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.