Accounting News - March 2019

Accounting News - March 2019

In this edition we update you on the AASB’s progress with its project to remove special purpose financial statements for for-profit private sector entities that lodge their financial statements with ASIC, and highlight changes in the recently issued Fourth Edition of the Corporate Governance Principles and Recommendations for listed entities.

In our ‘not-for-profit’ section, we continue our focus on whether AASB 15 or AASB 1058 applies to income received, this month focussing on waiting list and enrolment fees received by schools. We also direct you to the ACNC’s Annual Financial Reporting Checklist as a useful tool when finalising 31 December 2018 financial reports.

Lastly, we explore further aspects of the ‘triple threat’ new accounting standards. Our article continues through Step 3 of the new 5-step revenue recognition model in IFRS 15 Revenue from Contracts with Customers, and examines how a financing component can affect the transaction price of goods or services.