• Accounting & Regulatory Changes

    Accounting Issues & Trends that impact your business.

Anticipate the impact of accounting regulatory changes

Businesses today face an ever-expanding range of accounting issues. BDO continually explores the financial reporting landscape to identify those that matter most. We’ve compiled these resources based on our findings to help you learn more about key audit issues, accounting and regulatory changes, and how they may affect your business or industry.

Leasing

Date Resource
22/10/2018 IFRS 16 is ‘business as usual for lessors’ but creates complexity for subleasing arrangements
22/10/2018 AASB approves reduced disclosures for AASB 16 Leases and AASB 1058 Income of Not-for-Profit Entities
24/09/2018 Even minor amendments to leases under IFRS 16 create significant work for lessees
21/08/2018 IFRS 16 set to have substantial impacts on the financial statements of lessees
24/07/2018 When is a lease not a lease?
23/05/2018 Our BDO technology solution to assist with implementation of IFRS 16 Leases
18/04/2018 Brace for impact: The first two of the new triple threat IFRS are now in effect
21/03/2018 Is a novated lease a ‘lease’ for the employer under IFRS 16?
23/02/2018 IFRS in Practice – IFRS 16  Lease (February 2018)
22/02/2018 Quadruple threat – Four new accounting standards for not-for-profit entities
18/12/2017 Count down to adopting AASB 9, 15 & 16 – Time is running out
20/11/2017 Implications of IFRS 16 on retailers
20/11/2017 How will the three new accounting standards affect your deals?
25/10/2017 Will the three new accounting standards (AASB 9, 15 and 16) make you large (or small)?
09/03/2017 Happy birthday AASB 16!
21/07/2016 Need to Know – IFRS 16 Leases
17/03/2016 US issues new rules for lease accounting – All leases to be capitalised but different rules for operating leases
18/02/2016 New leases standard requires virtually all leases to be capitalised on the balance sheet
16/09/2014 Lease Accounting – Is it changing or not?
14/04/2014 Leases project Update
30/09/2013 Need to Know - Leases – the 2013 Exposure Draft
19/09/2013 Highlights from leases round table
19/06/2013 No more operating leases
18/09/2012 Need to Know - Leases - A Project Update
15/05/2012 Leasing Update – Operating Leases to Stay?

Revenue

Date Resource
22/10/2018 AASB approves Implementation Guidance for Not-for-Profit Public Sector Licensors
24/09/2018 Judgement needed to identify performance obligations under IFRS 15
23/07/2018 Identifying performance obligations is critical to revenue recognition under IFRS 15
22/06/2018 Accounting for revenue under IFRS 15 – The complexity of contract modifications
23/05/2018 Accounting for revenue under IFRS 15 – Complexity from the very first step
18/04/2018 Recent agenda decisions by the IFRS Interpretations Committee
18/04/2018 Brace for impact: The first two of the new triple threat IFRS are now in effect
22/02/2018 Quadruple threat – Four new accounting standards for not-for-profit entities
12/02/2019 IFRS 15 Revenue from Contracts with Customers (February 2018)
18/12/2017 Count down to adopting AASB 9, 15 & 16 – Time is running out
20/11/2017 How will the three new accounting standards affect your deals?
25/10/2017 Will the three new accounting standards (AASB 9, 15 and 16) make you large (or small)?
19/05/2017 Happy birthday AASB 15
19/12/2016 Transitioning to the new revenue standard – what are your options?
19/12/2016 Need to Know - IFRS 15 – differences to US GAAP
31/07/2016 IFRS in Practice IFRS 15 Revenue from Contracts with Customers - Transition (Apr 2016)
20/05/2016 IASB issues clarification to IFRS 15
19/11/2015 AASB 15 – Revenue recognition to change for telcos
24/08/2015 Revenue standard AASB 15 deferred by one year
24/08/2015 Changes in the pipeline for the new revenue standard AASB 15 to help clarify application issues
10/08/2015 Webcast on IFRS 15 – Construction and real estate
20/05/2015 New revenue standard to be deferred to 1 January 2018
22/04/2015 AASB 15 – Revenue recognition to change for the manufacturing industry
18/02/2015 How will AASB 15 affect revenue recognition for clubs?
20/11/2014 IFRS 15 – Revenue recognition to change for the construction industry
18/11/2014 Webcasts on IFRS 15
07/10/2014 IFRS in Practice – IFRS 15 Revenue from Contract with Customers
16/09/2014 IFRS 15 – Revenue recognition to change for retailers
20/08/2014 Industry impacts of new revenue standard
15/08/2014 15 minute video clip on major impacts of IFRS 15
04/08/2014 Need to Know – IFRS 15 Revenue from Contract with Customers
20/06/2014 New Revenue Standard
16/12/2011 More on revenue recognition proposals – ED 222
16/11/2011 Revised revenue recognition proposals released

Financial instruments

Date Resource
22/10/2018 Accounting for financial liabilities is not substantially impacted by the adoption of IFRS 9 but will need to account for ‘own credit risk’ in OCI for some financial liabilities
22/10/2018 Convertible notes – Are you accounting for these correctly? (Part 7)
24/09/2018

Convertible notes – Are you accounting for these correctly (Part 6)?

