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New Standards

IFRS 15

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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IFRS 16

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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IFRS 9

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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Articles

Modification of financial liabilities – IFRS 9 accounting change confirmed

Modification of financial liabilities – IFRS 9 accounting change confirmed

The IASB has confirmed the accounting for modifications of financial liabilities under IFRS 9. That is, when a financial liability measured at amortised cost is modified without this resulting in derecognition, a gain or loss should be recognised in profit or loss. The gain or loss is calculated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate. This will apply to businesses that regularly refinance debt, such as those in the property sector.

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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