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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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The future of special purpose financial statements

April 2019

In March 2018, the International Accounting Standards Board (IASB) issued the revised Conceptual  Framework. This, in all probability, marked the beginning of the end for special purpose financial statements (SPFS) for entities that are required to prepare financial statements under Australian Accounting Standards.

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Uncertain tax treatments

April 2019

Interpretation 23 clarifies how to apply the recognition and measurement requirements of AASB 112 where
there is uncertainty around income tax treatments.

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The new leases standard at a glance

April 2019

IFRS 16 (or AASB 16 in Australia) was first added to the International Accounting Standards Board’s agenda back in 2006. It was officially issued by the IASB in 2016. A standard that took a decade to develop can only mean one thing: big change.

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What are your performance obligations?

April 2019

With AASB 15 Revenue from Contracts with Customers now in play for most entities, implementation issues are coming to the fore for those entities that are only getting to grips with the standard now. The standard is detailed and complicated and by no means easy to apply, and many entities have underestimated the impact on their organisations.

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Investments in equity: to fvoci or not to fvoci?

April 2019

AASB 9 Financial Instruments became effective for annual reporting periods beginning or after 1 January 2018 and replaced AASB 139 Financial Instruments: Recognition and Measurement.

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ASIC asks 17 entities to explain treatments

January 2019

The Australian Securities & Investments Commission has asked 17 entities to explain the accounting treatments of 20 matters. This follows a review of the 31 December 2017 financial reports of 90 listed and other public-interest entities.

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ASIC's short-term priorities

January 2019

Take a look at ASIC's areas of focus for the next six months.

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