The IFRS Interpretations Committee has confirmed a broader interpretation of 'penalty' under the new Leases standard. This could increase your company's lease liability.
ASIC has announced its areas of focus for December 2019 financial reports. The regulator has identified nine areas of focus, with the new accounting standards again at the top of its list. ASIC has highlighted the broader impacts of the new accounting standards, and that Australian Financial Services Licence (AFSL) holders should think about the impact on regulatory requirements.
The IASB has issued amendments to some of its requirements for hedge accounting. The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by IBOR reform. They also require companies to provide additional information to investors about their hedging relationships that are directly affected by these uncertainties.
PwC keeps you up to date with the latest developments from the IASB and AASB with our Straight Away alerts (formerly IFRS in brief special edition). Our short, easy to read alerts explain the key points and potential impacts of new pronouncements.