The Australian Accounting Standards Board (AASB) has issued tentative agenda decisions dealing with accounting issues arising from a proposed ‘Mineral Resource Rent Tax’ (MRRT) and extension of ‘Petroleum Resource Rent Tax’ (PRRT) that are currently being considered by the Australian Parliament. The accounting treatment of MRRT/PRRT is a contentious issue in Australia and the tentative agenda decisions potentially have wider implications due to the generic nature of some of the matters discussed and the widespread involvement of global resources companies in the Australian resources industry, many of whom report under IFRSs or US GAAP.