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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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Special Purpose: Proposal to disclose extent of compliance with recognition and measurement requirements

July 2019

The AASB has decided to issue an Exposure Draft requiring all for-profit and not-for-profit entities that fall within the scope of AASB 1054 Australian Additional Disclosures (for example, entities that lodge with ASIC or the ACNC) to make specific disclosures in their special purpose financial statements (SPFS) regarding the extent of their compliance with the recognition and measurement requirements of Australian Accounting Standards.

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AASB 16: Determining the discount rate: a key judgement

July 2019

Under the new leases standard, lessees are required to bring most leases onto the balance sheet in the form of right-of-use assets with corresponding lease liabilities. These assets and liabilities are initially measured at the present value of the future lease payments. But at what discount rate?

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AASB 15: Why determining the transaction price can be tricky

July 2019

Under the new revenue recognition model introduced by AASB 15 Revenue from Contracts with Customers, step 3 requires entities to determine the transaction price. This is an important step as the transaction price is allocated to the identified performance obligations and is recognised as revenue when, or as, those performance obligations are satisfied.

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Recent AASB Activity

April 2019

Latest updates from the Australian Accounting Standards Board.

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Onerous contracts - proposals to clarify 'costs of fulfilling a contract'

April 2019

The International Accounting Standards Board (IASB) has recently issued the Exposure Draft Onerous Contracts – Cost of Fulfilling a Contract in which it clarifies and provides guidance on what is meant by ‘costs of fulfilling a contract’ when assessing whether a contract is onerous under IAS 37 (AASB 137 in Australia). The clarifications may affect construction, manufacturing and service companies more so than others.

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ASIC review findings for 30 June 2018 financial reports

April 2019

On 25 January 2019, the Australian Securities and Investments Commission (ASIC) announced the results from its review of 30 June 2018 financial reports of listed and other public interest entities.

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