit Quality, Ownership of Firms and Audit Reporting.

The Accounts Surveillance Programme has focused on entities in the ASX 200. The results have been pleasing and indicated a high level of compliance. As expected, the inclusion by auditors of an emphasis of matter relating to going concern had noticeably increased. However, the gap between addressing significant matters including refinancing and taxation and the timely disclosure of these issues was a concern. Also of concern, was the insufficient disclosure of assumptions about growth rates and discount rates. Often when these rates were disclosed, ASIC staff considered them to be optimistic. Where projections are disclosed, particularly if they are out beyond five years, then supporting disclosures of the assumptions made, are necessary to enable users to assess the likely validity of these projections. The absence of sensitivity analysis, which is now a requirement when reporting financial instruments, was another concern noted by ASIC staff on the surveillance programme.

ASIC commenced its audit inspection programmes by examining the Big 4 firms with an emphasis on file review. This programme is now being expanded to cover the medium size and smaller audit firms. Doug stressed the importance of establishing the right culture within firms and the responsibility of partners to ‘set the tone at the top’ on all matters including integrity and independence. He expressed concern that strategic planning initiatives agreed to by partners within specific firms was not always consistently impacting across these firms in question. Also deficiencies were noted associated with monitoring processes and the practices around rotation.

Doug addressed a number of issues around auditor resignation and appointment. He noted that the consent process of ASIC only applies to a public company and not to non-listed entities (guidance documents on these matters are on the ASIC website). In a situation where an auditing firm is dissolving and/or reconstituting itself, the most practical approach was for the firm to resign all audit appointments before dissolving the partnership. Otherwise, ASIC requires all of the individual partners to sign the required documentation for resignation and reappointment for each and every client entity involved. Where a merger of firms is involved, while individual forms are required for each client entity, ASIC is prepared to batch process the documentation, saving time and cost.

When discussing Section 311 notifications auditors were reminded that they should lodge such a notification when they are in doubt. ASIC relies upon auditors to report matters, including late or non-lodgement by a client, qualifications and insolvent trading. In the current climate, ASIC is concerned that Section 311 notifications are not being made at expected levels.

Annual Improvements in AASB issued 2009-4 from 1 July 2009

The AASB issued 2009-4 ‘Amendments to Australian Accounting Standards arising from the Annual Improvements Project’ which amends AASB 2 ‘Share-based Payment’, AASB 138 ‘Intangible Assets’, AASB Interpretation 9 ‘Reassessment of Embedded Derivatives’ and , AASB Interpretations16 ‘Hedges of a Net Investment in a Foreign Operation’. These amendments are as a consequence of the IASB’s annual improvements project that provides a vehicle for making non-urgent but necessary amendments to Standards.

AASB issued 2009-4 is applicable to annual reporting periods beginning on or after 1 July 2009, with early adoption permitted for annual reporting periods beginning on or after 1 January 2005 but before 1 July 2009. The insertion of early adoption conditions in the individual Standards and Interpretations means that the amendments to each of those Standards and Interpretations can be applied separately from the amendments to the other Standards and Interpretations provided the early adoption conditions in the particular Standard or Interpretation are satisfied.

The subjects of the principal amendments to the Standards and Interpretations include:

• AASB 2 ‘Share-based Payment’: Scope of AASB 2 and revised AASB 3
• AASB 138 ‘Intangible Assets’: Additional consequential amendments arising from revised
• AASB 3 and Measuring the fair value of an intangible asset acquired in a business combination
• AASB Interpretation 9 ‘Reassessment of Embedded Derivatives’: Scope of Interpretation 9 and revised AASB 3, and
• AASB Interpretation 16 ‘Hedges of a Net Investment in a Foreign Operation’: Amendment to the restriction on the entity that can hold hedging instruments.

