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Nexia Australia Technical Director Martin Olde discusses ASIC’s recently announced extension reporting deadlines and the impacts on companies of the Parliamentary Joint Committee’s inquiry into auditing. Read more
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
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
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
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
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
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
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
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
The AASB has confirmed a major change to AASB 1058 and AASB 16 for below market leases from 1 January 2019. Read more