• Accounting News - March 2020

In this issue

In this edition, we discuss the hot topic of coronavirus and how it could impact 31 December 2019 and 30 June 2020 financial statements. We continue to explore further aspects of the new leases standard (IFRS 16), including how to identify when a lease is not a lease, and how to determine a lessee’s incremental borrowing rate, and illustrate more examples of conditions in grant and donation contracts that could result in ‘sufficiently specific’ performance obligations for not-for-profit entities under AASB 15. Lastly, we summarise ASIC’s findings from its surveillance of 30 June 2019 financial reports.






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.