Accounting & Advisory Blog | News & Views

Coronavirus Outbreak – The potential financial reporting implications for the year ended 31 December 2019

The recent outbreak and spread of the coronavirus has now disrupted many businesses globally and has had a significant impact on financial markets. This publication focuses on the potential accounting and financial reporting implications of coronavirus that management should take into consideration when preparing the financial statements for the year ended 31 December 2019. Different considerations will apply for later accounting periods e.g. for financial statements for periods ending 31 March 2020 or other accounting periods with a reporting date subsequent to the outbreak taking place.

20 March 2020 Moore Australia

Northern Territory Stimulus #1 - Jobs Rescue and Recovery Package

The Northern Territory (NT) Government is delivering a $65 million Jobs Rescue and Recovery Package to help stimulate the economy and keep Territorians in jobs.This package is the second phase of the response to the significant economic impact of COVID-19, and is complementary to initiatives offered by the Australian Government to all jurisdictions.

18 March 2020 Nathan Reichstein

Superannuation Amnesty – six months to get your employer obligations in order

The Bill introducing the superannuation guarantee (SG) amnesty received Royal Assent on 6 March 2020 and employers have until 6 September 2020 to correct any historic non-compliance with their SG obligations.

16 March 2020 Varun Kumar

Government’s First Stimulus Package Announced

Earlier today the government announced a $17.6 billion stimulus package in an attempt to deal with the impact of coronavirus on the Australian economy. Please note the below measures are subject to the relevant legislation passing through parliament. At this stage, parliament is not scheduled to resume untll 23 March.

12 March 2020 Moore Australia

South Australia Stimulus #1 - The Economic and Business Growth Fund

South Australian premier, Steven Marshall, has announced a $350m package in response to the COVID-19 outbreak.

11 March 2020 Lynette Spry

Changes to current/non-current classification of loans and other liabilities

Currently, under AASB 101.69(d), an entity needs an ‘unconditional right’ to defer settlement of the liability for at least twelve months after the reporting period before it can be classified as non-current. This is an extremely high test to pass and has resulted in many loans being classified as current (most loan arrangements are rarely unconditional).

5 March 2020 Moore Australia