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AASB

Charity and NFP reporting changes

If you are a Charity or Not-for-Profit (NFP) there are a number of financial reporting changes that will impact your annual information statement (AIS) and financial reporting obligations at 30 June 2022. 

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.

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). 

Amendments to peppercorn and other below market lease amendments for the public sector

The Australian Accounting Standards Board (AASB) issued AASB 2019-8 Amendments to Australian Accounting Standards – Class of Right-of-Use Assets arising under Concessionary Leases in late December 2019.

Important Announcement: David Holland appointed as Board Member of the AASB

We’re very pleased to announce our very own David Holland, Head of Technical Accounting, has been appointed as a new member of the Australian Accounting Standards Board (AASB) effective from 1 January 2020.

Bursars – what accounting changes are on the horizon that may affect you?

We are in the middle of a period of significant change in accounting standards. This article highlights the impact of three new accounting standards upon schools, which bursars should begin preparing for.  

Ask the Expert: Options to extend leases under AASB 16

A business has a 5+5+5 year lease (i.e. 5 year minimum non-cancellable period with two 5 year options to extend).  The option to extend is their choice. Should the lease term be 5 years, 10 years or 15 years? Our National Head of Technical Accounting looks at the options to extend leases under AASB 16.

Proposed changes to tax effect accounting in relation to leases and decommissioning obligations

If you thought accounting for leases under the new AASB 16 was complicated have you even considered the tax effect accounting implications?

Ask the Expert: Sub Leases

A Not-for-profit organisation provides services to remote communities in regional Australia.  In order to attract staff, they rent several houses (at market rates) for periods of 5-10 years from external parties.  Staff then rent these houses from the NFP organisation on a short term basis (normally 6 months at market rates). How is this dealt with under the new AASB 16?   Our National Head of Technical Accounting looks at the impact of the new AASB 16 leases standards on businesses with sub leases.  

IFRS 16 Leases and the Mining Industry

The International Accounting Standards Board (IASB) issued IFRS 16 Leases on 13 January 2016.  Revising the lease accounting requirements was first added to the IASB’s agenda in 2006, since then a number of exposure drafts have been issued and hotly debated.

AASB/IFRS 16 Lease Standard Calculator

Moore Stephens has developed a model to help you calculate and apply the new AASB/IFRS 16 Lease standard.