RSM Australia

IFRS News

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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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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