In this edition, we celebrate the new revenue standard, AASB 15 turning three, and continue our series on ‘Blind Freddy’ common errors when presenting financial statements under AASB 101 Presentation of Financial Statements.
The reduction in corporate tax rates for small businesses has now been substantively enacted, and we explain how these reduced rates will impact current and deferred tax calculations.
For not-for-profit entities we draw your attention to the impact that peppercorn leases will have on your financial statements when the new income standard becomes effective on 1 January 2019, as well as some of the challenges public sector entities are facing having to include related party disclosures in 30 June 2017 financial statements.
Lastly, we also highlight some guidance provided by the AASB for applying the new superannuation standard, AASB 1056 for 30 June 2017 as well as narrow scope amendments to AASB 9 Financial Instruments to allow financial assets with prepayment options to be able to measure them at amortised cost or FVTOCI.