In this edition, we highlight the top ten new issues to consider when preparing your December 2017 financial statements and summarise the areas ASIC will focus on when conducting their financial reporting surveillance on financial reports of listed and unlisted entities at 31 December 2017.
1 January 2018 is just around the corner and we remind you that this is the transition date for the new revenue standard, AASB 15 and the new financial instrument standard, AASB 9. Together with the new leases standard, AASB 16 which applies from 1 January 2019, this ‘triple threat’ could require various system changes to generate financial information suitable to apply these new standards.
We also highlight some transitional relief for certain significant global entities having to submit general purpose financial statements to the ATO for 30 June 2017 financial years, as well as ACT incorporated associations having to comply with the financial reporting requirements of the ACNC Act for their 2016-2017 reporting periods.