Accounting News, February 2015

18 February 2015

Sheryl Levine |

In this edition, we continue our series on the practical implications of the revised ASX Corporate Governance Principles, considering the recommendations to have a risk committee, and the clear requirement for boards to take responsibility for monitoring the effectiveness of their risk management framework.

We look at the latest Australian versions of international standards issued by the AASB, including the new revenue standard, AASB 15 Revenue from Contracts with Customers, and the last tranche of the financial instruments standard, AASB 9 Financial Instruments, as well as the recent release by the IASB and the AASB on ‘decluttering’ financial statements (changes to IAS 1 Presentation of Financial Statements).

In this issue

  • Attention directors – ASX Corporate Governance changes – Part 6 – Role of the board in managing and monitoring risk
  • How will AASB 15 affect revenue recognition for clubs?
  • IASB paves the way for ‘decluttering’ financial statements by finalising amendments to IAS 1
  • AASB approves a number of international standards including the new revenue and financial instruments standards
  • Disclosure Initiative Project – Proposed amendments to AASB 107
  • New BDO publications
  • Comments sought on exposure drafts