Welcome to the latest edition of our financial reporting publication that aims to keep you in the loop with all the latest accounting and financial reporting developments, and the potential impact they may have on your business.

A trending topic here at home is the Discussion Paper issued by the AASB that sets out its initial thoughts on what a third tier of reporting for smaller NFP private sector entities might look like. We highlight some of the key ideas coming out of this paper and share links for stakeholders to get involved in this project. From a global perspective, we summarise amendments that have recently been issued that impact liability classification and sale and leaseback accounting. We round out this issue by reminding readers that the days of ‘grandfathering’ are over.

In this issue:

Not-For-Profit Entities
  • First major step in financial reporting reform for NFPs
Global Developments
  • Classification of liabilities with covenants
  • Improvements to sale and leaseback accounting
  • ‘Grandfathering’ regime comes to an end