Welcome to Beyond the Numbers, our monthly newsletter which brings you a summary of the latest developments from local and international standard setters and regulators.
Click on one of the Newsletter sections below:
| Top Story |
| Local Reporting |
| Regulations |
| International News |
| In case you missed it |
Liabilities – current or non-current?
Comments on the IASB’s proposals in Exposure Draft ED/2021/9 Non-current Liabilities with Covenants close on 22 March. Our publication explores the key changes proposed to the classification of liabilities as either current or non-current.
Income of not-for-profit Entities
Comments on the AASB ED 318 Illustrative Examples for Income of Not-for-Profit Entities and Right-of-Use Assets arising under Concessionary Leases are due by 11 March 2022.
ED 318 proposes amendments to illustrative examples in AASB 15 and AASB 1058 to clarify the accounting for upfront fees and cash scholarships, and to retain the cost or fair value options to measure right-of-use assets.
AASB Action Alert February 2022
A summary of the AASB’s meeting held on 23-24 February has been issued. Key topics discussed include:
- Not-for-Profit Private Sector Financial Reporting Framework;
- Fair Value Measurement for Not-for-Profit Entities;
- Accounting Policy Disclosures in Special Purpose Financial Statements of Certain For Profit Private Sector Entities; and
Classification of Debt with Covenants as Current or Non-current.
ACNC webinar on changes to charity sizes and reporting thresholds
A recording of the ACNC’s recent webinar explaining changes to charity size and reporting thresholds can be accessed here.
The ACNC webinar compliments our publication explaining these changes.
NZ Reporting and audit thresholds increased
The Financial Reporting (Inflation Adjustments) Regulations 2021 have increased various reporting and audit thresholds in the Financial Reporting Act 2013, the Charities Act 2005, the Companies Act 1993, and the Friendly Societies and Credit Unions Act 1982 to take account of inflation. The new thresholds came into force on 1 January 2022.
ASIC prosecutes companies for failing to lodge on time
ASIC completed prosecutions of seven companies for failing to comply with their obligations to lodge financial reports and hold annual general meetings within the required timeframe.
QBCC reporting requirements
A flowchart explaining how the reporting requirements of entities reporting to the Queensland Building and Construction Commission (QBCC) are impacted by the removal of special purpose financial statements for 30 June 2022 year ends has been published jointly by CA ANZ and CPA Australia.
Australia imposes sanctions on transactions with Russia
Australia imposed autonomous sanctions in response to the Russian threat to the sovereignty and territorial integrity of Ukraine.
IFRIC Update
A summary is available of the IFRS Interpretations Committee meeting held on 1 February 2022 which discussed:
- Negative Low Emission Vehicle Credits (IAS 37 Provisions, Contingent Liabilities and Contingent Assets)
- TLTRO III Transactions (IFRS 9 Financial Instruments and IAS 20 Accounting for Government Grants and Disclosure of Government Assistance)
- Profit Recognition for Annuity Contracts (IFRS 17 Insurance Contracts)
IASB Update
A summary is available of the IASB meeting held on 1 February 2022 which discussed a number of topics including:
- Financial Instruments with Characteristics of Equity;
- Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12;
- Disclosure Initiative — Targeted Standards-level Review of Disclosures; and
Lease Liability in a Sale and Leaseback.
IASB issues IFRS Accounting Taxonomy Update for Disclosure of Accounting Policies and Definition of Accounting Estimates
The IASB has issued IFRS Accounting Taxonomy 2021—Update 1 Disclosure of Accounting Policies and Definition of Accounting Estimates to reflect amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements; and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.
Next Newsletter - Summer Edition
Among other things, Nexia Australia Chairman Mal Di Giulio discusses his outlook on the current state of the Australian market and raises thought-provoking questions for the medium-to-long term.
The publication also examines anti-avoidance regimes for trusts as well as strategies to manage rising interest rates.
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If you would like to discuss further any of the information provided in these updates and how it may impact you, please contact your Nexia Advisor.
