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.
The world is feeling the effects of COVID-19 and financial reporting is not immune to these. Our feature article looks at the financial reporting considerations to think about when preparing financial statements in the current environment. We also continue our focus on revenue recognition for NFPs, homing in on what makes a promise in a contract ‘sufficiently specific’. We discuss the recent amendments relating to the classification of liabilities as current or non-current. Finally, the issue rounds out with an overview of the new legislative requirement for companies to have a whistleblower policy in place from 1 January 2020.