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With the finalisation and implementation of the removal of SPFS for most for-profit entities, the AASB’s technical agenda now shifts to developing the reporting and conceptual frameworks for the NFP sector as a matter of priority. This will involve significant outreach to—and engagement with—the stakeholder community to ensure that the sector is well-served in this regard.

Other specific projects that will be pursued include fair value measurement in the public sector, the International Accounting Standards Board’s (IASB) review of impairment of goodwill, audit fee disclosures and minimum disclosures for entities continuing to produce SPFS.

Whilst the AASB has a proud history of stakeholder engagement, this will be enhanced further, with closer ties to be established with key groups. As well as the NFP sector, the AASB will seek to draw upon the talents in our universities through an expanded research program and schedule of events. This will reinforce the AASB’s commitment to a principles-based standard setting framework and position the AASB at the forefront of thought leadership in this area.

We will continue our involvement on the international scene not only through our relationship with the IASB and the International Public Sector Accounting Standards Board (IPSASB), but also with other national standard setters and representative bodies. This will ensure that Australia’s position continues to be incorporated into international standards, supporting the AASB’s continued commitment to providing an accounting framework that supports the Australian economy.

Whilst the challenges of COVID-19 continue to be present, after we have seen our way through these circumstances, 2020-21 promises to be a productive year as we continue our work supporting the Australian economy.