These amendments (and those in AASB 2009-5) result from proposals that were included in ED 165 ‘Proposed Improvements to Australian Accounting Standards’ issued in August 2008 and proposals included in ED 159 ‘Proposed Improvements to Australian Accounting Standards’ issued in October 2007 and follow the release of the IASB Standard ‘Improvements to IFRSs’ in April 2009.

Annual Improvements in AASB issued 2009-5 from 1 July 2010

As a consequence of the IASB”s annual improvements project, AASB 2009-5 ‘Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project’ makes amendments to the eight Australian Accounting Standards: AASB 5 ‘Non-current Assets Held for Sale and Discontinued Operations’; AASB 8 ‘Operating Segments’; AASB 101 ‘Presentation of Financial Statements’; AASB 107 ‘Statement of Cash Flows’; AASB 117 ‘Leases’; AASB 118 ‘Revenue’; AASB 136 ‘Impairment of Assets’; and AASB 139 ‘Financial Instruments: Recognition and Measurement.

AASB 2009-5 is applicable to annual reporting periods beginning on or after 1 January 2010, with early adoption permitted for annual reporting periods beginning on or after 1 January 2005 but before 1 January 2010. The insertion of early adoption conditions in the individual Standards means that the amendments to each of those Standards can be applied separately from the amendments to the other Standards, provided the early adoption conditions in the particular Standard are satisfied.

The amendments to some Standards result in accounting changes for presentation, recognition or measurement purposes, while some amendments that relate to terminology and editorial changes are expected to have no or minimal effect on accounting. The subjects of the principal amendments to the Standards include

• AASB 5 ‘Non-current Assets Held for Sale and Discontinued Operations’: Disclosure of non-current assets (or disposal groups) classified as held for sale or discontinued operations
• AASB 8 ‘Operating Segments’: Disclosure of information about segment assets
• AASB 101 ‘Presentation of Financial Statements’: Current/non-current classification of convertible instruments
• AASB 107 ‘Statement of Cash Flows’: Classification of expenditures on unrecognised assets
• AASB 117 ‘Leases’: Classification of leases of land and buildings
• AASB 118 ‘Revenue’: Determining whether an entity is acting as a principal or as an agent
• AASB 136 ‘Impairment of Assets’: Unit of accounting for goodwill impairment test; and
• AASB 139 ‘Financial Instruments’: Recognition and Measurement: Treating loan prepayment penalties as closely related embedded derivatives; Scope of exemption for business combination contracts; and Cash flow hedge accounting.

Commenting on the amending accounting standards, Colin Parker FCA, Principal, GAAP Consulting stated “Preparers and auditors need to be aware that the amendments could impact the issued but not operative disclosures required by AASB 108 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ (para.30) for 30 June 2009 reporting period”.  He also stated “These amendments need to be considered in the context of revised AASB 101 ‘Presentation of Financial Statements’ which in some circumstances requires a third statement of financial position; that Standard is operative from 1 January 2009”.

Restructured First-time Adoption Standard Issued

The AASB issued a restructured version of AASB 1, now titled ‘First-time Adoption of Australian Accounting Standards’. AASB 1 ‘First-time Adoption of Australian Equivalents to International Financial Reporting Standards’ was first issued in July 2004 in relation to the initial application of Australian equivalents to IFRSs for annual reporting periods beginning on or after 1 January 2005. Subsequently, AASB 1 was amended many times to accommodate first-time adoption requirements resulting from new or amended Standards. As a result, that Standard became more complex and less clear. This new version of AASB 1 retains the substance of the previous version; however, the structure changed to make it easier for the reader to understand and to better handle future changes. The restructured standard applies to annual reporting periods beginning on or after 1 July 2009.

AASB 1 applies when an entity adopts Australian Accounting Standards for the first time by an explicit and unreserved statement of compliance with Australian Accounting Standards. It addresses issues about the full retrospective application of Australian Accounting Standards when they are adopted by an entity for the first time.

