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Technical accounting, IFRS and corporate reporting, tailored to your organisation

Every business faces a financial reporting or accounting issue at some point when preparing their financial reports. In these situations, expert advice underpinned by an in-depth understanding of International Financial Reporting Standards (IFRS) and corporate reporting is crucial.

As a member of the Global Public Policy Committee and via our extensive global network, BDO is at the forefront of IFRS reporting and implementation.

How BDO can help

Our service offering in each technical area includes:

Audit ready services
BDO Lease Management Services (i.e. outsourcing of lease accounting)
BDO Lead SaaS, our AASB 16 technology solution
Specialist technical advice
Implementation services of new accounting standards
Forensic / expert witness services in application of accounting standards
Training, including webinars and e-learning
Preparation of accounting manuals and policies
Preparation of financial statements.

IFRS topics

New leases standard
AASB 16 Leases

For lessees the new standard does away with the current operating/finance lease distinction, requiring lessees to recognise all but the lowest value leases on the balance sheet as a right of use asset and a corresponding lease liability. The operating lease rental expense will be replaced by an amortisation charge for the right of use asset and a finance cost.

Effective Date - Mandatory for periods beginning on or after 1 January 2019. For most Australian companies the first reporting period is the year ending 30 June 2020.

Not-for-profit entities
AASB 1058

AASB 1058, which applies for the first-time to annual periods beginning on or after 1 January 2019, clarifies and simplifies the income recognition requirements that apply to not-for-profit (NFP) entities, in conjunction with AASB 15 Revenue from Contracts with Customers. These two standards supersede all the income recognition requirements relating to private sector NFP entities, and the majority of income recognition requirements relating to public sector NFP entities, previously in AASB 1004 Contributions.

In addition to the new revenue and income recognition requirements, not-for-profit entities also face challenges applying the new leases standard, AASB 16 Leases to annual periods beginning on or after 1 January 2019. We also expect changes to the financial reporting requirements and frameworks for not-for-profit entities.

Sustainability reporting

Certain industries face transition risks when moving towards a greener economy, including big shifts in asset values or higher costs of doing business. Many entities are now choosing to reduce investments in certain sectors (e.g. coal) to help manage these risks. Transition risk includes policy changes, reputational impacts, and shifts in market preferences, norms and technology. There are also transition opportunities such as resource efficiency and the development of new technologies, products and services which could capture new markets.

Contact us

Get in touch today to learn more about our IFRS advisory services and workshops using the contact form.
Alternatively, call us on 1300 138 991 to speak with an adviser in your nearest BDO office.

BDO IFRS and Corporate Reporting webinars

Are you interested in an easy way to stay up to date with financial reporting and accounting standards which impact your business? Join us for our complimentary webinars.

WATCH & REGISTER

Meet our National Leader

Aletta Boshoff smiles at the camera

Aletta Boshoff

National Leader, IFRS & Corporate Reporting
National Leader, Sustainability
Partner, Advisory

Meet our team

Aletta Boshoff smiles at the camera

Aletta Boshoff

National Leader, IFRS & Corporate Reporting
National Leader, Sustainability
Partner, Advisory

Alison Wolf smiles at the camera

Alison Wolf

Director, IFRS & Corporate Reporting

Anita Sljuka smiles at the camera

Anita Sljuka

Director, IFRS & Corporate Reporting

Ashleigh Woodley smiles at the camera

Ashleigh Woodley

Partner, Audit & Assurance
Partner, IFRS & Corporate Reporting

Cate Pozzi

Cate Pozzi

Director, IFRS & Corporate Reporting

Ceri-Ann Ross smiles at the camera

Ceri-Ann Ross

Director, IFRS & Corporate Reporting

A photo of Clark Jarrold looking straight ahead with a view of BDO Brisbane in the background

Clark Jarrold

Partner, Audit & Assurance, Financial Reporting & Accounting

Dean Ardern

Dean Ardern

Partner, IFRS & Corporate Reporting

Julie Pagcu

Julie Pagcu

Director, Audit & Assurance

Kevin Frohbus

Kevin Frohbus

Partner, Advisory

Linh Dao

Linh Dao

Partner, Audit & Assurance
Partner, IFRS & Corporate Reporting

Sheryl Levine

Sheryl Levine

Director, IFRS & Corporate Reporting