Accounting News, May 2012

21 May 2012

Sheryl Levine |

In this month’s newsletter, we continue our ‘Blind Freddy’ series looking at common mistakes accountants make in capitalising items that do not meet the definition of an asset. We also look at the IASB’s latest annual improvements proposals and a status update on differential reporting and the MRRT. The recent Federal Budget has introduced some measures which have accounting implications and last, but not least, we highlight the impacts of the proposed National Co-operatives law.

In this issue

  • Ten ways to materially misstate your financial statements…The ‘Blind Freddy’ proposition continued - Part 7 - Capitalising items that fail the definition of an asset
  • IASB issues annual improvements Exposure Draft (2010-2012 cycle)
  • No more non-reporting entities?
  • MRRT update
  • No reduction to company tax rate
  • Carry back of tax losses may mean more tax assets
  • National Co-operatives law in the pipeline
  • Comments sought on exposure drafts.