Newsletter:

Accounting News, July 2012

21 July 2012

Tim Kendall , National Leader, Audit & Assurance |

In this month’s newsletter, we continue our ‘Blind Freddy’ series, looking at common mistakes made when derecognising financial assets. On the international front, we look at the International Accounting Standards Board (IASB)’s recent standard to clarify the transition date for IFRS 10, 11 and 12 , and the Interpretations Committee’s draft interpretation on levies charged by public authorities on entities that operate in a specific market, as well as an update on the leasing project. On the local front, we look at recent changes to the Corporations Act 2001 for proxy voting on remuneration reports as well as ASIC’s results from its annual surveillance programme.

In this issue

  • Ten ways to materially misstate your financial statements…The ‘Blind Freddy’ proposition continued - Part 9 – Derecognition errors
  • IASB issues standard to clarify transition date for IFRS 10 Consolidated Financial Statements (and IFRS 11 and IFRS 12)
  • Proxy voting amendments to Corporations Act
  • ASIC releases results of its annual surveillance programme
  • IFRS Interpretations Committee issues draft guidance on levies charged by public authorities on entities that operate in a specific market
  • Leasing update – operating leases to stay?
  • Comments sought on exposure drafts