‘Triple Trouble’ financial reporting standards leads to new Partner hire at BDO Australia
13 November 2016
Compliance with new accounting requirements under International Financial Reporting Standards (IFRS) is driving demand for technical expertise, evidenced by the key hire of Aletta Boshoff as a new IFRS Advisory Partner at BDO Australia.
The adoption of IFRS in Australia is seen as the biggest change in financial reporting this century. The next phase of this change is evidenced by the implementation of three new accounting standards IFRS 15 Revenue from Contracts with Customers; IFRS 16 Leases and IFRS 9 Financial Instruments over the next two to three years.
David Garvey, Managing Partner, BDO Melbourne, said IFRS compliance preparations would step-up a level in 2017.
“It’s unlikely that any entity preparing general purpose financial reports will not be impacted by one or more of these standards and we are seeing increasing demand for specialist advice and risk identification,” David said.
“The ‘Triple Trouble’ standards will impact how bad debt provisions are calculated, cause more financial assets to be measured at fair value, introduce very complex rules as to when revenue can be recognised and effectively scrap the operating lease classification, bringing all leases, together with the lease liability onto a company’s balance sheet.”
“Aletta is a great addition to the BDO team and we are fortunate to have someone with her experience leading on IFRS work in Melbourne and Sydney.”
“For many of our clients having that specialist IFRS advice means they can compete abroad, raise capital, win global contracts, and provide transparent company accounts for investors and regulators.”
“Our clients are looking for expertise as well as practical, cross-border advice, which is why BDO’s global reach is also helping facilitate our growth in this area.”
Aletta is passionate about understanding, discussing, implementing and training on IFRS. She is well-known for her engaging and informative IFRS Webinars, videos and newsletters. Aletta also regularly presents face-to-face training sessions at the CAANZ Accounting and Audit Conferences and CA ANZ Business Forums.
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