In this edition, we explain the AASB’s proposals to scrap special purpose financial statements as an option for certain for-profit private sector entities from 2021.
We continue to explore further aspects of the ‘triple threat’ accounting standards. This month we discuss how to determine whether fees charged by a lender fall within the scope of IFRS 15 or IFRS 9, we continue with our ‘Step five’ series, and are proud to launch our new video series on the impacts of IFRS 9, 15 and 16 on the natural resources sector.
Lastly, our not-for-profit section looks at how multi-year grants received are not automatically deferred to future periods merely because of the existence of refund obligations.