Accounting News - September 2020

In this edition, we launch upcoming IFRS training initiatives, including our IFRS Training Hub. We also look at various Australian developments (including for not-for-profit entities) that could impact 30 June 2020 financial statements and beyond, and explore the new optional concentration test that could short-cut business combination accounting. In our coronavirus update, we provide guidance for businesses as they emerge from coronavirus lockdown.

ARE YOU AUDIT READY?

• Invitation to join our upcoming virtual workshops
• Launch of IFRS Training Hub

AUSTRALIAN DEVELOPMENTS

• The ASX’s one month extension to lodgement deadlines does not apply to foreign entities listed on the ASX
• For-profit private sector entities - Why you should consider transitioning from special purpose to Tier 2 general purpose financial statements one year early (i.e. for 30 June 2021 year-ends)

CORONAVIRUS UPDATE

• Emerging from lockdown – use the runway wisely

NOT-FOR-PROFIT ENTITIES

• NFPs – Accounting for concessionary loans – AASB issues Staff FAQ

NEW DEFINITION OF A ‘BUSINESS’ FOR BUSINESS COMBINATIONS

• How the optional concentration test could save you time assessing whether you have acquired a business

OTHER

• Watch our most recent webinar for Finance teams: What to look for when preparing  financial statements