Note to users of this Style Guide.
As you identify matters for inclusion in this guide, please email them to Clark. This guide will be updated periodically.
AASB Style Guide (2024)
The objective of this document is to create a living guide in relation to issues that may be
encountered in authoring or reviewing pronouncements and issues papers. The guide sets out
rules that are expected to create greater consistency in writing.
Ideally, all AASB documents will follow a consistent style. This is not always possible as
some of our documents are based on or incorporate material from other bodies (especially the
IASB) that do not necessarily have a consistent style. Therefore, at a minimum, we should
aim for consistency of style within a document.
The consideration of issues relating to the style of writing documents is not limited to
grammatical or punctuation cases. It also encompass other issues, such as the way documents
should be marked up for amendments or the use of italics in titles.
Drafting Conventions
AASB Convention
Example
1
Staff is used as a
plural
✓
Staff are of the view
Staff is of the view
2
Board is used as
singular
✓
The Board is considering …
Committee or
Panel is also singular
The Board are considering …
✓
The Board members are considering
‘Board members’ is plural, but do not “look through” a
…
reference to the Board to make it plural. Same rule
applies to organisations, etc.
3
Board decisions are
decided, not
✓
The Board decided that …
agreed upon
The Board agreed that …
✓ The Board agreed with … that …
The latter wording indicates that the Board agreed with
a third party, which may not be the intended meaning.
If that meaning is intended, include the name of the
party with whom or with which the Board agreed.
4
Define the specific
source of views in ✓
The AASB is of the view that …
submission letters made by the AASB
We are of the view that …
5
One space after a full stop is
✓
…comprehensive income.•If an …
preferred, but whatever the IASB uses ✓
…comprehensive income:•sub-text …
in a pronouncement.
…comprehensive income.••If an …
At the least, be consistent within a
document.
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AASB Convention
Example
6
For
paragraph range cross
✓
paragraphs 25–28
references, use an en dash without
paragraphs 25 – 28 (with spaces)
spaces – unless the document already
paragraphs 25—28 (with an em dash)
uses a different format
paragraphs 25-28 (with a hyphen)
At the least, be consistent within a
document.
7
Include a
non-breaking space [nbs]
[nbs] indicates a non-breaking space
when numbers are used in conjunction AASB [nbs] 3
with characters in titles when there is
Tier [nbs] 2
the potential to break across lines
Section [nbs] 3.1
Use Ctrl + Shift + Space to insert a non-breaking space No need to keep “paragraphs” and the para numbers
together, or any part of dates together, however it is
A non-breaking space prevents words that need to be
good practice to keep “1” with the month because the
kept together from being split across two lines (i.e. the
single digit “1” is small and hard to see.
end of one line to the beginning of the next).
8
Use
a before a
consonant sound, and
✓
An AASB meeting … (even though
an before a
vowel sound
some might pronounce AASB as
‘double ASB’)
✓
A FASB meeting … (even though
some might pronounce FASB as ‘eff
ASB’)
A AASB meeting …
An FASB meeting …
9
Avoid
contractions in official
✓
Do not, cannot, should not
documents
Don’t, can’t, shouldn’t
10
Use
single quote marks
unless
✓
Correct:
presenting phrases as an actual
AASB 117
Leases defines the term ‘fair
quotation
value’ as “the amount for which an asset
could be exchanged or a liability settled,
between …”
Incorrect:
AASB 117
Leases defines the term “fair
value” as “the amount for which an asset
could be exchanged or a liability settled,
between …”
AASB 117
Leases defines the term “fair
value” as ‘the amount for which an asset
could be exchanged or a liability settled,
between …’
11
Avoid
Latin terms. Use plain English ✓
Amongst other things …
instead.
Inter alia …
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AASB Convention
Example
12
Abbreviated Latin terms should
✓
eg or ie – in IASB-based documents
contain punctuation marks.
and in other AASB pronouncements
Furthermore, such abbreviations
for consistency with the majority of
should only be used inside
our pronouncements
parentheses. The term should be
Otherwise:
written in full in italics in all other
✓
(e.g. research costs …)
cases, if unavoidable.
