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Regulatory Activity: ASX Corporate Governance Principles & Recommendations 4th Edition

October 2019

Earlier this year, the ASX Corporate Governance Council (the Council) released its final version
of the 4th Edition of the ASX Corporate Governance Principles and Recommendations (CGPR).

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Global accounting developments: Recent agenda decisions by the IFRS Interpretations Committee

October 2019

The IFRS Interpretations Committee interprets the application of International Financial Reporting Standards (IFRS) and provides timely guidance on financial reporting issues not specifically addressed in IFRS.

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Special purpose financial statements latest developments

October 2019

The last quarter has been a busy one for the AASB, with the following Exposure Drafts being issued:

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AASB 16: Recognising deferred tax on leases

October 2019

On 25 July 2019, the Australian Accounting Standards Board (AASB) issued Exposure Draft
294 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (ED 294).

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AASB 15: Allocating the transaction price to performance obligations in a contract

October 2019

Step 4 of the revenue recognition model in AASB 15 Revenue from Contracts with Customers
is about allocating the transaction price determined in step 3 to the performance obligations
identified in step 2. We discussed step 2 and step 3 in the March and June editions of The
Bottom Line respectively. This article takes a closer look as what step 4 entails.

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Recent AASB Activity

October 2019

Apart from the Exposure Drafts discussed in other sections of this publication, the AASB have also recently issued the following Exposure Drafts which may be of interest to readers:

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ASIC focus areas for 30 June 2019

July 2019

On 17 June 2019, ASIC announced its focus areas for 30 June 2019 financial reports of listed entities and other public interest entities. In its media release, ASIC indicated that it will

be reviewing more than 200 full-year 30 June 2019 financial reports to promote quality financial reporting, and useful and meaningful information for investors.

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Recent AASB Activity: New conceptual framework released

July 2019

Under Phase 1 of the AASB’s staggered implementation of the IASB’s revised Conceptual Framework for Financial Reporting in Australia, the AASB has issued a new Conceptual Framework that  applies  only  to  for-profit  private sector entities that have public accountability and are required by legislation to comply with Australian Accounting Standards. For-profit entities may also voluntarily elect to apply the new Conceptual Framework, which applies to annual reporting periods beginning on or after 1 January 2020.

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Global Accounting Developments: Recent agenda decisions by the IFRS Interpretations Committee

July 2019

The IFRS Interpretations Committee, formerly known as the International Financial Reporting Interpretations Committee (IFRIC), is the interpretative body of the International Accounting Standards Board (IASB). The Interpretations Committee interprets the application of International Financial Reporting Standards (IFRS) and provides timely guidance on financial reporting issues not specifically addressed in IFRS.

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Regulatory Activity: Large proprietary company thresholds doubled

July 2019

The Commonwealth Government’s proposal to double the reporting thresholds for ‘large’ proprietary companies became law on 4 April 2019. The relative size of a company is a key determining factor of a proprietary company’s reporting obligations. Depending on its assets, revenue and employees, an entity will be classified as either ‘small’ or ‘large’.

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