Accounting News, December 2011

21 December 2011

Tim Kendall , National Leader, Audit & Assurance |

In this month’s newsletter, we highlight some anticipated impacts of the IASB’s revised revenue proposals that were released last month (ED 222 in Australia) and continue our series on ten ways to materially misstate your financial statements. We also look at releases by the IASB to defer the application date for IFRS 9 and the amendments to the offsetting requirements for financial instruments, as well as Treasury’s proposals to ‘fix’ some of the problems that have arisen with dividend payments, parent entity financial statements and changing year ends as a result of the Corporations Amendments (Corporate Reporting Reform) Act 2011.

In this issue

  • More on revenue recognition proposals – ED 222
  • IFRS 9 mandatory effective date deferred to 1 January 2015
  • IASB clarifies offsetting requirements for financial instruments
  • Ten ways to materially misstate your financial statements…The Blind Freddy proposition continued - Part 3
  • Proposed changes to dividend rules
  • Comments sought on exposure drafts.