Accounting News, April 2014

14 April 2014

Sheryl Levine |

In this edition, we look at the ASX Corporate Governance Council’s Third Edition of  Corporate Governance Principles and Recommendations, which comes into effect for 30 June 2015 year ends. We also look at proposed changes to AASB 1053 Application of Tiers of Australian Accounting Standards, proposed changes to AASB 101 Presentation of Financial Statements as a result of the International Accounting Standards Board’s (IASB’s) Disclosure Initiative and an update on the IASB’s leases project. Lastly, distinguishing between a business and an asset acquisition can sometimes be difficult, but BDO’s latest IFRS in Practice can assist when making these decisions in the extractives industry.

In this issue

  • New Corporate Governance Principles for listed entities
  • AASB proposes changes to the requirements for transitioning to and between Tiers 1 and 2
  • IASB Disclosure Initiative - Proposed amendments to AASB 101 Presentation of Financial Statements
  • Leases project update
  • How is a business combination different from an asset purchase in the extractives industry?
  • New BDO publications
  • Comments sought on exposure drafts