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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
Nov 27, 2018 / News
Temporary relief for not-for-profit lessees from fair valuing ‘peppercorn leases’
For reporting periods beginning on or after 1 January 2019, AASB 1058 Income of Not-for-Profit Entities and AASB 16 Leases currently requires not-for-profit (“NFP”) entities to measure and recognise right-of-use assets at fair value for all existing and new below-market (‘peppercorn leases’) leases. Read more
Nov 19, 2018 / News
Increase to small/large proprietary company thresholds proposed
The Federal Government has recently released a proposal to increase the thresholds for determining what constitutes a large proprietary company under the Corporations Act 2001. Read more
Aug 10, 2018 / News
Preparing for 30 June 2018
Whether you are preparing for this 30 June or planning for the year ahead, we are here to assist. Read more
Apr 30, 2018 / News
The end of special purpose financial reports
Since 2013 the International Accounting Standards Board (“IASB”) has been working to revise and update the Conceptual Framework for Financial Reporting – the document that sets out the overarching principles that underpin IFRS. Not very exciting, I hear you say. But stay with me because soon you will be. Read more
Feb 08, 2018 / News
Practical considerations for the implementation of AASB 9, 15 and 16.
2018 marks either the first year of application or the comparative reporting period for AASB 9 Financial Instruments and AASB 15 Revenue from Contracts with Customers. At the same time, many entities are also contemplating the introduction of AASB 1058 Income of Not-for-Profit Entities and AASB 16 Leases. Read more
Jan 09, 2018 / News
US Corporate Tax Changes May Affect Australian Groups
On 22 December 2017 US President Trump signed the Republican party’s tax bill (the Tax Cuts and Jobs Act) into law. The tax changes affecting US corporates are wide ranging and complex. Australian groups with US subsidiaries and operations will need to assess the potential financial effects of these changes on their consolidated financial statements. Read more
Nov 14, 2017 / News
Preparing for 31 December Reporting
As 31 December balancers start preparing for the end of the financial year, Martin Olde reflects on those areas that may affect your 31 December 2017 reporting. Read more
Oct 18, 2017 / News
AASB 9 Financial Instruments - Understanding the Basics
AASB 9 Financial Instruments applies for reporting periods beginning on or after 1 January 2018 and replaces AASB 139 Financial Instruments: Recognition and Measurement. Read more
Sep 08, 2017 / News
Streamlined Assurance Reviews for Large Multinationals, Public Companies and Private Groups
The Tax Avoidance Taskforce1 recently launched the Top 1,000 Tax Performance Program – also known as a Streamlined Assurance Review (SAR) - whereby the vast majority of large businesses (i.e. businesses with a turnover of more than $250 million per year) will be reviewed over the next 4 years (up to 30 June 2020) to ensure such businesses pay the right amount of taxes in Australia. Read more
