RSM Australia

Regulatory technical advice and compliance

Improving effectiveness and efficiency through regulatory technical adviceRegulatory technical advice to improve effectiveness

Our team of professionals work with clients to improve the effectiveness and efficiency of their compliance frameworks to meet the requirements of key regulatory bodies.

We are up to date with all regulatory body developments and are ready to provide you with regulatory technical advice that is correct, practical and commercially astute.

By working with clients in an atmosphere of trust and openness, business and regulatory issues can be addressed in a robust commercial way. This approach is evidence that working with the appropriate advisers can enhance the ability of the organisation to deliver value to its stakeholders.

 

Revenue recognition in construction industry

The adoption date for AASB 15 Revenue from Contracts with Customers is for financial periods beginning on or after 1 January 2018. With 31 December 2018 year end fast approaching, have you ensured your revenue accounting is in accordance with the new standard?

Scrutiny of new accounting standards – inaction not tolerated

ASIC’s heightened scrutiny of ‘big three’ accounting standards highlight inaction won’t be tolerated. 

New income recognition rules in the not-for-profit sector

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

Applying AASB 15 in practice

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.

Understand and navigate the new ASX changes

A consultation paper was issued on 12 May 2016 by the ASX providing details of the changes in admission requirements for those entities applying to be listed.

Financial reporting update for 30 June 2016

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.

A Glance at IFRS 16 Leases

On 13 January 2016, the IASB published the long-awaited IFRS 16 Leases.  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.

Change in discount rate for employee obligations

Under AASB 119 Employee Benefits, all for-profit entities and not-for-profit private sector entities are required to discount employee liabilities using the rate applicable to high quality corporate bonds. Where there is no deep market for those bonds, government bond rates are used.