• Accounting News - July 2019

In this issue

In this edition, we update you on recent regulatory activity with regard to expanded whistleblowing legislation. With respect to Australian developments, we draw your attention to the new Conceptual Framework and how it will apply to Australian entities.

We continue to explore further aspects of the ‘triple threat’ accounting standards. This month we illustrate Step Four and how variable consideration is allocated to performance obligations. We also remind you that the new expected credit loss model must be applied to intercompany loans receivable from subsidiaries, investments in associates/joint ventures and other related parties (including key management personnel).

Our not-for-profit section reviews recent proposals to amend the definition of ‘not-for-profit entities’ in Australian Accounting Standards (ED 291), and we continue our focus on whether AASB 15 or AASB 1058 applies to income received. This month we focus on grant contracts to conduct research which do not include ‘sufficiently specific’ performance obligations.

Lastly, in international developments, we summarise some recent agenda decisions of the IFRS Interpretations Committee.

REGULATORY ACTIVITY

AUSTRALIAN ACCOUNTING DEVELOPMENTS

TRIPLE THREAT ACCOUNTING STANDARDS

NOT-FOR-PROFIT ENTITIES

INTERNATIONAL DEVELOPMENTS

OTHER

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