News and Views

How will IFRS 15 Revenue from Contracts with Customers impact the property development and construction industry?

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. Since IFRS 15 replaces all of 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.

How will IFRS 15 Revenue from Contracts with Customers impact the property development and construction industry?

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. Since IFRS 15 replaces all of 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.

Five Pillars of a Resilient Business

It’s not uncommon for business owners to lie awake at night, worrying about a raft of operational problems, from cashflow concerns to personnel pressures and everything in between.
Often, there’s precious little time for any strategic, big picture thinking amid the myriad day-to-day issues that constantly command their attention.
In reality, though, there’s really only one issue that should demand a leader’s laser-like focus from the very beginning.
And that’s the end.
 

How will IFRS 15 Revenue from Contracts with Customers impact the not-for-profit sector?

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 2019 for not-for-profit entities in Australia. During December 2016 the Australian Accounting Standards Board also released AASB 1058 Income of not-for-profit Entities effective for the same date as IFRS 15. There has been considerable debate as to how these two new accounting standards interact with each other and also the likely impacts. 

How will IFRS 15 Revenue from Contracts with Customers impact the mining industry?

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. Since IFRS 15 replaces all of 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. 

2018-19 Federal Budget Report: Executive Summary

Treasurer Scott Morrison handed down the 2018-19 Federal Budget on Tuesday 8 May 2018 announcing it is a whole package for all Australians.

The Treasurer emphasised the need to set a “tax speed limit” and respect taxpayers (due to too much tax revenue being pulled out of people’s pockets) noting that half of the tax base is coming from people getting in jobs.

2018-19 Federal Budget Report: Health

Investing in Australia’s Health

Record investment in health-related measures were announced to guarantee essential services for a “longer, healthier and safer life”.

The measures also extend to finances and job skills so that “Australians can “live life to the full” and plan ahead.

2018-19 Federal Budget Report: Infrastructure (including Resources and Energy)

Building a better Australia

The 2018 Budget commits the Coalition to a $75 billion infrastructure investment over 10-years. Projects include: reducing congestion, creating more jobs and improving safety.
Digital infrastructure will also be given a boost with improvements to the accuracy of GPS and satellite imagery, with flow-on effects to the competitiveness of sectors such as agriculture, mining and marine industries.
 
The 2018-19 Budget includes a continuation of the $37.6 million (allocated in 2017-18) over five years to support the improvement of energy affordability, reliability and sustainability.
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