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New Standards


The new revenue standard applies to every industry and every business from 1 January 2018. Its wide ranging implications go well beyond the accounting function given revenue affects many crucial business and control processes.

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A new leasing standard was issued on 13 January 2016. The new standard introduces fundamental changes to the accounting for leases and will have significant business implications in virtually every industry.

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The new Financial Instruments standard brings fundamental change to financial instrument accounting. There are a number of decisions and choices to be made at transition to the new standard.

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Are you ready for changes to deferred tax accounting for indefinite-lived intangibles?

Are you ready for changes to deferred tax accounting for indefinite-lived intangibles?

If you have indefinite-lived intangible assets, the deferred tax accounting for those assets may change in the June 2017 reporting season - in particular if you do not currently recognise deferred tax liabilities on those assets. It is no longer appropriate to presume that an indefinite lived intangible will be recovered through sale simply because it is not amortised. Rather, companies need to reconsider how the carrying value of the asset will be recovered.

Local Financial Reporting News

Local Financial Reporting News

ASIC's areas of focus for 30 June 2017 financial reports features in this regulatory news update. The regulator reminds directors of their role in reviewing and approving the financial report, and in planning for new accounting standards implementation, including informing investors and other report users of the potential impact of the new standards on reported results. We also look at changes to financial reporting relief for foreign controlled small proprietary companies.

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John Dovaston
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IFRS Communications


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