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.