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Removal of Special Purpose Financial Statements - What you need to know

10 February 2021
Ralph Martin
Recent changes to Australian Accounting Standards will mean that many for-profit entities have to prepare General Purpose Financial Statements (“GPFS”) for the first time, and are no longer able to prepare Special Purpose Financial Statements (“SPFS”).  In this article, we explain who is affected, and what the impact will be on those enti
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ASIC further extends financial reporting deadlines

25 November 2020
Ralph Martin
ASIC has extended the relief under which it is offering entities an additional month to lodge their financial reports.  Having previously allowed a one-month extension for 30 June year-ends, ASIC has now provided the same relief for all balance dates up to and including 7 January 2021.
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Accounting for changes to AASB 16 Leases

2 July 2020
Ralph Martin
Accounting for COVID-19 related rent concessions and other modifications to lease contracts, from the lessee’s perspective.
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Demystifying foreign currency issues

3 June 2020
Ralph Martin
Dealing with foreign currency matters in financial statements often causes difficulty among preparers of financial reports. In this article, we address some common issues on the treatment of foreign currency matters. Foreign Currency Transactions
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ASIC extends financial reporting deadlines

14 May 2020
Ralph Martin
ASIC has amended the Corporations Act 2001 to provide an additional month for companies to lodge their financial statements.  This affects all entities with 30 June year-ends which lodge financial statements under the Corporations Act.
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ASIC grants one month extension for unlisted entity financial reports

9 April 2020
Ralph Martin
Unlisted companies with a 31 December or 31 March year-end have been granted an extension of one month to their financial reporting deadlines by the Australian Securities and Investments Commission (“ASIC”). 
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Common issues in accounting for Share-based Payments

30 March 2020
Ralph Martin
Providing share-based remuneration to senior employees and directors is a common way to incentivise, or simply “lock-in” key people.  It can also be an effective way for early-stage businesses to minimise cash outflow by using share-based payment to pay other key suppliers.
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ASIC confirms two-month extension for AGMs and supports use of technology

23 March 2020
Ralph Martin
Public companies with a December 2019 year-end would usually have until 31 May 2019 to hold their Annual General Meeting (AGM).  The restrictions on travel and on large gatherings in place as a result of COVID-19 may make it difficult to meet this requirement, and therefore ASIC have confirmed that they will provide relief fro
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Financial Reporting Alert: the end of Special Purpose Financial Statements for for-profit private sector entities

23 March 2020
Ralph Martin
The AASB has approved proposals to prevent certain types of for-profit private sector entities from preparing Special Purpose Financial Statements, for periods beginning on or after 1 July 2021.
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AASB 1058 - What is a Sufficiently Specific Performance Obligation?

19 March 2020
Ralph Martin
AASB 1058 Income of Not-for-Profits became applicable for not-for-profit entities on 1 January 2019.
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Financial Reporting Requirements for Natural Disasters

18 February 2020
Ralph Martin
Australia has experienced unprecedented challenges over the recent summer.  The recent bushfires were the largest on record, and have devastated vast areas across several States.  This was followed by extreme rainfall events, which included hail damage and heavy flooding in some areas.
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Reporting Obligations for Australian Proprietary Companies

6 February 2020
Ralph Martin
This guide is designed to assist proprietary companies in determining their financial reporting obligations. It explains whether your proprietary limited company needs to prepare, have audited, and lodge financial statements with the Australian Securities and Investments Commission (ASIC).
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Deferral of new revenue standards to NFP research grants

3 December 2019
Ralph Martin
Not-for-profit entities with 31 December 2019 year ends can elect to not apply AASB 15 or AASB 1058 in the recognition of revenue from research grants.  What has happened? 
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Top 5 issues in the implementation of AASB 16 Leases

13 November 2019
Ralph Martin
AASB 16 Leases has now been effective for over 10 months, and RSM Australia’s Technical Accounting team is receiving an increasing number of questions about its implementation. 
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Clarifying the transition of AASB 16 Leases

7 November 2019
Ralph Martin
AASB 16 Leases is now effective, since it applies for periods beginning on or after 1 January 2019. 
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ASX corporate governance principles (fourth edition)

15 May 2019
Jean-Marc Imbert
Culture, values and trust What's happening? The fourth edition of the ASX Corporate Governance Council’s Corporate Governance Principles was released on 27 February 2019.
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Download the AASB 16 Leasing Model

11 April 2019
Andrew Clifford
What is AASB 16 - Leases?
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Assessing Impairment of Assets in practice

25 January 2019
Ralph Martin
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Recognition of peppercorn leases deferred

29 November 2018
Ralph Martin
The Australian Accounting Standards Board (AASB) has postponed the requirement for not-for-profit entities to bring peppercorn leases into their financial reports at fair value, having been made aware of the difficulty and cost constraints of determining the fair value of properties subject to such leases.
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Reduced financial reporting requirements for SME businesses

16 November 2018
Ralph Martin
These changes were passed into law in May 2019 and will come into effect from 1 July 2019 onwards.
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Scrutiny of new accounting standards – inaction not tolerated

14 June 2018
Ralph Martin
ASIC’s heightened scrutiny of ‘big three’ accounting standards highlight inaction won’t be tolerated. 
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Changes to revenue recognition - don't be caught out

14 May 2018
Ralph Martin
The nature of revenue is changing.
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Are you up to date with the latest AASB standards?

