• Accounting News - June 2018

In this issue

In this edition, we highlight key issues to consider when preparing half-year and annual financial statements at 30 June 2018.

We also summarise the AASB’s five proposals outlined in its recent Consultation Paper to resolve problems with special purpose financial reporting in Australia because the definitions in SAC 1 Definition of a Reporting Entity are inconsistent with that in the IASB’s revised Conceptual Framework which is to apply from 1 January 2020.

Lastly, mandatory application dates for the ‘triple threat’ accounting standards are almost upon us, and we highlight more of the complexities associated with the ‘easy’ parts of the new revenue and financial instruments standards. We also showcase some other recent published articles on these topics, including the impact of the new revenue standard for retailers and the construction industry, and also the impact of the new standards on prospectuses.

Download a copy of the June 2018 Edition of Accounting News.

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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.

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