In this edition we continue our series on ‘Blind Freddy’ common errors, i.e. errors that are so obvious that even ‘Blind Freddy’ would spot them. Our second article in the 2016 series focuses on common errors in accounting for discontinued operations.
Further to our article last month that the Australian Charities and Not-for-profits Commission (ACNC) is here to stay, we highlight certain transitional financial reporting arrangements that the ACNC has indicated will continue for 2016. We also draw your attention to the approval of recent international amendments to cash flow statement disclosures.
Lastly, we summarise recent ASIC activities, including the release of various financial reporting legislative instruments to replace class orders that have expired due to sunset clauses, and an Information Sheet to provide guidance to miners when making ‘forward-looking statements’.