ED 181 ‘Fair Value Measurement’ Released

The AASB released ED 181 ‘Fair Value Measurement’ that incorporates IASB ED 2009/5 ‘Fair Value Measurement’ with comments requested by 28 August. Key features of the ED include:

• Defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price)
• In the absence of an actual transaction at the measurement date, a fair value measurement assumes a hypothetical transaction in the most advantageous market for the asset or liability
• In four cases, fair value measurement at initial recognition might differ from the transaction price accordingly, an entity would recognise any resulting gain or loss unless the relevant IFRS for the asset or liability requires otherwise, and
• A fair value measurement requires an entity to determine: the particular asset or liability that is the subject of the measurement (consistently with its unit of account); for an asset, the valuation premise that is appropriate for the measurement (consistently with its highest and best use); the most advantageous market for the asset or liability; the valuation technique(s) appropriate for the measurement, considering the availability of data with which to develop inputs that represent the assumptions that market participants would use in pricing the asset or liability and the level of the fair value hierarchy within which the inputs are categorised.

ED 182 Minimum Funding Requirements for Comment

The AASB released as ED 182 ‘Prepayments of a Minimum Funding Requirement [AASB Interpretation 14]’ the IASB’s recent ED/2009/4 on the proposed amendments to ‘IFRIC 14 – IAS 19 the Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction’. The proposed amendments are aimed at correcting an unintended consequence of IFRIC 14, an interpretation of IAS 19 Employee Benefits. As a result of the interpretation, entities are in some circumstances not permitted to recognise as an asset some prepayments for minimum funding contributions. ED 182 is open for comment until 13 July 2009.

AUASB June Meeting Highlights

Highlights of 1-2 June meeting of the AUASB included:

Going Concern Issues: Worked with the Australian Institute of Company Directors to develop a joint publication focussing on the responsibilities of directors in relation to going concern issues
ASA Redrafting (Clarity Format) Project Update: The project is on-track for completion for October this year, and the revised and redrafted Auditing Standards (in Clarity format) will be operative for financial reporting periods commencing on or after 1 January 2010 and ASQC 1 from 1 January 2010
Approval of ASQC 1: Considered comments received on exposure of ED 09/09 of proposed ASQC 1 ‘Quality Control for Firms that Perform Audits and Reviews of Financial Reports, Other Financial Information and Other Assurance Engagements’. Confirmed that ASQC 1 should be issued as an AUASB Standard and operative from 1 January 2010. Cleared ASQC 1 for final approval to release in October
Approval of Redrafted Auditing Standards: Cleared proposed Standards in “Clarity” format for final approval in October:

• ASA 220 ‘Quality Control for an Audit of a Financial Report and Other Historical Financial Information’
• ASA 500 ‘Audit Evidence’
• ASA 700 ‘Forming an Opinion and Reporting on a Financial Report’
• ASA 705 ‘Modifications to the Opinion in the Independent Auditor’s Report’
• ASA 706 ‘Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report’
• ASA 800 ‘Special Considerations – Audits of a Financial Report Prepared in Accordance with Special Purpose Frameworks’
• ASA 805 ‘Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement’
• ASA 810 ‘Engagements to Report on Summary Financial Statements’

Approval of Release of Exposure Drafts: Approved the issue of the following EDs, in “Clarity” format, which will be released in June with a 30 day comment period: ASA 101 ‘Preamble to Australian Auditing Standards’; ASA 520 ‘Analytical Procedures’; and ASRE 2410 ‘Review of a Financial Report Performed by the Independent Auditor of the Entity’
Approval of Guidance Statement – Prudential Reporting Requirements of Authorised Deposit Taking Institutions: Approved the issue of the revised Guidance Statement of AGS 1008 ‘Prudential Reporting Requirements of Authorised Deposit Taking Institutions’ which provides guidance when reporting in accordance with APRA Prudential Standard APS 310 (issued in December 2008). It is applicable to reporting periods commencing 1January 2009
National Greenhouse and Energy Reporting Scheme (NGERS) and Carbon Pollution Reduction Scheme (CPRS): The Department of Climate Change is currently progressing the draft NGERS regulations on auditor registration, as well as the legislative instrument for the conduct of audits
Specified Assurance Procedures: Received an update on the project to revise AUS 904 ‘Engagements to Perform Agreed-upon Procedures’, and will further consider whether the pronouncement should be developed as a Guidance Statement or as a Standard on Assurance Engagements, and
Withdrawal of AGS 1006: Approved the immediate withdrawal of AGS 1006 ‘Expression of an Opinion on Internal Control’.

