Accounting News - May 2019

Accounting News - May 2019

In our update on recent regulatory activity, we highlight the doubling of the thresholds for financial reporting by large proprietary companies, as well as proposals by the AASB to mandate disclosure on the extent of compliance with the recognition and measurement requirements of Australian Accounting Standards, for certain 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 grants to conduct research and transfer of licenses for intellectual property.

We also continue to explore further aspects of the ‘triple threat’ accounting standards. This month we discuss how the three new accounting standards could impact business combination accounting for acquisitions occurring after the effective date of these new standards, and how non-cash consideration and payments to customers are dealt with when recognising revenue. We also showcase our series of articles on the implications of the new revenue standard on manufacturing entities; and lastly, we use an example to demonstrate complications when determining profit or loss on disposal by a seller‑lessee in a sale and leaseback transaction.