Australian Developments

Accounting for research and development incentives

Date	Resource
20/11/2020	Accounting for non-refundable research and development incentives
22/10/2020	Accounting for refundable research and development incentives

GPFS for country by country reporting entities

Date	Resource
24/08/2020	Implications of expanded significant global entity (SGE) definition – introducing the concept of a notional listed consolidated group
17/12/2019	Extension of definition of ‘significant global entities’
22/08/2019	Simplified disclosures to replace RDR for Tier 2 entities preparing general purpose financial statements
18/12/2017	Significant global entities – Do you qualify for relief when submitting your first general purpose financial statements with ATO?
25/10/2017	ATO issues guidance on general purpose financial statements for significant global entities

ASIC Issues

Date	Resource
17/12/2020	AFS licensees - ASIC consults on treatment of leased assets for NTA calculations
17/12/2020	ASIC focus areas for 31 December 2020 financial statements
20/11/2020	ASIC extends financial reporting deadlines again for listed and unlisted entities
22/09/2020	The ASX’s one month extension to lodgement deadlines does not apply to foreign entities listed on the ASX
24/08/2020	Recent ASIC media releases – Focus areas under COVID-19 and results of December 2019 financial reporting surveillance
28/07/2020	ASIC to take ‘no action’ against AFS licensees that fail to meet financial resource requirements because of right-of-use assets recognised under IFRS 16 Leases (Accounting News – July 2020)
25/06/2020	Disclosure of auditors’ remuneration in 30 June 2020 financial reports – More detail required for ASX entities
22/05/2020	ASIC extends reporting deadlines of 30 June 2020 financial statements by one month
23/04/2020	Reporting deadlines for unlisted entities – ASIC gives one month COVID-19 extensions for balance dates ending 31 December 2019 to 31 March 2020
23/04/2020	AGMs of public companies - Temporary COVID-19 extensions and exceptions for ‘virtual’ AGMs
24/03/2020	Almost 25% of financial reports reviewed by ASIC result in enquiries on the appropriate accounting treatment
17/12/2019	ASIC focus areas for 31 December 2019 – Important note for AFS licensees with right-of-use assets
25/06/2019	ASIC focus areas for 30 June 2019 financial reporting surveillance
20/05/2019	Regulation approved to double size thresholds for large private companies reporting to ASIC
22/02/2019	Almost 25% of financial reports reviewed by ASIC result in enquiries on the appropriate accounting treatment
18/12/2018	ASIC focus areas for 31 December 2018 financial reporting surveillance
22/06/2018	Disclosing the impact of new accounting standards is top of ASIC’s focus areas for its 30 June 2018 financial reporting surveillance program
23/02/2018	Almost one in four financial reports reviewed by ASIC result in enquiries on appropriate accounting treatment
18/12/2017	ASIC calls on preparers to focus on financial report quality and new requirements (Focus areas for 31 December 2017 financial reports)
25/07/2017	Impairment still the biggest issue for ASIC in its surveillance on 31 December 2016 financial reports
26/06/2017	ASIC calls on preparers to focus on the quality of financial information (focus areas for 30 June 2017 financial reports)
21/02/2017	ASIC expects companies to respond to the three new accounting standards
20/10/2016	More financial reporting class orders replaced with new instruments
21/09/2016	More financial reporting class orders replaced with new instruments
20/06/2016	ASIC calls on directors to apply realism and clarity to 30 June 2016 financial reports
21/04/2016	ASIC reissues rounding and other class orders
18/02/2016	ASIC to remake more financial reporting class orders
18/12/2015	ASIC focus areas for 31 December 2015 financial statements
19/11/2015	ASIC to remake some financial reporting class orders
24/08/2015	More ASIC enforcements – Jervois Mining restate their financial statements
20/07/2015	Restatement of financial statements from ASIC enquiries now extending to private companies
20/07/2015	Rule changes for resignation of auditors of public
20/07/2015	ASIC extends Class Order 14/632 for key management personnel equity instrument disclosures to 31 December 2015
17/06/2015	ASIC focus areas for 30 June 2015 financial reports
17/06/2015	ASIC Information Sheet for directors on the role of directors in impairment testing
20/05/2015	ASIC penalising entities for failing to lodge financial reports
22/04/2015	Recent ASIC enforcements – Entities restate their financial statements
18/03/2015	Class Order for KMP remuneration extended
18/03/2015	When goodwill is not goodwill – Primary Health Care restate their financial statements
18/03/2015	Directors – how good is your accounting knowledge?
11/12/2014	ASIC focus areas for 31 December 2014
21/07/2014	ASIC focuses for 30 June 2014 financial reports
21/07/2014	ASIC grants relief for KMP disclosures because of Corporations Regulations anomalies
20/06/2014	ASIC focus areas for 30 June 2014 financial reports
21/02/2014	ASIC clarifies presentation of financial statements by stapled entities
12/12/2013	ASIC issues guidance to directors on financial reporting responsibilities
20/11/2013	ASIC focus areas for 31 December 2013 financial reports
19/09/2013	ASIC issues class order relief for stapled securities financial reporting
21/08/2013	Listed entity Operating and financial review reminder for 30 June 2013 annual reports
22/07/2013	ASIC's findings for financial reports of proprietary companies
21/05/2013	ASIC issues guidance on the operating and financial review – Applies to 30 June 2013
15/03/2012	Regulatory Guide 230 Disclosing non-IFRS financial information

