Accounting News, March 2015

18 March 2015

Sheryl Levine |

In this edition we continue our series on the practical implications of the revised ASX Corporate Governance Principles, specifically the role of the audit committee and the internal audit function.

We examine the disclosure initiative to ‘declutter’ financial statements by omitting immaterial disclosures, and how you can get started in practice. We also examine ASIC’s continued focus on goodwill, their new directors’ financial literacy quiz, and their extension of Class Order 14/632 for disclosure of KMP shareholdings.

Also in this month’s edition is a summary to recent changes in the Corporations Act 2001, an update on the status of the ACNC, and a call to financial institutions and leasing companies to bring us your AASB 9 impairment implementation issues for the IASB’s AASB 9 impairment resource group.

In this issue

  • Attention directors – ASX Corporate Governance changes – Part 7 – The role of the audit committee and the internal audit function
  • To disclose or not to disclose? Materiality is the question
  • Directors – how good is your accounting knowledge?
  • When goodwill is not goodwill – Primary Healthcare restate their financial statements
  • ACNC not being abolished – for now
  • Class Order for KMP remuneration extended
  • Corporations Act changes but no change to dividend rules
  • Financial institutions and leasing companies – Calling for AASB 9 impairment implementation issues
  • New BDO publications
  • Comments sought on exposure drafts