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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
The International Accounting Standards Board (IASB) recently released ED/2012/1 Annual Improvements to IFRSs 2010-2012 Cycle. Read more
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
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