APRA Issues

Date	Resource
17/12/2020	APRA plans to align its capital and reporting frameworks with AASB 17

Corporate Governance

Date	Resource
22/10/2020	New ASX Corporate Governance rules apply to 31 December 2020 financial statements of listed entities
25/06/2020	Questions directors should ask about 30 June 2020 financial statements – COVID-19 impacts and new accounting standards
21/03/2019	New Corporate Governance Principles and Recommendations for listed entities – No need for ‘social licence to operate’
22/02/2019	New governance principles and guidance for not-for-profit entities (NFPs)
23/05/2018	Safe harbour insolvency reforms to provide directors relief from insolvent trading provisions
21/07/2016	ASIC puts all corporate governance resources in one place for easier access by boards
17/06/2015	Attention directors – ASX Corporate Governance changes – Part 10 – The revised ASX Corporate Governance Principles have already been in effect for 1 year
20/05/2015	Attention directors – ASX Corporate Governance changes – Part 9 – Gender diversity
22/04/2015	Attention directors – ASX Corporate Governance changes – Part 8 - The challenges facing ASX boards with operations in emerging markets
18/03/2015	Attention directors – ASX Corporate Governance changes – Part 7 – The role of the audit committee and the internal audit function
18/02/2015	Attention directors – ASX Corporate Governance changes – Part 6 – Role of the board in managing and monitoring risk
11/12/2014	Attention directors – ASX Corporate Governance changes – Part 5
20/11/2014	Attention directors – ASX Corporate Governance changes – Part 4
21/10/2014	Attention directors – ASX Corporate Governance changes – Part 3
16/09/2014	Attention directors – ASX Corporate Governance changes – Part 2
20/08/2014	Attention directors – ASX Corporate Governance changes – are you ready?

New Conceptual Framework

Date	Resource
21/07/2019	New Conceptual Framework – Who will it apply to and when?

