• Accounting News - August 2016

In this issue

In this edition we continue our series on ‘Blind Freddy’ common errors, i.e. errors that are so obvious that even ‘Blind Freddy’ would spot them. Our sixth article in the 2016 series, and fourth relating to impairment, focuses on common errors in accounting for impairment, specifically when determining the appropriate discount rate to use for value in use models.

The ATO recently issued its long awaited Consultation Paper to clarify certain aspects of general purpose financial statements required to be lodged next year by multinational entities.

Lastly, we summarise recent proposals to amend AASB 3 Business Combinations and AASB 11 Joint Arrangements, and also look at how impairment testing has been simplified for not-for-profit entities with specialised, non-cash-generating assets.

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