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 eighth article in the 2016 series, and sixth relating to impairment, focuses on common errors in accounting for impairment, specifically failing to test impairment at the correct unit of account.
We also review the release by the AASB of a fatal flaw draft of the forthcoming income standard for not-for-profit entities, and the release by the IASB of changes to IFRS 4 Insurance Contracts for the new financial instruments standard, IFRS 9.
Lastly we summarise more financial reporting class orders that have recently been replaced with Legislative Instruments by the Australian Securities and Investments Commission.