AASB releases Exposure Draft 320
Fair Value measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities
The Australian Accounting Standards board (AASB) has issued an exposure draft paper ED 320 Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities.
ED 320 proposes to add authoritative implementation guidance to AASB 13 Fair Value Measurement for application by not-for-profit public sector entities.
The AASB is seeking comments/feedback from organisations such as the API, as well as individuals who have an interest in or are undertaking Fair Value valuations for not-for-profit public sector entities.
The consultation period is open until Thursday 30 June 2022.
Members are encouraged to review the exposure draft and provide a response to the “Specific matters for comment” in the paper.
The exposure draft paper is available here.
The AASB will be hosting three virtual roundtable discussion events towards the end of may 2022 to discuss the proposals in ED 320 Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities.
Details of the three roundtable discussion events are as follows:
|Date and time||Jurisdiction||Registration details|
Tuesday 24 May at 10am─12pm (AEST)
|Commonwealth, NSW and ACT||Click here to register for Roundtable 1|
Wednesday 25 May 10am─12pm (AEST)
|VIC, QLD and TAS||Click here to register for Roundtable 2.
Thursday 26 May 3pm─5pm (AEST)
|WA, SA and NT||Click here to register for Roundtable 3.|
The events are grouped by jurisdiction to achieve an even spread of registrants across the events and assist in identifying shared jurisdiction-specific fair value measurement issues.
Notwithstanding the above statements, if the event covering an individual’s jurisdiction is not at a convenient time, the individual is not prohibited from registering for one of the other events.
Registration for the three roundtable events closes on Friday 20 May 2022.
The API will be making a submission on behalf of Members to the AASB. Should any Member wish to contribute to that submission please contact the standards team at [email protected]. Alternatively, Members are encouraged to review the exposure draft and provide their feedback directly to the AASB as detailed above.
If there are any queries in relation to this matter, please do not hesitate to contact the API at [email protected].
Posted on May 16, 2022