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The Australian Accounting Standards

   

Added on  2020-03-16

5 Pages885 Words61 Views
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AASB139 is to be replaced by AASB9IntroductionAustralian Accounting standards are accounting standards that are set by the Australian Accounting Standards Board (AASB) which is in charge of formulating and maintaining accounting standards in Australian (Azoor-Hughes, 2011). The AASB is an independent standard setter and has its headquarters in Melbourne. The AASB continuously develop high quality and understandable accounting standards in the best interests of the public. The standardsare required to have transparent and comparable information in the general purpose of financial statement. The AASB 9 is set to replace AASB 139 starting 1 January 2018. The following writeup will briefly outline the AASB 9 and AASB 139 accounting standards. It will also discuss the importance of AASB 9 and it difference with AASB 139. ASSB 9 and AASB 139The AASB 9 was developed in 2009 to replace AASB 139 which was adopted in 1 January 2006. The AASB 139 Financial Instruments was developed in recognize and measure financial liabilities and assets. These standards of accounting had several shortcomings on it adoption that led to development of AASB 9. The AASB 9 Financial Instruments was developed in 2009 where several amendments have been made over the years. The AASB 9 was amended in 2010, 2013 and 2014. The AASB 9 contains all amended that have been made in Financial Instrumentsin recognizing and measuring financial liabilities and financial assets. Therefore, AASB 9 is an amendment of AASB 139 to provide a more concise and understandable classification, recognition, and measurement of financial liabilities and financial assets in financial statement when preparing annual reports.

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