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ASIC has responded to the COVID-19 situation by releasing guidance to assist companies in meeting their upcoming AGM and financial reporting requirements.
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).
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.
The last quarter has been a busy one for the AASB, with the following Exposure Drafts being issued:
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.
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.
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.
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.