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Aug 24, 2020 / News

Financial Reporting Developments

Another financial year has ended. This time last year, no one could have anticipated that within the year we would be dealing with a health and economic crisis that has devastated so many Australians. Read more

Audit and Assurance / Financial Reporting


Jul 14, 2020 / News

Companies shouldn’t be tempted to disclose EBITDAC(ovid)

The COVID-19 pandemic has had a significant effect on many businesses and some have been wondering whether they can highlight the impact of COVID-19 and report Earnings Before Interest Tax Depreciation Amortisation and COVID-19, or EBITDAC? Read more

Audit and Assurance / Business Consulting / COVID-19


May 29, 2020 / News

Extension of ASIC reporting deadlines for 30 June 2020

In response to business disruptions caused by COVID-19, the Australian Securities and Investments Commission (ASIC) has announced a one month extension of the reporting deadlines for companies to lodge their audited financial reports under Chapters 2M and 7 of the Corporations Act 2001. The extension applies to both listed and unlisted companies with a balance date up to and including 7 July 2020. Read more

Audit and Assurance / COVID-19 / Financial Reporting


May 18, 2020 / News

IASB revises treatment of COVID-19-related rent concessions

The Australian government’s mandatory Code of Conduct for Commercial Leases introduces a range of rent concessions for lessees, including rent reductions and rent deferrals. Read more

Audit and Assurance / COVID-19 / Financial Reporting


May 07, 2020 / News

Financial Reporting Developments

The AASB has been very active during the past two months, issuing a number of new requirements. Nexia Australia Technical Director Martin Olde highlights some of the key changes as well as financial reporting considerations relating to COVID-19. Read more

Audit and Assurance / COVID-19 / Financial Reporting


Mar 24, 2020 / News

AASB approves removal of Special Purpose Financial Statements

From 1 July 2021, for-profit entities preparing financial statements in accordance with the Corporations Act 2001, other legislation, their constituting documents or other agreements will not be permitted to prepare Special Purpose Financial Statements (“SPFS”). At the same time, the existing Tier 2 Reduced Disclosure Regime (“RDR”) will be replaced by new Tier 2 disclosure requirements. Read more

Audit and Assurance / Education / Not for Profit


Oct 23, 2019 / News

Demise of Special Purpose Financial Statements

From 1 July 2020, many companies preparing financial statements in accordance with the Corporations Act 2001, other legislation, their constituting documents or other agreements will be prevented from preparing Special Purpose Financial Statements (“SPFS”). At the same time, the existing Tier 2 Reduced Disclosure Regime (RDR) will be replaced by new disclosure requirements. Within the following update, we explain the impacts. Read more

Audit and Assurance / Financial Reporting


Apr 10, 2019 / News

Large proprietary company thresholds doubled

The Federal Government has doubled the size thresholds for large proprietary companies reporting under the Corporations Act 2001 (“the Act”) effective for financial years beginning on or after 1 July 2019. The changes do not affect proprietary company reporting requirements for financial years ending on or before 30 June 2019. Read more

Audit and Assurance


Dec 03, 2018 / News

Changes affecting Directors and not-for-profit entities

The AASB has confirmed a major change to AASB 1058 and AASB 16 for below market leases from 1 January 2019. Read more

Audit and Assurance / Financial Reporting / Not for Profit


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