Cutcher & Neale News allows you to remain up to date with our latest news, advice and updates.
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.
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.
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.