Not-for-profit entities

Date	Resource
17/12/2020	Simplified disclosures – NFPs to get some relief on move from RDR to Simplified Disclosures
20/11/2020	Managing the impact of COVID-19 on your not-for profit’s reporting
20/11/2020	Accounting for accrued income on partially performed grant activities under AASB 1058
22/09/2020	NFPs – Accounting for concessionary loans – AASB issues Staff FAQ
21/07/2020	NFP private sector entities to disclose extent of compliance with recognition and measurement requirements in Australian Accounting Standards
22/05/2020	Four key focus areas for NFPs at June 2020
22/05/2020	What can NFPs gain from Government stimulus packages?
23/04/2020	NFPs – Grants to NFPs to transfer research findings to a customer – Timing of revenue recognition revisited
24/03/2020	NFPs – More examples of ‘sufficiently specific’ performance obligations under AASB 15
24/02/2020	How to recognise income when NFPs receive a grant to acquire or construct a non-financial asset?
24/02/2020	AASB clarifies what is meant by ‘class of ROU asset’ for concessionary (peppercorn) leases
17/12/2019	AASB 1058 and AASB 15 deferred for research grants
17/12/2019	Private sector NFPs to disclose extent of compliance with recognition and measurement requirements in special purpose financial statements
21/11/2019	BDO interactive eLearning materials on accounting for income and revenue by NFPs
21/11/2019	AASB issues new FAQ to assist in determining whether there are sufficiently specific performance obligations under AASB 15 for a research grant
21/10/2019	NFPs – Time to start reviewing grant contracts to determine if there are any ‘sufficiently specific’ performance obligations
23/09/2019	NFPs – Refund obligations are not automatically ‘sufficiently specific’ performance obligations under AASB 15
22/08/2019	NFPs - Allocating the transaction price to performance obligations under AASB 15
21/07/2019	Grants to NFPs to transfer research findings to a customer – Does AASB 15 or AASB 1058 apply?
21/07/2019	Proposed changes to not-for-profit entity definition
25/06/2019	Grants to NFPs to transfer research findings to a customer – Does AASB 15 or AASB 1058 apply?
20/05/2019	Grants to NFPs to transfer a licence to a customer – Does AASB 15 or AASB 1058 apply?
18/04/2019	Grants to NFPs to deliver intellectual property (IP) to a customer – Does AASB 15 or AASB 1058 apply?
21/03/2019	AASB issues two new FAQs on how schools recognise income from waiting list fees and enrolment fees
21/03/2019	Annual financial reporting checklist for charities
22/09/2019	Deferral of fair value requirements for peppercorn leases approved by AASB
22/09/2019	How to identify ‘sufficiently specific’ performance obligations when assessing whether AASB 15 or AASB 1058 applies
22/02/2019	New governance principles and guidance for not-for-profit entities (NFPs)
18/12/2018	AASB issues exposure draft to commence process for deferring fair value requirements for right-of-use assets subject to peppercorn leases
22/11/2018	AASB defers requirements for NFP lessees to fair value peppercorn leases
22/11/2018	Application date of AASB 1059 Service Concession Arrangements: Grantors delayed until 2020
22/11/2018	How will the new revenue standard (AASB 15) impact NFPs?
22/10/2018	Removal of duplicative financial reporting for NSW associations
22/10/2018	AASB approves Implementation Guidance for Not-for-Profit Public Sector Licensors
24/09/2018	Duplicative financial reporting to end for Victorian associations
24/09/2018	Possible increases in revenue thresholds for charities reporting to the ACNC
22/02/2018	Quadruple threat – Four new accounting standards for not-for-profit entities
18/12/2017	Changes to financial reporting for ACT associations
22/09/2017	Directors/CEOs of charities – 30 June 2017 financial reporting checklist’
22/08/2017	More infrastructure projects (service concession arrangements) of public sector entities to be recognised on balance sheet
28/06/2017	Accounting Standards Update for Community Housing
26/06/2017	Summary of changes made to accounting standards for not-for-profit entities
19/05/2017	Not-for-profit entities (NFPs) to recognise peppercorn leases on the balance sheet
19/05/2017	AASB issues agenda decision on materiality of KMP transactions in the public sector
21/02/2017	New standard on income recognition for not-for-profit entities
21/02/2017	New reporting requirements for South Australian charities and prescribed associations
17/11/2016	New reporting requirements for Tasmanian associations
20/10/2016	AASB issues fatal flaw draft standard on income of NFPs’
21/09/2016	AASB defers application of AASB 15 Revenue from Contracts with Customers for not-for-profit entities
21/09/2016	Fatal flaw draft standard ready for income of NFPs
17/08/2016	Simplified impairment requirements for NFPs – no more assessment of depreciated replacement cost
17/08/2016	Updated NFP financial reporting guide from Chartered Accountants Australia and New Zealand
21/07/2016	Associations benefit from state red tape reduction but must now lodge with the ACNC
21/04/2016	ACNC transitional reporting continues
17/03/2016	ACNC is here to stay
17/03/2016	ED 270 - The reporting proposal that nobody asked for
24/08/2015	AASB roundtable discussions on proposals to change income recognition for not-for-profit entities
24/08/2015	Relief from certain fair value disclosures for not-for-profit public sector entities
18/03/2015	Better matching of income and expenses for not-for-profit entities
18/02/2015	Relief for public sector entities from fair value disclosures

Special purpose financial statements

Date	Resource
17/12/2020	Simplified disclosures – NFPs to get some relief on move from RDR to Simplified Disclosures
22/09/2020	For-profit private sector entities - Why you should consider transitioning from special purpose to Tier 2 general purpose financial statements one year early (i.e. for 30 June 2021 year-ends)
23/04/2020	It's final – From 2022, special purpose financial statements will be history, and RDR replaced by Simplified Disclosures
17/12/2019	Private sector NFPs to disclose extent of compliance with recognition and measurement requirements in special purpose financial statements
21/10/2019	AASB extends deadline for comments on exposure drafts to remove special purpose financial statements
23/09/2019	Special purpose financial statements to be scrapped from 2021
22/08/2019	Simplified disclosures to replace RDR for Tier 2 entities preparing general purpose financial statements
20/05/2019	Proposals to require entities lodging with ASIC and ACNC to disclose compliance with recognition and measurement requirements of Australian Accounting Standards
21/03/2019	Scrapping special purpose financial statements becoming a reality but RDR is not the answer
22/11/2018	Proposals to double the reporting thresholds for ‘large’ proprietary companies from 30 June 2020 –
22/06/2018	AASB issues Consultation Paper with respect to the future of special purpose financial reporting
18/04/2018	Days are numbered for special purpose financial statements in Australia

Underpayment of employee remuneration/entitlements

Date	Resource
24/08/2020	Have you provided for ‘double dipping’ on casual entitlements in 30 June 2020 financial statements?
24/08/2020	Accounting for remuneration underpayments – AASB issues Staff FAQ