RSM Australia

IFRS News

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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