• Accounting News - October 2017

In this issue

In this edition, we summarise the ATO’s guidance on the preparation of general purpose financial statements by significant global entities. We also consider how applying the three new accounting standards (AASB 9, 15 and 16) could impact your financial reporting requirements under the Corporations Act 2001.

The IASB recently issued Practice Statement 2 which provides guidance on how to make judgements on what is or is not material in the financial statements from a measurement and disclosure perspective. This month’s article focusses on the framework and process outlined in the Practice Statement for making these materiality judgements.

Lastly, we continue our ‘Blind Freddy’ series on common errors made by preparers of financial statements on the relatively straight forward standard, AASB 102 Inventories. This month we explore common errors when valuing inventories, particularly where other Accounting Standards drive measurement of inventories.

 

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