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.
NEW LEASES STANDARD – IFRS 16