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Ten ways to materially misstate your financial statements…The ‘Blind Freddy’ proposition continued - Part 7 - Capitalising items that fail the definition of an asset
A very simple and obvious way to materially misstate a set of financial statements is to capitalise expenditure as an asset which is required to be expensed under IFRS. In this month’s ‘Blind Freddy’ article we consider the key principles in determining whether expenditure qualifies for recognition as an asset. Read more
IASB issues annual improvements Exposure Draft (2010 - 2012 cycle)
The International Accounting Standards Board (IASB) recently released ED/2012/1 Annual Improvements to IFRSs 2010-2012 Cycle. Read more
No more non-reporting entities?
As part of phase 2 of their differential reporting project, the Australian Accounting Standards Board (AASB) considered at their April 2012 meeting, a preliminary draft report on the differential reporting research project, i.e. should non-reporting entities be scrapped? Read more
MRRT update
Our February 2012 edition of Accounting News highlighted some of the accounting issues associated with the Government’s proposed Minerals Resource Rent Tax (MRRT). Read more
No reduction to company tax rate
The Treasurer announced in this month’s Federal Tax Budget that the proposed reduction in the company tax rate to 29% will not proceed. Read more
Carry back of tax losses may mean more tax assets
The Treasurer also announced in this months Federal Tax Budget that companies, and entities that are taxed liked companies, would be able to carry back or claw back their losses to offset past taxable income and get a refund of tax previously paid. Read more
National Co-operatives law in the pipeline
The Co-operatives (Adoption of National Laws) Bill (the Bill) 2012 was introduced into the NSW Parliament on 4 April 2012, paving the way for national co-operatives legislation across all States and Territories. 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