Accounting News - February 2021

In this edition, we look at financial reporting issues for 31 December 2020. 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.   

AUSTRALIAN DEVELOPMENTS

• ASX listed entities can now take advantage of extended reporting deadlines for 31 December 2020
• Results of ASIC’s 30 June 2020 financial reporting surveillance program
• Payment times reporting scheme: Is your organisation ready for 1 January 2021?

GENERAL PURPOSE FINANCIAL STATEMENTS

• Key questions to ask when getting ready for general purpose financial statements

INSURANCE

• The implications of IFRS 17 Insurance Contracts for non-insurers

SUSTAINABILITY REPORTING

• Effects of climate-related matters on financial statements
• Five organisations launch prototype climate-related financial disclosure standard
• IFRS Foundation announces ‘next steps’ for global sustainability standards

NOT-FOR-PROFIT ENTITIES

• ACNC’s best practice financial report disclosures – start the new year on the right foot

CORONAVIRUS UPDATE

• How should lessors account for operating lease straight-line rentals and lease incentive assets after initial recognition?
• Possible extension of the date for COVID-19-related rent concessions past 30 June 2021
• Going concern – what disclosure is required in financial statements?

OTHER

• Watch our most recent webinars – Asset acquisition or business combination? Changes to IFRS 3 Business Combinations and Applying IFRS 1 on transition to general purpose financial statements