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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


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

Audit and Assurance / Not for Profit


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

Audit and Assurance / Business Consulting / Company Threshold / Corporations Act / Federal Government


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

Audit and Assurance / Business Consulting / Financial Reporting


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

Audit and Assurance / Financial Reporting


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

Audit and Assurance / Business Consulting


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

Audit and Assurance / Business Consulting / Taxation


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

Audit and Assurance / Business Consulting


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