• 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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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.