RSM Australia

IFRS News

Restructuring Insights

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
Proposed changes to the Corporations Act 2001 will mean that many small and medium businesses will no longer have to lodge annual financial reports.
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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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