Accounting News, April 2015

22 April 2015

Sheryl Levine |

In this edition we continue our series on the practical implications of the revised ASX Corporate Governance Principles, specifically the challenges boards face when conducting operations in emerging markets.

We look at how the new revenue standard, AASB 15 Revenue from Contracts with Customers will impact manufacturers and how recent changes to AASB 124 Related Party Disclosures mean that the public sector will, in future, have to disclose details of related party transactions. We also discuss details of restatements companies have been required to make as a result of ASIC’s financial reporting surveillance program.

Lastly, we confirm that the ACNC have agreed, in some cases, to accept financial information given to state-based regulators, rather than what is required under the ACNC Act 2012 and unlisted disclosing entities will no longer be required to prepare remuneration reports from 19 March 2015 onwards.

In this issue

  • Attention directors – ASX Corporate Governance changes – Part 8 - The challenges facing ASX boards with operations in emerging markets
  • AASB 15 – Revenue recognition to change for the manufacturing industry
  • Public sector entities to disclose related party transactions
  • Recent ASIC enforcements – Entities restate their financial statements
  • ACNC continues to accept state-based regulator financial reports
  • Corporations Act changes receive Royal Assent
  • New BDO publications
  • Comments sought on exposure drafts