• Accounting News - August 2019

In this issue

In this edition, we remind corporates with uncertain tax positions of the significant amount of work involved to assess whether additional tax provisions will be recognised for 30 June 2019 half-years, and 31 December 2019 annual financial statements.

In Australian developments, we summarise the AASB’s proposals to replace the Reduced Disclosure Regime (RDR) for Tier 2 entities preparing GPFS with a Simplified Disclosure Regime (SDR).

We continue to explore further aspects of the ‘triple threat’ accounting standards. This month, we firstly look at examples where the irrevocable election to present movements in fair value through other comprehensive income (OCI) cannot be used. We also demonstrate how the new revenue standard could impact future business combinations, and provide an overview of Step Five of the IFRS 15 revenue model.

Lastly, our not-for-profit section looks at how the transaction price is in certain circumstances allocated to ‘sufficiently specific’ performance obligations under AASB 15, and to donation components.

NEW INTERPRETATIONS

AUSTRALIAN DEVELOPMENTS

TRIPLE THREAT ACCOUNTING STANDARDS

NOT-FOR-PROFIT ENTITIES

OTHER

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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.

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