Accounting News - April 2021

In this edition, we look at latest financial reporting issues in Australia and globally. We also consider new areas affecting financial reporting in future, including the new insurance standard, sustainability reporting, and the move in Australia to general purpose financial reporting.   

AUSTRALIAN DEVELOPMENTS

• ASIC adopts a ‘no action’ policy in relation to virtual AGMs and also extends time for holding AGMs for some entities

GETTING READY FOR GENERAL PURPOSE FINANCIAL STATEMENTS

• Virtual workshops to help you upskill your IFRS knowledge when transitioning to GPFS
• Six accounting surprises when buying a business

INSURANCE

• Insurance contracts specifically excluded from the scope of IFRS 17

SUSTAINABILITY REPORTING

• IFRS Foundation Trustees announce strategic direction for sustainability reporting

CORONAVIRUS UPDATE

• IASB extends practical expedient for COVID-19 rent concessions until 30 June 2022

INTERNATIONAL DEVELOPMENTS

• How to account for reverse factoring/supply chain financing arrangements

OTHER

• Watch our most recent webinars – Selection of Appropriate Accounting Policies – Aligning with the organisation’s stage of life