Accounting News, June 2015

17 June 2015

Sheryl Levine |

In this edition we continue our series on the practical implications of the revised ASX Corporate Governance Principles, highlighting ten questions directors should now be asking themselves in light of these principles.

We look at what’s new for 30 June 2015 annual and half-year financial statements, the most notable change being that corporate bond rates will now be used to discount employee benefit obligations rather than government bond rates for most entities.

We also summarise ASIC’s focus areas for their 30 June 2015 financial reporting surveillance programme, as well as its recent Information Sheet which provides guidance to directors when reviewing impairment models. These are important for both directors and preparers of financial statements to consider as they prepare this year’s accounts.

In this issue

  • Attention directors – ASX Corporate Governance changes – Part 10 – The revised ASX Corporate Governance Principles have already been in effect for 1 year
  • What’s new for 30 June 2015 annual financial statements
  • What’s new for 30 June 2015 half-year financial statements
  • ASIC focus areas for 30 June 2015 financial reports
  • ASIC Information Sheet for directors on the role of directors in impairment testing
  • Practical challenges of the new IFRS 9 impairment model for lenders
  • New BDO publications
  • Comments sought on exposure drafts