Accounting News - December 2021

Our December Accounting News keeps you up-to-date with the latest financial reporting issues in Australia and globally. We provide you with ten important items to remember when preparing your 31 December financial reports, and continue to assist you to get ready for general purpose financial statements. For NFPs, we provide an update on Director ID requirements and long service leave provisions; and we are pleased to direct you to the newly released CAANZ NFP guide.

Following the success of our 2021 webinars - which have attracted up to 2,000 registrations each – we provide you with dates and registration details for our 2022 series. Please join us.

AUSTRALIAN DEVELOPMENTS

• Ten things to remember when preparing 31 December 2021 annual and half-year financial reports
• One month extension of reporting deadlines for unlisted entities

GETTING READY FOR GENERAL PURPOSE FINANCIAL STATEMENTS

• More relief proposed in AASB 1 for entities transitioning to Simplified Disclosures

NOT-FOR-PROFIT ENTITIES

• Director Identification Number (ID) requirements for not-for-profit entities
• Should portable long service leave provisions be recognised on a gross or net basis?
• Chartered Accountants Australia & New Zealand (CAANZ) NFP guide now available

INTERNATIONAL DEVELOPMENTS

• More changes proposed for classifying liabilities as current or non-current
• More disclosures proposed for supplier finance arrangements

OTHER

• Watch our most recent webinars – Foreign Exchange Complexities