Welcome to Issue 8 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.
In the opening issue for 2021, our feature article considers changes to lease arrangements subsequent to commencement and how the accounting differs depending on the type of change involved. We provide an update specific to NFP entities relating to the relief that is available (and not available) when they transition to Tier 2 Simplified Disclosures. And finally, there is a section dedicated to the current reporting season and matters entities should be considering as they prepare their financial statements.
In this issue we address:
AASB 16
- Accounting for lease reassessments and modifications
Not-For-Profits
- Transitioning from RDR to Simplified Disclosures
31 December 2020 Reporting Season
- Lots to think about for December reporters
- Financial reporting focus areas
- Results of latest financial report surveillance program
- Reporting deadline extensions
- Revised Corporate Governance Principles and Recommendations
- New accounting pronouncements