Accounting News - December 2020

In this edition, we look at focus areas for 31 December 2020 financial reports as well as relief on the way for not-for-profit entities moving from Reduced Disclosures to Simplified Disclosures.  

AUSTRALIAN DEVELOPMENTS

• Ten things to remember when preparing 31 December annual and half-year financial statements
• AFS licensees - ASIC consults on treatment of leased assets for NTA calculations
• ASIC focus areas for 31 December 2020 financial statements
• Final rules issued for JobMaker Scheme
• Accounting for JobKeeper and JobMaker where employee costs have been capitalised
• APRA plans to align its capital and reporting frameworks with AASB 17
• Resources for entities expanding their manufacturing capability as a result of COVID

NOT-FOR-PROFIT ENTITIES

• Simplified disclosures – NFPs to get some relief on move from RDR to Simplified Disclosures

OTHER

• Watch our most recent webinar – Transitioning to General Purpose Financial Statements