• Accounting News - November 2018

In this issue

In this edition, ‘hot off the press’ is that the Government is proposing to double the thresholds for ‘large’ proprietary companies having to prepare, have audited, and lodge financial statements with ASIC.

We bring good news to not-for-profit entities (NFPs), with the AASB’s recent decisions to defer the requirements for recognising peppercorn leases by lessees, and service concession arrangements by grantors. We also remind you that AASB 15 applies to NFPs for periods beginning on or after 1 January 2019, and there is plenty of work to do to ensure that agreements with customers are enforceable.

We also explore further aspects of the ‘triple threat’ new accounting standards. This month we look at how mining entities may be impacted, issues to consider when determining the transactions price (Step 3) for revenue recognition under IFRS 15, and the complexities of accounting for financial guarantee contracts under IFRS 9.

Lastly, we continue our series article on convertible notes, and summarise two recent releases from the IASB which revise the definitions of a ‘business’ under IFRS 3, and ‘materiality’ under IAS 1.

HOT OFF THE PRESS

NOT-FOR-PROFIT ENTITIES

TRIPLE THREAT ACCOUNTING STANDARDS

CONVERTIBLE NOTES

IASB NEW RELEASES

OTHER

Download a copy of the November 2018 Edition of Accounting News.

Download

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.