In this edition we continue our series on ‘Blind Freddy’ common errors, i.e. errors that are so obvious that even ‘Blind Freddy’ would spot them. Our seventh article in the 2016 series, and fifth relating to impairment, focuses on common errors in accounting for impairment, specifically when using fair value less costs of disposal to determine recoverable amount.
We look at recent developments with the anticipated standard on income recognition by NFPs, and also summarise financial reporting class orders that have recently been replaced with Legislative Instruments.