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 accounting for an asset acquisition is very different to the accounting for a business combination so identifying what has been acquired, and getting this right, is important. On this note, we explore recent accounting amendments that aim to make this assessment a little easier. There have been a few international developments that will soon make their way to Australia, the main one relating to the recent extension of the relief relating to COVID-19-related rent concessions for lessees. And finally, we point entities to the latest ‘no action’ positions made by ASIC relating to the convening and holding of AGMs.

In this issue we address:

AASB 3: Business Combinations
  • What has been acquired: an asset or a business?
NFP Entities
  • ACNC publishes best practice disclosures
Global Accounting Developments
  • Extension of relief for COVID-19-related rent concessions
  • Amendments to improve accounting policy disclosures
  • Accounting estimates defined
  • ASIC issues ‘no action’ position for AGMs