Accounting News, July 2015

20 July 2015

Sheryl Levine |

In this edition we look at which companies have been early adopters of AASB 9 Financial Instruments and why, as well as the practical challenges of applying the new impairment model in AASB 9 to non-lenders.

We also consider ASIC’s recent media release regarding restatement of a private company’s financial statements and ASIC pronouncements, including a streamlined and more lenient process for granting consent to change auditors.

Lastly, we discuss the ACNC’s top ten tips for reporting in 2015.

In this issue

  • Who are the early adopters of the new AASB 9 hedge accounting requirements? 
  • Practical challenges of applying the new AASB 9 impairment model to trade and lease receivables
  • Restatements of financial statements from ASIC enquiries now extending to private companies
  • Rule changes for resignation of auditors of public companies
  • ASIC extends Class Order 14/632 for key management personnel equity instrument disclosures to 31 December 2015
  • ACNC top ten reporting tips
  • New BDO publications
  • Comments sought on exposure drafts