In this issue
In this edition, we look at the requirements of the latest interpretation, IFRIC 23, which clarifies how to account for uncertain tax positions, as well as the results of ASIC’s financial reporting surveillance on December 2016 annual reports of public interest entities. We also remind you that time is running out to prepare for the ‘triple threat’ of the three new standards on financial instruments (AASB 9), revenue (AASB 15) and leases (AASB 16). Entities with December and June year ends have technically ‘missed the boat’ if they wish to apply full retrospective restatement. Lastly, mining entities may be interested in the changes proposed by ED 280 to require the proceeds from selling test items to be recognised as revenue rather than as a deduction from the cost of PPE.
Download a copy of the July 2017 Edition of Accounting News.