• Accounting News - February 2020

In this issue

In this edition, we continue to explore further aspects of the new leases standard, including solving ongoing problems with IFRS 16, how to determine the lease term for undocumented or indefinite period leases, and how IFRS 16 will impact business combination accounting.

In our not-for-profit section, we look at the requirements for not-for-profit entities to be able to defer capital grants received to construct or acquire non-financial assets, and also at the AASB’s latest amendment to AASB 16 which clarifies that right-of-use assets for concessionary (peppercorn) leases can be a different class of asset to other right-of-use assets for fair value measurement purposes.

Lastly, we draw your attention to some important amendments to the way long-term debt will be classified as current or non-current liabilities from 2022.

NEW LEASES STANDARD – IFRS 16

NOT-FOR-PROFIT ENTITIES

INTERNATIONAL DEVELOPMENTS

OTHER

Subscribe to Accounting News

SUBSCRIBE

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.