Major financial reporting changes and other focusesJune 17, 2019

Major new accounting standards will have the greatest impact on financial reporting for many companies since the adoption of International Financial Reporting Standards (IFRS) in 2005. Full-year reports at 30 June 2019 must comply with new accounting standards on revenue recognition and financial instrument values (including hedge accounting and loan loss provisioning).

The reports must also disclose the future impact of new lease accounting requirements. There are also new standards covering: accounting by insurers; and the definition and recognition criteria for assets, liabilities, income and expenses. ASIC Commissioner John Price said, ‘New accounting standards can significantly affect results reported to the market by companies, require changes to systems and processes, and affect businesses.’

please refer here for: ASIC information on the reporting change s- we suggest all PCP platform companies have regrad to these reporting changes

19-143MR Major financial reporting changes and other focuses _ ASIC – Australian Securities and Investments Commission

plus the following INFO sheet 183 is very useful

INFO 183 Directors and financial reporting _ ASIC

plus INFO 213 is importnat regarding impairment of non-financial assets

INFO 213 Impairment of non-financial assets_ Materials for directors _ ASIC

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