• Accounting News - October 2019

In this issue

In this edition, we discuss our BDO Lease Management Services (i.e. outsourcing of your lease accounting to BDO) to assist you with the transition to and ongoing accounting and lease management under the new AASB 16 Leases. We would also like to invite you to our AASB 16 Masterclasses.

We continue to explore further aspects of the ‘triple threat’ accounting standards. We firstly illustrate how the new financial instrument standard could impact business combinations, particularly with respect to classification and measurement of financial assets. We also continue with our ‘Step five’ series and consider the last condition for recognising revenue over time.

In our not-for-profit section, we look at a practical way of analysing grant contracts to extract the information needed for making decisions about whether conditions in grant agreements result in ‘sufficiently specific’ performance obligations.

In international developments we highlight some of the latest agenda decisions of the IFRS Interpretations Committee and locally we draw your attention to the extension of the deadline for comments on ED 295 and ED 297 (scrapping special purpose financial statements) to 30 November 2019.

Assistance with implementing AASB 16

Triple threat accounting standards

Not-for-profit entities

International developments

Australian developments

Other

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