Accounting News, December 2015

18 December 2015

Sheryl Levine |

While there are not many changes to accounting standards for December 2015, in this edition we highlight issues requiring your attention when preparing your December financial statements, including ASIC focus areas (particularly impairment assumptions).

We also remind you that the first stage of the IASB’s disclosure initiative applies to December 2016 financial statements, and you will need to commence work on your ‘decluttering’ process early in the new year. Our article on the IASB’s Draft Practice Statement Application of Materiality to Financial Statements will assist you to apply judgement when determining material items to be included in, and immaterial items to be excluded from, your financial statements.

Lastly, we look at recent changes to the Income Tax Administration Act 1953 which will require general purpose financial statements (GPFS) for all significant global entities that do not otherwise lodge general purpose financial statements (GPFS) with ASIC under deadlines prescribed by s319(3) of the Corporations Act 2001.

In this issue

  • What do I need to know to prepare December 2015 financial statements?
  • ASIC focus areas for 31 December 2015 financial statements
  • Exposure Draft IFRS Practice Statement Application of Materiality to Financial Statements
  • Significant global entities with transfer pricing issues to prepare general purpose financial statements
  • New BDO publications
  • Comments sought on exposure drafts