Accounting News, August 2015

21 August 2015

Sheryl Levine |

In this edition we examine the changes to the auditing standard for audit reports that are likely to apply from 31 December 2016.

We also look at amendments to the new revenue standard, AASB 15 Revenue from Contracts with Customers (which has also been deferred by one year) that are being proposed to clarify certain aspects of the standard.

Feedback from recent AASB roundtable discussions on the proposed changes for income recognition will be of interest to not-for-profit entities, as well as relief for not-for-profit public sector entities from certain fair value disclosures.

Lastly, ASIC is still actively ‘naming and shaming’ entities where a restatement to their financial report was required. This month we discuss the restatement by Jervois Mining Limited.

In this issue

  • Audit reports are changing – what are the key amendments you need to be aware of?
  • Revenue standard AASB 15 deferred by one year
  • Changes in the pipeline for the new revenue standard AASB 15 to help clarify application issues
  • AASB roundtable discussions on proposals to change income recognition for not-for-profit entities
  • More ASIC enforcements – Jervois Mining restate their financial statements
  • Relief from certain fair value disclosures for not-for-profit public sector entities
  • New BDO publications
  • Comments sought on exposure drafts.