In this issue
In this edition, we discuss the hot topic of coronavirus, how it could impact reporting periods ending 31 January 2020 onwards, particularly with respect to measurement of financial assets and liabilities under IFRS 9, and the dispensations noted by ASIC regarding holding of AGMs and extending reporting deadlines for unlisted entities.
In Australian developments, we bring sad news to many that special purpose financial reports will no longer be permitted for many types of for-profit entities. For years ending on or after 30 June 2022, certain types of for-profit entities will be required to prepare general purpose financial reports, which include, as a minimum, Simplified Disclosures. We also continue to explore further aspects of the new leases standard (IFRS 16), this month exploring in more detail how to determine a lessee’s incremental borrowing rate.
Lastly, we revisit examples of how NFPs recognise revenue for research grants received for the purpose of delivering research findings.
NEW LEASES STANDARD – IFRS 16