In this edition, we provide a year-end update of what’s new for 31 December 2019 year-ends.
In our not-for-profit section, we note the AASB’s recent decision to provide an optional deferral of AASB 1058 and AASB 15 by not-for-profit entities (NFPs) receiving research grants, and also additional disclosures required for 30 June 2020 year-ends by private sector NFPs on the extent of compliance with recognition and measurement requirements in special purpose financial statements.
We continue to explore further aspects of the ‘triple threat’ accounting standards, this month focussing on whether the lessee obtains substantially all the economic benefits from using the leased asset.
In latest developments, we highlight proposals to extend the definition of ‘significant global entities’ which could result in more Australian entities having to submit general purpose financial statements to the ATO, and draw your attention to the AASB’s recent clarification that disclosing the impact of standards issued not yet effective requires discussion about standards issued by the IASB that have yet to be issued by the AASB as Australian standards. Lastly, we summarise the IASB’s guide on selecting and applying accounting policies.