Accounting News, December 2012

18 December 2012

Tim Kendall , National Leader, Audit & Assurance |

In this month’s newsletter, we look at changes to financial reporting requirements for 31 December 2012 and areas ASIC will be focussing on during their annual surveillance programme. We also review proposed changes to Accounting Standards including annual improvements, changes to the equity method of accounting, classification and measurement requirements for financial assets. We also summarise the financial reporting requirements being proposed for co-operatives under the new National Co-operatives legislation.

In this issue

  • What’s new for December 2012?
  • ASIC’s focus areas for 31 December 2012 financial reports and results of overseas surveillance
  • More annual improvements
  • IASB proposes amendments to the equity method for changes in other net assets
  • IASB proposes amendments to classification and measurement of financial instruments (IFRS 9)
  • National Co-operatives regulations open for comment
  • New BDO publications
  • Comments sought on exposure drafts