The AUASB has recognised a total Comprehensive surplus of $215,886 (2019: Loss of $76,424) as a result of the impact of COVID-19 on travel expenditure. Costs have decreased to $65,019 (2019: $183,445). Board expenditure and Conference & Professional development also decreased due to COVID-19.
The management fee paid to the AASB was $537,542 (2019: $767,761) (refer to Notes 2A and 2B to the Financial Statements). The Management fee relates to common costs incurred by AASB which have been apportioned between the two entities as agreed in the MOU.
During the year AUASB commenced a project to develop a digital platform for their standards. The costs are shown included in Other Suppliers costs in Note #B of the Financial Statements.
Note 11 to the Financial Statements provides further details of variances from the reported
budget numbers.