Welcome to Accounting News
In this month’s newsletter, we look at lessons learned from the Centro case and questions directors should be asking as a result. We also look at the prospect of a new exposure draft on leasing proposals in Q4 2011 (leasing proposals to be re-exposed), extended relief to certain intermediate parent entities from preparing consolidated financial statements, as well as the answer to a frequently asked question about accounting for insurance proceeds received for natural disaster relief.
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Download a copy of the August Edition of Accounting News.
The ‘Blind Freddy’ proposition – What does it mean for Australian directors?
This month, we look further at the ruling and consider what other accounting issues ‘Blind Freddy’ would be reasonably expected to recognise in a set of financial statements as a director of the entity issuing the financial statements, regardless of assurances from both management and auditors that the financial statements complied with Australian Accounting standards. Read more
Leasing proposals to be re-exposed
The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) recently announced that they will re-expose their revised proposals for a common leasing standard. Read more
Consolidation relief extended to not-for-profit entities and entities applying RDR
In July 2011, the Australian Accounting Standards Board (AASB) issued amendments to AASB 127 Consolidated and Separate Financial Statements, AASB 128 Investments in Associates and AASB 131 Interests in Joint Ventures . Read more
Accounting for insurance proceeds for natural disaster relief
Insurance proceeds for natural disasters and how they will affect an organisations accounting practices. Read more
Comments sought on exposure drafts
At BDO, we provide comments locally to the AASB and internationally to the IASB. We welcome any client comments. Read more