Technical accounting and IFRS advice tailored to your business
Every business faces a financial reporting or accounting issue at some point when preparing their financial reports. In these situations, expert advice underpinned by an in-depth understanding of International Financial Reporting Standards (IFRS) is crucial.
As a member of the Global Public Policy Committee and via our extensive global network, BDO is at the forefront of IFRS reporting and implementation. Our service offering in each technical area includes:
- Audit ready services
- BDO Lease Management Services (i.e. outsourcing of lease accounting)
- BDO Lead SaaS, our AASB 16 technology solution
- Specialist technical advice
- Implementation services of new accounting standards
- Forensic / expert witness services in application of accounting standards
- Training, including webinars and e-learning
- Preparation of accounting manuals and policies
- Preparation of financial statements.
Shining a Torch on Boards & Finance Teams
As companies around the world begin to move out of the post-COVID crisis management stage and into recovery plans to get themselves back on track, there is a glaring problem not being addressed.
This is largely due to the fact that it is rarely identified as an issue in the first place. It is the disparity between your board and your finance team. And it is costing companies around the world not only huge sums of money, but commercial success.
Read more Shining a Torch on Boards & Finance Teams
Understand the differing views between your Finance Team and Board
In these challenging times, many of our clients are struggling to manage their financial reporting risk and the potentially detrimental impact that can have on their business.
We are conducting a review to better understand this, including the differing views between Finance Teams and Boards.
Please complete the risk review and please contact us if you would like to discuss the results of your risk review?
Read more Manage your financial reporting risk
New leases standard, AASB 16 Leases
For lessees the new standard does away with the current operating/finance lease distinction, requiring lessees to recognise all but the lowest value leases on the balance sheet as a right of use asset and a corresponding lease liability. The operating lease rental expense will be replaced by an amortisation charge for the right of use asset and a finance cost.
Effective Date - Mandatory for periods beginning on or after 1 January 2019. For most Australian companies the first reporting period is the year ending 30 June 2020.
Read more AASB 16 Leases
Not-for-profit entities – AASB 1058
AASB 1058, which applies for the first-time to annual periods beginning on or after 1 January 2019, clarifies and simplifies the income recognition requirements that apply to not-for-profit (NFP) entities, in conjunction with AASB 15 Revenue from Contracts with Customers. These two standards supersede all the income recognition requirements relating to private sector NFP entities, and the majority of income recognition requirements relating to public sector NFP entities, previously in AASB 1004 Contributions. In addition to the new revenue and income recognition requirements, not-for-profit entities also face challenges applying the new leases standard, AASB 16 Leases to annual periods beginning on or after 1 January 2019. We also expect changes to the financial reporting requirements and frameworks for not-for-profit entities.
Read more Not-for-profit entities
Impacts of the Coronavirus Outbreak on financial reporting
The coronavirus poses a serious public health threat and the severity of impacts on global economies is changing daily. Actions taken by the Chinese and many other governments, including Australia, to isolate cities and quarantine people have resulted in significant disruption to business operations in these countries, and particularly in China, which is likely to affect entities which depend on supply chains through China, as well as other businesses that have a high dependency on China, including travel and tourism, manufacturing, construction and the retail sector, and brings significant financial reporting implications.
Read more Coronavirus