In the 2018 Summer issue of Corporate Advisor, we explain 14 financial-reporting, regulatory, and corporate-governance topics to inform and help CFOs and directors.
We’re focusing mainly on regulatory issues that affect the preparation of 31 December reports – ASIC targets and its latest surveillance results.
There are no significant new accounting standards that require application. However, 1 January marks the application of AASB 15 Revenue from Contracts with Customers for for-profit entities and AASB 9 Financial Instruments and related AASB 7 Financial Instruments amendments. Next January sees AASB 15 and AASB 1058 Income of Not-for-Profit Entities and AASB Leases become operative. Preparers should not under-estimate the complexity of these standards and the challenges they confront us with. There is also help for preparers to better understand the nebulous concept of materiality through practice statement 2 Making Materiality Judgements.
We are looking at the penalties for those that have breached accounting standards.
Our guest contributors from GAAP Consulting include Andrew Parker, takes a look at whistleblower developments, and Carmen Ridley, who explains the principles of AASB interpretation.
Find out more here: Corporate Advisor Summer Edition 2018