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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

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


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

Education / Financial Reporting / 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


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

Financial Reporting


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

Financial Reporting


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


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