All news by: David Holland

Today's Technical Tip looks at the impact of the new AASB 16 leases standards on clients who don't lodge accounts or prepare special purpose accounts.

The International Accounting Standards Board (IASB) published IFRS 1 Revenue from Contracts with Customers in May 2014 effective for reporting periods commencing on or after 1 January 2018.  Since IFRS 15 replaces all the existing guidance on revenue recognition and applies to all entities and industries, there has been considerable confusion (and debate) as to what the likely impacts are going to be across different industries when adopted. 

We are in the middle of a period of significant change in accounting standards.  This article highlights 3 specific issues which will impact upon schools and bursars should begin preparing for.

1. AASB 1058 Income of Not-for-Profit Entities
2. AASB 15 Revenue from Contracts with Customers
3. AASB 16 Leases

Following the Senate deal on Friday the 31^st March 2017, a gradual reduction in the company tax rate will apply. We have outlined what impacts this is likely to have on financial reporting.

There has been a lot of discussion (including one of our own publications) about the disclosure initiative or decluttering financial statements. 

Have you heard people talking about the disclosure initiative or decluttering financial statements?  What does it mean for your financial statements?

Our technical accounting update provides useful information for those preparing 31 December 2016 accounts.  We have separated the update into what is applicable for 31 December 2016 and what is on the horizon including a discussion of key changes.

AASB 10XX and AASB 2016-X changes are set to change income recognition for Local Government. Our national Head of Technical Accounting has outlined the key features you need to know about.

The AASB has issued new new income recognition requirements, what do these new changes mean for NFP Aged Care Operators? This article covers the key features you need to know

On the 28^th September 2016 the AASB issued new income recognition requirements for not-for-profit (NFP) entities:

• AASB 10XX Income of Not-for-profit Entities; and
• AASB 2016-X Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities.

AASB 2016-X will provide NFPs with guidance on how best to apply AASB 15 Revenue from Contracts with Customers.  These draft standards are now available for comment as a ‘fatal flaw’ draft until 21 October 2016.

AASB 9 Financial Instruments has been a project completed in sections over the past decade. Now that it is finally complete and applicable for reporting periods beginning on or after 1 January 2018[1], how will it affect you?

The International Accounting Standards Board (IASB) published IFRS 15[1] Revenue from Contracts with Customers in May 2014 effective for reporting periods commencing on or after 1 January 2018.  During the development of IFRS 15 the construction and property industry was identified as one of those most likely to be impacted upon by the new standard[2].  Given the long term nature of contracts within the construction and property industry it is vital that you understand and prepare for the impacts of IFRS 15 now.

Our technical accounting update provides useful information for those preparing 30 June 2016 accounts. 

The International Accounting Standards Board (IASB) published IFRS 15 Revenue from Contracts with Customers in May 2014 effective for reporting periods commencing on or after 1 January 2018.  During the development of IFRS 15 the construction and property industry was identified as one of those most likely to be impacted upon by the new standard.

Last week the International Accounting Standards Board (IASB) issued IFRS 16 on Leases. The changes introduced by this standard is likely to increase both assets and liabilities on your balance sheet and you will need to consider the possible impact on any bank covenants such as Debt/Equity ratios. At Moore Stephens, our expert advisors are well equipped to assist you in applying this revised standard. For more information on the change, read the article below and contact us today.