Accounting News - November 2019

Accounting News - November 2019

In our not-for-profit section of this newsletter, we are proud to launch our new interactive eLearning module on accounting for income and revenue by NFPs and showcase the AASB’s latest FAQ to assist research entities in determining whether there are sufficiently specific performance obligations under AASB 15 for a research grant.

In other regulatory activity, we provide a practical step-based approach to implementing the new IFRIC 23 dealing with uncertain tax positions, which applies for the first time to entities reporting full-year results at 31 December 2019.

Lastly, we continue to explore further aspects of the ‘triple threat’ accounting standards. We delve deeper into some of the impacts that IFRS 16 is likely to have on your business, look at how to assess if a contract is a ‘lease’ under IFRS 16 (specifically if there is an identified asset), and also illustrate how the new financial instrument standard, IFRS 9, will impact the calculation of expected credit losses on financial assets acquired as part of a business combination.  

Not-for-profit entities

Regulatory activity

Triple threat accounting standards