January 2012 - New and Revised Accounting Standards and Interpretations from the AASB

This Financial INSIGHT demonstrates the new and revised accounting standards (including amended standards) and interpretations that are mandatory for the first time for full years ending 31 December 2011 and half years ending 31 December 2011. 

December 2011 - Revenue Recognition: New and Revised Proposal

In our previous Financial INSIGHT: Australian Financial Reporting Update (Sep 2011), we discussed the ongoing deliberations regarding the exposure draft ED 2010/6 released in June 2010 on revenue recognition. On 14 November 2011, the IASB and US FASB issued a revised ED/2011/6 Revenue from Contracts with Customers. This Financial INSIGHT provides an overview of the key changes in the revised ED.

December 2011 - Not-For-Profit Reform

As reported in our July 2011 Financial INSIGHT, the establishment of a new national Not-For-Profit (NFP) Regulator was announced in the Federal Budget 2011-12 which will aim to simplify regulatory requirements and improve accountability and transparency int he NFP sector. The Government will be providing $53.6million over four years to support this new arrangement.

November 2011 - IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine

IFRIC 20 clarifies the requirements for accounting for stripping costs in the production phase of a surface mine, such as when such costs can be recognised as an asset and how that asset should be measured, both initially and subsequently.

September 2011 - On the Horizon

Looks at the upcoming decisions to be made by the International Accounting Standards Board and the Financial Accounting Standards board, regarding the following issues:

• Leases
• Revenue recognition
• Financial instruments

September 2011 - IFRIC Update

At their July meeting, the IFRS Interpretations Committee (IFRIC) reviewed three matters relating to business combinations where they had received requests for guidance.

September 2011 - New and revised accounting standards and interpretations from the AASB

A table which shows the new and revised accounting standards (including amending standards) and interpretations that are mandatory for the first time for full years ending 30 June 2011 and half years ending 30 June 2011.

July 2011 - New National Not-for-Profit Regulator
The establishment of a new National Not-for-Profit Regulator was announced in the Federal Budget 2011-12 which will aim to simplify regulatory requirements and improve accountability and transparency in the NFP sector. The Government will be providing $53.6 million over four years to support this arrangement.

July 2011 - Amendments to IAS 1 Presentation of Financial Statements
On 16 June 2011, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) jointly issued Presentation of Items of Other Comprehensive Income (amendments to IAS 1 Presentation of Financial Statements.

July 2011 - IFRS 13 Fair Value Measurement
On 13th May 2011, the International Accounting Standards Board (IASB) issued IFRS 13 Fair Value Measurement (IFRS 13). The purpose of IFRS 13 is to replace the fair value measurement guidance contained in individual IFRSs with a single, unified definition of fair value.