• Accounting News - December 2017

In this issue

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.

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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.

BDO Australia Ltd and each BDO member firm in Australia, their partners and/or directors, employees and agents do not give any warranty as to the accuracy, reliability or completeness of information contained in this article nor do they accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it, except in so far as any liability under statute cannot be excluded. Read full Disclaimer.