We sat down with Senior Auditor, Dylan Clay from Grassi, New York to reflect on the last four months as a Secondee with our Audit & Assurance division.

Congratulations to our client Smart Auto Australia Limited for making its debut on the National Stock Exchange in Sydney yesterday.

“We are thrilled for Smart Auto Australia, and their NSX listing today”, says Moore Australia (WA) Managing Partner, David Tomasi.
 

Moore Australia congratulates client Kincora Copper, for its successful listing on the Australian Stock Exchange (ASX) today.

“We are delighted to see Kincora Copper, which is already listed on Canada’s TSX Venture Exchange, dual list on ASX this morning with a $10 million Initial Public Offering (IPO),” says Moore Australia (WA) Managing Partner, David Tomasi.
 

Recent changes to Australian Accounting Standards will mean that many for-profit entities will need to prepare General Purpose Financial Statements (GPFS) for the first time, and are no longer able to prepare Special Purpose Financial Statements (SPFS). The changes have been introduced as part of AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities. These changes aim to clarify and improve financial reporting requirements, which should also support improvements in audit quality.

Moore Australia congratulates client Singular Health, for making its debut on the ASX today.

Moore Australia congratulates long-time client DUG Technology Limited for making its debut on the ASX today.

In March 2020, eligible NDIS providers effected during the COVID-19 pandemic received advance payments to assist with their immediate availability of funds. Our Audit and Assurance team look at how you should account for this in your 30 June 2020 annual report.

It gives us great pleasure to announce the appointment of Michelle Shafizadeh, previously Assistant Auditor General - Technical and Audit Quality, as a new assurance Partner, joining the leadership team within our Perth office effective 20 January 2020.

The AASB has issued ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities.  ED 297, if approved, will remove the ability of for-profit large proprietary, unlisted public (other than companies limited by guarantee) and small foreign-controlled companies to lodge special purpose financial statements (SPFS) with ASIC (i.e. directors can no longer self-assess that they are a non-reporting entity).  Current estimates from the AASB predict 7,295 companies will be impacted by these changes.

ED 295 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities proposes to replace the current Reduced Disclosure Requirements (RDR) framework with a Simplified Disclosure Standard. All entities currently using the RDR framework will fall into this new regime. It is important to note the proposals in ED 295 are closely linked to those expected in the forthcoming Exposure Draft on the proposed removal of special purpose financial statements (SPFS).

To read more, please follow the link

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

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.

Issue

Loans that are in breach of covenants often pose difficult accounting considerations as to whether they should be classified as either current or non-current in the Statement of Financial Position.
This publication will highlight the key factors you should consider when deciding whether a loan should be classified as either current or non-current.
 

While technology presents countless efficiencies in business, it also brings with it a variety of risk. With exponential growth and innovation in this space, regulation and risk management are working tirelessly to keep up.

Moore Stephens New South Wales’ Audit Partner Elizabeth Perez makes no apologies for asking some hard, pointed – sometimes even uncomfortable – questions of clients and this one is a regular.

Upcoming Changes to Contributions and Leasing Standards. The Australian Accounting Standards Board (AASB) is currently considering the responses it has received from constituents regarding its proposals in ED 260: Income of Not-for-Profit Entities.