Accounting News - July 2021

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

AUSTRALIAN DEVELOPMENTS

• ASIC focus areas and ASIC feedback from December 2020 surveillance program

GETTING READY FOR GENERAL PURPOSE FINANCIAL STATEMENTS

• Accounting for associates

INSURANCE

• Identifying and measuring the components of an insurance contract

NOT-FOR-PROFIT ENTITIES

• Fewer charities required to prepare financial reports in future
• NFPs – Disclosures about revenue and income – more than you bargained for (Part 2)?
• Income and revenue recognition for NFPs – are changes on the horizon?

INTERNATIONAL DEVELOPMENTS

• How do lessees account for deferred taxes on leases when they have made advance lease payments and incurred initial direct costs?
• Latest IFRIC agenda decisions – Costs necessary to sell inventories & non-going concern financial statements

OTHER

• Watch our most recent webinars – Accounting for Convertible Notes