✓
(i.e. research costs …)
However, if an AASB document is
✓
For example, research costs …
dominated with IASB text, follow the
convention in the IASB document, which is
eg or ie
normally the abbreviation with no full stops.
Costs for e.g. research costs …
eg. or ie.
e.g. =
exempli gratia = for example
e.g., or i.e.,
i.e. =
id est = that is
cet. par. =
ceteris paribus = all other things being
equal
13
Italicise titles of documents,
In general:
legislation etc. But when quoting a
✓
Corporations Act 2001
title within a title, use contrary font to
Corporations Act 2001
signify the distinction
Title within title:
✓
Subsequent Act references use non-italics, without the
AASB 20XX-X
Amendments to
year of the Act:
AASB 4 Insurance Contracts
… the Corporations Act requires …
AASB 20XX-X
Amendments to
AASB 4 Insurance Contracts
14
Abbreviations and acronyms should
First use:
be defined when first used
Financial Reporting Council (FRC)
Subsequently:
It might be appropriate to redefine an unfamiliar
FRC
acronym at times through a lengthy document to save
the reader having to repeatedly look for the definition.
15
The words ‘history’ and ‘experience’
✓
Experience has shown…
reflect events that have already
Past experience has shown…
occurred. Adding ‘past’ before a
Adding ‘past’ confuses the sentence, particularly when
word that already indicates
events in
the sentence is already in the past tense.
the past often confuses the sentence
✓
History shows…
Past history shows…
‘History’ already indicates events in the past. Thus,
this is a tautology (see no. 17).
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AASB Convention
Example
16
Hyphenate compound adjectives but
✓
Time value of money
not adverbs or nouns
Time-value of money
and:
Compound adjectives (hyphenated adjectives) form a
✓
Out-of-session approval
single idea. Removing the hyphens can often lead to
ambiguity. In the second incorrect example opposite,
Out of session approval
the meaning of the phrase is unclear. Does the phrase
✓
AASB 12 was approved out of session
refer to approvals made out of session, or has the
allotment of ‘session approvals’ been exhausted?
AASB 12 was approved out-of-
Hyphenation makes the intended meaning clear.
session
17
Tautologies are unwelcome!
✓
A group of disclosures
✓
A collection of disclosures
A collective group of disclosures
18
Avoid
assertions when describing the ✓
Annual impairment testing might be
application of accounting standards
necessary depending on the nature
and characteristics of the asset
The asset must be tested for
impairment annually
19
Write in the
active voice
✓
The Board considers…
It is considered by the Board…
20
New thoughts go in
separate
Avoid a ‘wall of text’ and use paragraphs to
paragraphs
structure arguments/discussions.
21
Keep sentences
short to facilitate
Consider whether a comma is necessary or
reading and understanding
whether it can be replaced with a full stop.
Although a semi-colon can link two sentences
together, consider whether its use is
appropriate.
Document Presentation Conventions
AASB Convention
Example
22
Heading hierarchy should be used
✓ Correct:
consistently and logically in addition
Presentation
to using a template.
Classification of exploration and evaluation assets
Headings are best presented as left-
aligned paragraphs rather than with
Incorrect:
justified formatting, which often
Presentation
leaves large spaces between the words
Classification of exploration and
of the heading.
evaluation assets
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AASB Convention
Example
23
Use ‘
Keep with next’ to ensure that
[pb] indicates a page break in these examples
headings are kept with paragraph text.
This stops headings from being the
✓ Correct:
last text at the bottom of a page with
Heading
the related text starting on the next
Text
page.
Should also use ‘
Keep with next’ for
Incorrect:
single-line paragraphs of lead-in text,
to keep that paragraph with the
Heading
following sub-paragraphs for better
[pb]
comprehension by readers.
Text
‘Keep with next’ can be found by clicking the ‘Show
Incorrect:
paragraph dialog box’ ( ) button in the bottom right
of the Paragraph section on the ‘Home’ ribbon.
(c)
single line of sub-para lead-in text:
[pb]
(i)
sub-paragraph text;
(ii)
second sub-paragraph;
24
Do not use
single points or sub-
✓ Correct:
paragraphs. Include the point in the
Paragraph text.
previous paragraph.