Briefings on the impact of the Clarity Project and other auditing developments are undertaken by GAAP Consulting’s Justin Reid.

Proposal to Clarify Accountants’ Role on Due Diligence Committees

Uncertainty in the Australian marketplace about the role of accountants in due diligence committees may soon be overcome with the introduction of a proposed new professional and ethical standard for accountants. The Accounting Professional and Ethical Standards Board (APESB) is developing a new Australian standard that will clarify the role of external accountants on corporate due diligence committees and give them greater guidance when providing professional services to clients in connection with these committees. The proposed standard is currently in the exposure draft stage, with comments sought by 24 July.

Due diligence committees are established by company directors in connection with public documents relating to the sale and acquisition of assets to investigate issues, including legal and financial, that may require disclosure in the document. Accountants may be engaged to participate as members, observers or advisors to these committees. Where the accountant is a member of the committee, they may also be required to sign the due diligence report of the committee with the other committee members.

The proposed APES 350 includes mandatory requirements and guidance on: Fundamental responsibilities of Members in Public Practice; Professional Engagement and other matters; Roles and obligations of a Member in Public Practice in a due diligence process in connection with a Public Document; Documentation; Reporting; and Professional fees. It is intended that this Standard will be operative for engagements commencing on or after 1 October 2009.

APESB Chairperson Kate Spargo said, “We are concerned by reports of accountants being expected to sign-off aspects of due diligence reports that are outside their area of professional expertise and direct knowledge.” “The proposed standard, APES 350 ‘Participation by Members in Public Practice in Due Diligence Committees’, will be an Australian first and will clarify accountants’ responsibilities when providing these services,” she added. “The standard also outlines mandatory obligations of professional accountants and includes a recommended due diligence sign-off format”, Ms Spargo concluded.

APES 350 will only apply to accountants practising in accountancy firms or sole practice. The APESB will investigate due diligence issues for accountants working in business, including CFOs, at a later stage.

Niven the New Top Corporate Cop

ASIC has announced the appointment of Doug Niven as Senior Executive Leader of the Accountants and Auditors Team. This role encompasses the position of Chief Accountant under ASIC’s previous structure. Doug brings a wealth of experience to the role having previously served as ASIC’s Deputy Chief Accountant where he oversaw the development of a financial reporting and audit policy and had a major role in ASIC’s financial reporting surveillance program. Prior to joining ASIC in 1998, Doug worked at Deloitte Touche Tohmatsu for 15 years where he managed audits in the financial services and other industries, and was National Technical Manager.

“Doug’s experience in the profession as a chartered accountant and outstanding career with ASIC over the last 11 years, makes him ideally suited to this very important role in this challenging economic environment,” said ASIC Commissioner Michael Dwyer. “Internationally, Doug has earned significant respect from accounting and regulatory bodies. He currently serves as ASIC’s representative on IOSCO’s Standing Committee for Multinational Disclosure and Accounting and the International Forum of Independent Audit Regulators”, he concluded.

FRC Membership Changes

Senator Nick Sherry, Minister for Superannuation and Corporate Law, announced the appointment of four new members and the reappointment of six existing members to the Financial Reporting Council (FRC). Ms Noelle Kelleher, Mr Kevin Stevenson, Mr Kevin Simpkins and Mr Michael Dwyer were appointed as new members of the FRC. Mr Jim Murphy, Mr John Stanhope, Mr Eric Mayne, Mr Klaus Zimmerman, Mr Bruce Brook and Mr John Gethin-Jones were reappointed to the FRC for a further three-year term.

