• Accounting News - November 2017

In this issue

1 January 2018 is the transition date for the new revenue standard, AASB 15 Revenue from Contracts with Customers, and the new financial instruments standard, AASB 9 Financial Instruments, as well as the opening balance sheet date for entities choosing to retrospectively restate application of the new leases standard, AASB 16 Leases. In this edition, we include a published article summarising the high level impacts of these new standards, as well as a video highlighting the impact of the new leases standard for retailers and their store operating leases. In addition, changes have already been made to AASB 9 (IFRS 9) by the International Accounting Standards Board, resulting in a big change for entities involved in exploration projects via loan funding to interests in associates and joint ventures. These loans will need to be tested for impairment using the ‘expected credit loss model’ in AASB 9 before any equity accounted losses are recorded against the net investment loan.

We also continue our ‘Blind Freddy’ series on common errors made by preparers of financial statements, with the last article on the relatively straight forward standard, AASB 102 Inventories, exploring common errors when valuing inventories.

Finally, we highlight additional ethical responsibilities for professional accountants (including if you work in industry) to respond to instances of non-compliance with laws and regulations (NOCLAR).

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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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