Accounting News, October 2013

21 October 2013

Sheryl Levine |

In this edition, we summarise the financial reporting requirements of the Australian Charities and Not-for-profits Commission Act 2012 for charities and not-for-profit entities for 30 June 2014 year ends. We look at common errors made when capitalising borrowing costs under AASB 123 Borrowing Costs, and also look at the recent release by the Australian Accounting Standards Board which introduces some additional reduced disclosure requirements for AASB 136 Impairment of Assets.

In this issue

  • Financial reporting requirements for charities and not-for-profit entities from 30 June 2014
  • Common errors in applying AASB 123 Borrowing Costs
  • AASB issues amendments to AASB 136 for reduced disclosure requirements
  • New BDO publications
  • Comments sought on exposure drafts