At the Minister’s request, for the first time, a representative from Australia's superannuation industry will sit on the FRC. “This new superannuation presence recognises the economic significance of Australia's superannuation industry and the reliance placed by the industry on accurate financial information about the entities in which funds have invested. The appointment of Ms Noelle Kelleher, nominated by the Association of Superannuation Funds of Australia, will be a valuable addition to the FRC,” said Minister Sherry.

IPSASB May Meeting Highlights

The highlights of 18-21 May meeting of the International Public Sector Accounting Standards Board included:

General Purpose Financial Reporting by Public Sector Entities, Objectives and Scope, Qualitative Characteristics, and the Reporting Entity: Considered responses to the Consultation Paper, and will continue its review its December meeting
Definition and Recognition of Elements: Reviewed a revised draft Consultation Paper, and will further consider in September. The draft Consultation Paper will include a comparison with the treatment of elements in the Government Finance Statistics Manual
Measurement: Considered a first draft Consultation Paper on measurement. Agreed to proceed with this phase of the project irrespective of the IASB’s work on the Measurement phase of its Conceptual Framework project. The draft Consultation Paper will include a discussion on the IASB’s proposals as they proceed. It will also include discussion on the linkage between this phase of the Conceptual Framework and the previous two phases. Will consider a further paper at the September meeting
Long-Term Fiscal Sustainability: Reviewed a draft Consultation Paper ‘Long-Term Fiscal Sustainability in the Context of General Purpose Financial Reporting’, and will consider a revised draft Consultation Paper at its September meeting with a view to approval
Service Concession Arrangements: Reviewed a proposed ED ‘Service Concession Arrangements’ that was developed based on the principles set out in the Consultation Paper (March 2008); will consider a further draft ED at its December meeting
Improvements to IPSASs: Approved ED 42 ‘Improvements to IPSASs’ – the proposed amendments to converge existing IPSASs with the relevant IFRSs and arise from the improvements adopted by the IASB in May 2008. The ED will be issued by 30 June with a comments sought by 30 September, and
Borrowing Costs: Considered responses to ED 35 ‘Borrowing Costs’, and agreed to consider the issue further using the preliminary views developed in the Measurement phase of its Conceptual Framework project.

Japan Road Map to IFRS

The Business Accounting Council (BAC), a key advisory body to the Commissioner of the Financial Services Agency (FSA), approved a roadmap for the adoption of IFRSs in Japan. The roadmap still requires the formal approval of the FSA which is expected to take place by the end of the month. If adopted, the roadmap would permit early adoption of IFRSs by listed companies for fiscal years beginning 1 April 2009. The roadmap proposes mandatory adoption of IFRSs from 2016, subject to a final decision being taken by 2012.

Commenting on the announcement, Sir David Tweedie, Chairman of the IASB said: “This is a landmark decision, both for Japan and for IFRSs. For Japan, it signals the eventual adoption of IFRSs. For the IASB, adoption of IFRSs by the world’s second largest national economy underscores the truly global nature of IFRSs and the acceptance of these standards by all major economies”.

The Singapore Accounting Standards Council has also decided to fully converge Singapore Financial Reporting Standards with IFRSs by 2012. The fully-converged standards would apply to all Singapore-incorporated companies listed on the Singapore Stock Exchange.

IFAC Welcomes IOSCO Support of New Clarity ISAs

The International Federation of Accountants (IFAC) and the International Auditing and Assurance Standards Board (IAASB) welcome the statement released today by IOSCO on International Standards on Auditing (ISAs) that recognises the important role of ISAs “in facilitating cross-border securities offerings and listings.” The IOSCO statement also welcomes the achievement of the completion of the Clarity Project, noting the improvements that have been made as a result of clarifying the ISA requirements. The IOSCO statement echoes support for the clarified ISAs expressed by the World Bank and the Basel Committee on Banking Supervision.

