Welcome to Accounting News
In this month's newsletter, we discuss some of the implications of the IASB's proposed clarification of the transition guidance in AASB 10, and the offsetting requirements for financial instruments. We also continue our series on ten ways to materially misstate your financial statements and discuss the different approaches to accounting for the proposed Minerals Resource Rent Tax.
In this issue
- Clarification of transition guidance in AASB 10 Consolidated Financial Statements
- IASB clarifies offsetting requirements for financial instruments
- Ten ways to materially misstate your financial statements…The Blind Freddy proposition continued - Part 4
- Proposed Minerals Resource Rent Tax
- Comments sought on exposure drafts.
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Download a copy of the February Edition of Accounting News.
Clarification of transition guidance in AASB 10 Consolidated Financial Statements
In response to requests received from the International Financial Reporting Interpretations Committee (IFRIC), the International Accounting Standards Board (IASB) has released Exposure Draft ED/2011/7 Transition Guidance (Proposed Amendments to IFRS 10) - ED 224 in Australia - to clarify the transition guidance included in AASB 10 Consolidated Financial Statements. Read more
IASB clarifies offsetting requirements for financial instruments
In mid-December 2011, the International Accounting Standards Board (IASB) released amendments to IAS 32 Financial Instruments: Presentation and IFRS 7 Financial Instruments: Disclosures which clarify the offsetting requirements for financial instruments, and also require additional disclosures regarding an entity’s offsetting arrangements. At the time of writing, the AASB had not yet approved these amendments, but they are expected to do so soon. Read more
Ten ways to materially misstate your financial statements…The Blind Freddy proposition continued - Part 4
Continuing with our ‘“Blind Freddy’” series, we continue to look at ‘black and white IFRS rules’ which are commonly misinterpreted or overlooked which could give rise to a material misstatement. Read more
Proposed Minerals Resource Rent Tax
The Minerals Resource Rent Tax (MRRT) is a proposed tax on profits generated from the exploitation of non-renewable resources in Australia (iron ore, coal and some gases). It is the replacement of the proposed Resource Super Profit Tax (RSPT). 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