As accounting issues emerge, we often see a significant impact on financial reporting. To ensure your financial statements and accounting policies meet new requirements, the below publications explain changes and action items in an approachable and actionable form – ensuring you are aware of your obligations, any areas of complexity and potential impacts.
Identification of Cash Generating Units
There’s been much confusion around testing assets for impairment when required by AASB 136 Impairment of Assets, particularly when identifying a cash-generating unit (CGU) in which an asset should be allocated and impairment tested. CGUs play a critical role in applying AASB 136 and, for entities that are required to complete testing for impairment, are a critical part of any assessment prepared.Download here
Accounting for Clouding Computing and SaaS
IFRIC Agenda Decision on cloud computing has impacted many entities, requiring in-depth consideration as to whether assets and expenses previously recognised were appropriately categorised.Download here
Roadmap to IFRS
A practical guide to IFRS 1 and first-time adoption
Introduced in 2020, AASB 2020-2 brings together a formal roadmap for entities to transition from special purpose financial statements to general purpose financial statements.Read more
Transition from special to general purpose
AASB 2020 2 Amendments to Australian Accounting Standards Removal of Special Purpose Financial Statements for Certain For Profit Private Sector Entities (AASB 2020 2 ) requires that certain Australian for profit entities that have historically prepared special purpose financial statements (SPFS) prepare general purpose financial statements (GPFS).Download here
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