11 May 2018
Mathavan Parameswaran, Ralph Martin
New standards for classification and measurement of financial assets and liabilities have been in force since 1st January 2018.   Are you aware of how it will impact your business?
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Guide to Convertible Debt

10 January 2018
Ralph Martin
Convertible debt continues to be a challenging area for financial statement preparers.
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New requirements for Significant Global Entities

18 October 2017
Craig Cooper, Ralph Martin
There are new requirements for Significant Global Entities to prepare General Purpose Financial Statements. Recent guidance from the ATO has clarified the effect of changes made last year to Section 3CA of the Tax Administration Act 1953. 
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ASIC’s new funding model - how will you be affected?

16 August 2017
Ralph Martin
1 July 2017 saw the introduction of a new Industry Funding Model at the Australian Securities and Investments Commission (ASIC), following the passage into law of the ASIC Supervisory Cost Recovery Levy Act 2017.  
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ASIC's Focus Areas for June 2017

18 July 2017
Ralph Martin
Ahead of this year’s financial reporting season, ASIC has issued its focus areas for preparers of financial statements, and has reminded directors of the need to focus on providing high-quality, relevant financial information to readers. 
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AASB 16 – Leases – Opening the valuation can of worms

10 July 2017
Andrew Clifford
On 13 January 2016, the IASB published the long-awaited IFRS 16 Leases, which has been adopted as AASB 16 in Australia. Understanding the new standard - What does it mean for your balance sheet? There are important implications impacting the valuation of companies that you need to understand, including:
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The effects of the new leasing standard are wider than you might think

21 June 2017
Ralph Martin
The accounting impact of AASB 16 Leases has received extensive coverage, but, for many businesses, the impact is likely to be felt far outside the accounting function.
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Interpretation 23: Uncertainty over income tax treatments

19 June 2017
Ralph Martin
The AASB is set to issue Interpretation 23: Uncertainty over Income Tax Treatments.  The new Interpretation is applicable for periods beginning on or after 1 January 2019.
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A new approach to lease accounting - accounting for the lease

21 March 2017
Ralph Martin
Determining the Lease Liability The accounting for the lease is largely similar to how finance leases are currently treated under AASB 117, with the lease liability being measured at the present value of the lease payments, discounted at the interest rate implicit in the lease.  The following payments are included in the lease:
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A new approach to lease accounting - determining what is part of the lease contract

21 March 2017
Ralph Martin
Contracts may contain both lease components and non-lease components.  AASB 16 gives two options in these circumstances: Account for the lease component(s) separately from non-lease components; or A practical expedient allows the entire contract to be accounted for as a lease.
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A new approach to lease accounting - determination of whether contracts contain a lease

21 March 2017
Ralph Martin
It may sometimes be straightforward to identify a lease, but some arrangements may be more problematic.  A lease is defined as a contract where: There is a specifically identified asset The contract conveys the right to control the use of that asset for a period of time
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A new approach to lease accounting

21 March 2017
Ralph Martin
On 13 January 2016, the IASB published the long-awaited IFRS 16 Leases, which has been adopted as AASB 16 in Australia.  The project to issue a new leases standard began in 2006, primarily in response to user concerns about off-balance-sheet assets and liabilities arising from operating leases, and resulted in multiple exposure drafts and discussion papers.
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New income recognition rules in the not-for-profit sector

24 January 2017
Ralph Martin
In December 2016, the AASB issued AASB 1058: Income for not for profit entities.  The new standard is applicable for periods beginning on or after 1 January 2019, and the AASB has made complementary changes to the existing AASB 1004 Contributions, and has also added new guidance AASB 15 Revenue from Contracts with Customers to clarify it
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AGM wash-up: A perfect time to review shareholder unrest

22 November 2016
Ralph Martin
A spike in first strikes experienced by a handful of high profile listed companies this AGM season should remind directors that poor management of stakeholder’s expectations in the lead-up to the annual general meeting can seriously backfire, cautions Ralph Martin, National Technical Director at RSM Australia.
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Applying AASB 15 in practice

20 September 2016
Ralph Martin
In May 2014, the AASB issued AASB 15: Revenue from Contracts with Customers. The new standard is applicable for periods beginning on or after 1 January 2018, and replaces AASB 111 Construction Contracts and AASB 118 Revenue and related interpretations.
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Financial reporting update for 30 June 2016

9 June 2016
Ged Stenhouse
It is that time of year again, finance teams are getting ready for year-end reporting season so we have compiled this financial insight to provide you with a round-up of the latest updates in the financial reporting and auditing worlds.
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