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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
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
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
Feb 26, 2020 / News
New disclosure requirements for Not-For-Profit entities preparing SPFS
For financial years ending on or after 30 June 2020, certain not-for-profit (NFP) entities preparing special purpose financial statements (SPFS) will need to include new disclosures in their financial statements regarding their compliance with the recognition and measurement (R&M) requirements of Australian Accounting Standards (AAS). Read more
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
Aug 13, 2019 / News
Financial Reporting Developments
Nexia Australia and New Zealand Technical Director Martin Olde highlights the changes to the definition of a large proprietary company, the AASB’s project to remove the ability of companies to prepare special purpose financial statements and other recent developments. Read more
Jan 10, 2019 / News
Relief from fair valuing ‘peppercorn leases’ confirmed
The AASB has confirmed that not-for-profit (“NFP”) entities will not be required to measure and recognise right-of-use assets at fair value for below-market (‘peppercorn leases’) leases when applying AASB 16 Leases. Read more
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
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
