• Accounting News - April 2020

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.  







Subscribe to Accounting News


This publication has been carefully prepared, but is general commentary only. This publication is not legal or financial advice and should not be relied upon as such. The information in this publication is subject to change at any time and therefore we give no assurance or warranty that the information is current when read. The publication cannot be relied upon to cover any specific situation and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact the BDO member firms in Australia to discuss these matters in the context of your particular circumstances.

BDO Australia Ltd and each BDO member firm in Australia, their partners and/or directors, employees and agents do not give any warranty as to the accuracy, reliability or completeness of information contained in this article nor do they accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it, except in so far as any liability under statute cannot be excluded. Read full Disclaimer.