In this ‘end of financial year’ edition, we highlight accounting standards and other regulatory changes that may impact your 30 June 2017 financial reports, as well as ASIC focus areas for their financial reporting surveillance on 30 June 2017 financial reports of listed and other unlisted entities.
We continue our series on ‘Blind Freddy’ common errors, i.e. errors that are so obvious that even ‘Blind Freddy’ would spot them. Our twelfth article in the 2016-2017 series is the third installment, focusing on common errors when presenting financial statements under AASB 101 Presentation of Financial Statements.
We also point you to resources from the AASB, on how changes are made to accounting standards for not-for-profit entities, and from APRA on loan provisioning under AASB 9.