man-hands-reading-boy.jpg

ASIC takes ‘no action’ position on AGMs due by 31 May 2020.

April 2020

The recent measures taken by the Australian government in combatting the spread of coronavirus seriously impede the ability of entities with 31 December 2019 financial year ends to hold their annual general meetings (AGM) by the deadline of 31 May 2020.

Read More

Charities granted reporting deadline extension.

April 2020

The Australian Charities and Not-for-profits Commission (ACNC) has given charities affected by the COVID-19 crisis additional time to submit their Annual Information Statements (AIS).

Read More

The impact of coronavirus will spread to financial reporting.

April 2020

The COVID-19 situation has developed rapidly since the World Health Organisation (WHO)
declared the virus a global health emergency on 30 January 2020. Global trade and markets have
been significantly disrupted, and many businesses have had to, or will have to, limit or suspend
their operations. As the virus continues to spread and disrupt, entities will have to consider its
impact on their business and how this should be reported in the financial statements.

Read More

ASIC responds to COVID-19 for companies with December reporting obligations

March 2020

ASIC has responded to the COVID-19 situation by releasing guidance to assist companies in meeting their upcoming AGM and financial reporting requirements.

Read More

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).

Read More

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.

Read More

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:

Read More

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).

Read More

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.

Read More

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:

Read More

Recent Posts