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.

 

Common issues in accounting for Share-based Payments

Common issues in accounting for Share-based Payments

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.

ASIC confirms two-month extension for AGMs and supports use of technology

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
Reporting Obligations

Reporting Obligations for Australian Proprietary Companies

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).

Top 5 issues in the implementation of AASB 16 Leases

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. 

Clarifying the transition of AASB 16 Leases

AASB 16 Leases is now effective, since it applies for periods beginning on or after 1 January 2019. 

Download the AASB 16 Leasing Model

What is AASB 16 - Leases?

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.

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.