Accounting News - March 2021

In this edition, we look at the latest financial reporting issues in Australia and globally. We also consider new areas affecting financial reporting in future, including the new insurance standard, sustainability reporting, and the move in Australia to general purpose financial reporting.   

GETTING READY FOR GENERAL PURPOSE FINANCIAL STATEMENTS

• Navigating the General Purpose Financial Statements (GPFS) transition

INSURANCE

• For the purposes of IFRS 17, what is an insurance contract?

SUSTAINABILITY REPORTING

• ESG and the business case for dealing with climate change

NOT-FOR-PROFIT ENTITIES

• Proposals to increase reporting thresholds for charities

INTERNATIONAL DEVELOPMENTS

• Are your borrowings classified correctly as current or non-current liabilities?
• Expect to see a reduction in the amount of accounting policy disclosures
• IASB clarifies how to distinguish between a change in accounting policy and a change in accounting estimate

OTHER

• Watch our most recent webinars – Selection of Appropriate Accounting Policies – Understand the Basic Alternatives