Accounting News, July 2014

21 July 2014

Sheryl Levine |

In this edition, we look at the accounting for deferred tax balances for 30 June 2014 and for future years given the proposed change to the corporate tax rate and the repeal of the MRRT and carbon tax legislation. For those entities governed by the ACNC, we explain which body they need to report to for years ending 30 June 2014.

Furthermore we look at the interim relief ASIC has granted for certain KMP disclosures in the Audited Remuneration Report, ASIC’s final media release of focus areas for 30 June 2014 financial reports, recent changes to accounting for bearer plants and omnibus standard AASB 2014-1 Amendments to Australian Accounting Standards which picks up recent IASB changes to Accounting Standards.

In this issue

  • How will changes to company tax rates and the repeal of loss carry back rules, MRRT and Carbon Tax affect my deferred tax balances?
  • ACNC update - Reporting requirements for charities for 30 June 2014
  • ASIC grants relief for KMP disclosures because of Corporations Regulations drafting anomalies
  • ASIC focuses for 30 June 2014 financial reports
  • IASB approves amendments to accounting for bearer plants
  • AASB 2014-1 - AASB approves annual improvements and other international changes
  • New BDO publications
  • Comments sought on exposure drafts