Accounting News, May 2015

20 May 2015

Sheryl Levine |

In this edition we continue our series on the practical implications of the revised ASX Corporate Governance Principles, specifically gender diversity, and we also look at how the new hedge accounting principles contained in AASB 9 Financial Instruments finally reflect the economic reason to hedge.

We draw attention to some recent developments, including; discount rates changing for employee benefit provisions in 30 June 2015 financial statements, the likely delay in the application date of the new revenue standard, AASB 15 Revenue from Contracts with Customers, and ASIC starting to penalise entities that fail to lodge financial reports.

Lastly, we look at some proposals to change accounting for not-for-profit entities, including income recognition, and for public sector not-for-profit entities, relief from some fair value disclosures.

In this issue

  • Attention directors – ASX Corporate Governance changes – Part 9 – Gender diversity
  • Hedge accounting may finally make sense – Iron ore producers and others take note
  • Change your discount rate for employee benefit provisions and defined benefit obligations at 30 June 2015
  • New revenue standard to be deferred to 1 January 2018
  • ASIC penalising entities for failing to lodge financial reports
  • Better matching of income and expenses for not-for-profit entities
  • Relief for public sector entities from fair value disclosures
  • New BDO publications
  • Comments sought on exposure drafts