“IOSCO's endorsement of the clarified ISAs and its encouragement of securities regulators to accept audits performed in accordance with the clarified ISAs is consistent with the IAASB’s long-held objective of developing and promoting adoption of a high-quality set of auditing standards for use in all audits worldwide,” stated IAASB Chair Arnold Schilder.

IFAC, in its letter to the G-20 Working Group 1 in March, expressed its view that the global adoption of ISAs will improve the quality and consistency of the audit of financial information. Currently, more than 100 jurisdictions around the world use ISAs or base their national standards on them. Increased adoption of ISAs will facilitate greater transparency and result in higher standards of accountability.

“The IOSCO statement is testimony to the success of the standard-setting process for International Standards on Auditing, in which responsibility is shared between the public sector and the private sector,” stated IFAC President Robert Bunting. “It is vital that the standard-setting process operates in, and is seen to operate in, the public interest. Oversight of the IAASB's work by the Public Interest Oversight Board (PIOB) and the role of the IAASB’s Consultative Advisory Group play critical roles in ensuring that the standards do reflect the public interest”, he concluded.

Lawler Partners Launches New National Alliance

Melbourne chartered accounting firm Draper Dillon (8 Partners and 50 staff) joins Lawler Partners (Newcastle, Sydney, Brisbane), and will change their name to Lawler Draper Dillon as part of a developing national alliance. The alliance has combined fee revenue of approx. $39m; 21 partners and over 200 staff.  Draper Dillon is the first firm to affiliate with Lawler Partners, together they are seeking a national presence through affiliations in Brisbane, Adelaide and Perth. One of the key drivers behind establishing the National Alliance is to offer greater opportunities, benefits and synergies to clients. These synergies are a shared focus not only in the corporate and SME markets, but also in key industry areas of business recovery and insolvency, franchising and the registered club and liquor industries.

Newcastle Business Advisory Services Director, Steve Meyn, will move into the leadership role of Managing Director of Lawler Partners Pty Ltd. Steve will guide the firm in the implementation of the strategic plan as well as continue his client advisory role. Terry Lawler will move into a role with the Lawler Partners National Alliance where he will continue to develop this national group.

GAAP Team in Print

Colin Parker, Principal, GAAP Consulting and network member, David Sauer, were extensively quoted in the National Accountant’s lead article ‘Pressure Points – fallout from the global financial crisis is putting the squeeze on accountants and other finance professionals’ (pp 15-17).

Accounting

• 30 June ED 36 ‘Agriculture’ – IPSASB
• 3 July ED 177 ‘Derecognition (Proposed Amendments to AASB 139 and AASB 7)’ – AASB
• 13 July ED 182 ‘Prepayments of a Minimum Funding Requirement [AASB Interpretation 14]’ –
  AASB
• 17 July ‘Leases: Preliminary Views’ – IASB
• 27 July ED ED/2009/4 ‘Prepayments of a Minimum Funding Requirement’ – IASB
• 31 July ED/2009/1 ‘Derecognition’ – IASB
• 31 July ED/2009/2 ‘Income Tax’ – IASB
• 31 July ED 37 ‘Financial Instruments: Presentation’ – IPSASB
• 31 July ED 38 ‘Financial Instruments: Recognition and Measurement’– IPSASB
• 31 July ED 39 ‘Financial Instruments: Disclosures’– IPSASB
• 15 August ED 40 ‘Intangible Assets’ – IPSASB
• 15 August ED 41 ‘Entity Combinations from Exchange Transactions’ – IPSASB
• 28 August ED 181 ‘Fair Value Measurement’ – AASB
• 28 September ED/2009/5 ‘Fair Value Measurement’ – IASB
• 30 September ED 179 ‘Superannuation Plans and Approved Deposit Funds’ – AASB

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