13/09/2018 Applying IFRS 9 to Related Company Loans
21/08/2018

IFRS 9 could lead to earlier (and frequently greater) impairment recognition

21/08/2018

Convertible notes – Are you accounting for these correctly (Part 5)?

23/07/2018 Convertible notes – Are you accounting for these correctly (Part 4)?
22/06/2018 Financial assets under IFRS 9 – Two key tests drive classification
29/05/2018 Applying IFRS 9 to Related Company Loans
23/05/2018 IFRS in Practice – IFRS 9
23/05/2018 Convertible notes - Are you accounting for these correctly (Part 3)?
23/05/2018 Financial assets under IFRS 9 – The basis for classification has changed 
18/04/2018 Convertible notes - Are you accounting for these correctly (Part 2)?
18/04/2018 Brace for impact: The first two of the new triple threat IFRS are now in effect
21/03/2018 Convertible notes - Are you accounting for these correctly (Part 1)?
22/02/2018 Quadruple threat – Four new accounting standards for not-for-profit entities
18/11/2017 Count down to adopting AASB 9, 15 & 16 – Time is running out
20/11/2017 Changes to IFRS 9 – Prepayment features with negative compensation to be considered SPPI
20/11/2017 ‘Expected credit loss’ model under IFRS 9 to be applied to loans advanced to associates and joint ventures
20/11/2017 How will the three new accounting standards affect your deals?
25/10/2017 Will the three new accounting standards (AASB 9, 15 and 16) make you large (or small)?
26/06/2017 APRA confirms provisioning approach when AASB 9 becomes effective
19/05/2017 Narrow scope amendments proposed to AASB 9 to allow financial assets with prepayment options to be measured at amortised cost
20/10/2016 IASB issues amendments to IFRS 4 Insurance Contracts (Applying IFRS 9 Financial Instruments and IFRS 4)
30/06/2016 Implementation of IFRS 9 impairment requirements by banks
18/02/2016 Why the use of options as hedging instruments is more appealing under AASB 9
20/10/2015 What is hedge accounting? ... Why exporters might choose to apply hedge accounting
16/09/2015 What is hedge accounting? ... Why importers might choose to apply hedge accounting
20/07/2015 Who are the early adopters of the new AASB 9 hedging accounting requirements?
20/07/2015 Practical challenges of applying the new AASB 9 impairment model to trade and lease receivables
17/06/2015 Practical challenges of the new IFRS 9 impairment model for lenders
20/05/2015 Hedge accounting may finally make sense – Iron ore producers and others take note
29/04/2015 IFRS 9 (2014) Financial Instruments - Classification and Measurement (Apr 2015)
18/03/2015 Financial institutions and leasing companies – Calling for AASB 9 impairment implementation issues
01/12/2014 IFRS 9 Financial Instruments - Impairment of Financial Assets (Dec 2014)
20/11/2014 Financial instruments - Changes to classification and measurement
21/10/2014 Seeking implementation issues of new financial asset impairment requirements
16/09/2014 Wayne Basford, Partner and IFRS Leader appointed to Transition Resource Group for Impairment of Financial Instrument
20/08/2014 At last, a final version of IFRS 9 Financial Instruments – Part 1
21/05/2014 Simpler effectiveness testing under AASB 9 Financial Instruments
21/05/2014 IASB issues discussion paper on macro hedging
20/03/2014 IFRS 9 developments – New effective date and final version to override earlier versions
21/02/2014 New hedge accounting requirements available for early adoption in Australia
12/12/2013 New rules make hedge accounting easier
24/10/2012 IFRS in Practice - Accounting for convertible notes
15/02/2012 Blind Freddy – convertible note issues
16/11/2011 Blind Freddy – debt v equity issues

Consolidations and Joint Arrangements

Date Resource
09/02/2016 IFRS in Practice – Joint Arrangements
21/05/2014 Changes to IFRS 11 Joint Arrangements – Accounting for acquisitions of interests in joint operations
21/02/2014 Proposals to allow equity accounting in separate financial statements
20/11/2013 AASB issues consolidation guidance for not-for-profit entities
19/09/2013 Investment entity consolidation entity exemption finally approved in Australia
19/06/2013 Will Australian investment entities be required to disclose consolidated financial statements
21/05/2013 Will the new consolidation and joint arrangement standards change your financial statements?
30/04/2013 Need to know - IFRS 10 Consolidated Financial Statements
21/02/2013 IASB proposes to resolve conflict between AASB 10 and AASB 128 (2011)
21/02/2013 IASB proposes accounting guidance for the acquisition of an interest in a joint operation
18/12/2012 IASB proposes amendments to the equity method for changes in other net assets
23/10/2012 New consolidation, joint arrangements and fair value standards – Storm in a teacup ? – continued
21/09/2012 Application date for new consolidation and joint arrangements standard deferred for not-for-profit entities
21/09/2012 New consolidation, joint arrangement and fair value standards – Storm in a teacup?
15/05/2012 IASB issues standard to clarify transition date for IFRS 10 Consolidated Financial Statements (and IFRS 11 and IFRS 12)
21/08/2011 Consolidations – IFRS 10
19/04/2011 New standard on joint arrangements

ASIC Issues

Date Resource
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

Not-for-profit entities

Date Resource
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