• Accounting News - August 2020

In this issue

In this edition, we look at recent Australian developments that could impact preparation of your 30 June 2020 financial statements. In particular, we focus on remuneration underpayments to all staff, including casuals.

We also discuss the hot topic of coronavirus (especially the latest stage 4 lockdown in Melbourne), and review some of the new disclosures required by lessees for the first time under IFRS 16, including peppercorn leases of not-for-profit entities.

Lastly, in international developments, we draw your attention to the deferral by one year of the recent amendments to the classification requirements of liabilities as current or non-current, and showcase our latest eLearning materials on agenda decisions made by the IFRS Interpretations Committee at its June 2020 meeting.

AUSTRALIAN DEVELOPMENTS

CORONAVIRUS UPDATE

IFRS 16

NOT-FOR-PROFIT ENTITIES

INTERNATIONAL DEVELOPMENTS

OTHER

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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