Accounting News, November 2015

19 November 2015

Sheryl Levine |

In this edition, we consider the implications of the IFRS Interpretations Committee’s Draft Interpretation on accounting for uncertain tax treatments, which requires you to recognise deferred tax assets and liabilities on the presumption you would have a tax audit, and that the tax auditors would have full knowledge of all underlying transactions.

The next instalment of our series of articles on ‘decluttering’ financial statements summarises what the ASX Top 100 companies are doing to ‘declutter’ and improve their annual reports, as well as simple steps for smaller entities to kick start this process.

We also look at some major impacts that the new revenue standard, AASB 15 Revenue from Contracts with Customers will have on entities in the telecommunications industry, and lastly, we highlight upcoming amendments to be made to financial reporting Class Orders by the Australian Securities and Investments Commission.

In this issue

  • Does the idea of having a tax audit worry you? IFRIC ED released on uncertain tax positions
  • ‘Decluttering’ your financial statements – The ASX Top 100 experience
  • AASB 15 – Revenue recognition to change for telcos
  • ASIC to remake some financial reporting class orders
  • New BDO publications
  • Comments sought on exposure drafts