Accounting News - May 2021

In this edition, we look at the latest financial reporting issues in Australia and globally. We also consider new areas affecting financial reporting in future, including the new insurance standard, ESG reporting, and the move in Australia to general purpose financial reporting.   

INTERNATIONAL DEVELOPMENTS

• SAAS implementation costs – Do you need to write these off at 30 June 2021?

AUSTRALIAN DEVELOPMENTS

• ASIC extends reporting deadlines for 30 June 2021 financial statements
• ASIC allows AFS licensees to include ROU assets in NTA and other calculations for financial requirements
• ‘Instant asset write-offs’ and interaction with accounting for research and development incentives
• Accounting for loss carry back announced as part of Federal Government’s October 2020 and May 2021 additional COVID-19 stimulus measures
• Expansion of Government’s SME loan guarantee scheme may impact the accounting for your financial liabilities (borrowings)

GETTING READY FOR GENERAL PURPOSE FINANCIAL STATEMENTS

• Consolidated financial statements – when are they required?

INSURANCE

• Overview of accounting implications for non-insurers of IFRS 17 Insurance Contracts

SUSTAINABILITY REPORTING

• What is ESG and why is it important for your business?

NOT-FOR-PROFIT ENTITIES

• Accounting for portable long service leave in the community services sector
• No changes to NFP definition and guidance
• Transitional relief now available for NFPs moving from RDR to Simplified Disclosures

OTHER

• Watch our most recent webinars – Accounting Standards Update: Getting ready for June 2021