Paragraph text.
Incorrect:
Paragraph text:
(a)
single sub-paragraph.
Paragraph text.
25
Footnote references should be in
✓
nominal consideration.1
superscript in the main text but
✓
transaction is settled in cash,2 or …
normal in the footnotes themselves.
nominal consideration3.
Furthermore, footnote references
should appear
after any punctuation
transaction is settled in cash4, or …
____________
✓
1
Paragraphs 10 to 18…
The footnote font size should be
✓
noticeably
smaller than the font size
2
In paragraphs 35 to 43…
of the main text.
3
In paragraphs 10 to 18
4
In paragraphs 35 to 43…
(the entire footnote in superscript)
The superscript button (
) can be found in the ‘Font’
section on the ‘Home’ ribbon tab. Alternatively, it can
be found by clicking the ‘Show Font dialog box’
button (
) in the same section.
26
For
page numbering, use non-bold
✓
Page 1 of 4
‘Page x of y’ notation
Page
1 of
4
Page 5
Page 5 of
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Mark-up Techniques
Mark-ups should be aimed at making the changes as easy as possible for the reader to quickly
identify. Among other things, this requires making the changes clear and uncluttered (i.e.
avoid marking up changes of no account to the reader, such as changes of case).
Marking up in pronouncements and similar external documents should be hard-formatted, so
that it cannot “disappear” through inadvertent acceptance or rejection of Word marking up.
Technique
Example
Deleted text should be struck through
Example deleted text
Added text should be underlined
Example new text
Always show deleted text first, followed by
This text has been replaced is the new text
added text, as this aids reader comprehension
Only mark up within a word if changes are at
✓
connected or semi-annual
the beginning or the end of a word
rehabilitstoration
interconnected
If a string of words contains numerous
Instead of
scattered mark-ups, strikethrough the entire
while retaining, without modification, the text
string and rewrite the text at the end of the
of the IFRS, This Standard includes, as ‘Aus’
struck-through text
paragraphs, additional providing guidance
specifically to that addresses issues affecting
not-for-profit entities entity-specific issues in
particular while retaining, without
modification, the text of the IFRS Standard,
Use:
while retaining, without modification, the
text of the IFRS, This Standard includes, as
‘Aus’ paragraphs, additional guidance
specifically to address issues affecting not-
for-profit entities in particular, ‘Aus’
paragraphs providing guidance that addresses
not-for-profit entity-specific issues while
retaining, without modification, the text of
the IFRS Standard
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Grammar
Subject to versus
Notwithstanding
Both phrases can be used to link a main rule to an exception
Subject to might be used to place the
Notwithstanding might be used to place the
emphasis on the exception.
emphasis on the main rule
For example:
For example:
Subject to paragraph Aus15.1, an item of
Notwithstanding paragraph 15, in respect of
property, plant and equipment that qualifies
not-for-profit entities, where an asset is
for recognition as an asset shall be measured
acquired at no cost, or for a nominal cost, the
at its cost
cost is its
fair value as at the date of
acquisition
That versus
Which
Generally,
that is used in restrictive clauses while
which is used in non-restrictive clauses. In
most cases,
which is preceded with a
comma.
That is used to define a characteristic, or
Which is used to provide additional
property, of the subject so as to limit the
information that is incidental to the subject
statement
being discussed
For example:
For example:
Development costs that do not satisfy the
Research costs, which do not satisfy the
criteria in AASB 138
Intangible Assets
criteria in AASB 138
Intangible Assets,
cannot be capitalised.
cannot be capitalised.
May versus
Might
May and
might are both ways of expressing possibility. However, in the context of writing
Accounting Standards care needs to be taken because
may could be interpreted by some as
giving the preparer an option where there is none. In such a case,
might could be the more
suitable word.
For example (
may):
For example (
might):
Development costs may be capitalised in
Development costs might be capitalised in
practice.
practice.
In the above example,
may is ambiguous – is it saying
It is clear that this sentence is describing practice.
that Accounting Standards allow a capitalisation
choice; or is it describing what happens in practice?
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