Our Key financial reporting developments services

Financial instruments

AASB 9 Financial Instruments replaced the legacy AASB 139 Financial Instruments: Recognition and Measurement effective for years ended 30 June 2019.


AASB 15 replaces the legacy revenue guidance contained in multiple places (in particular AASB 118 Revenue) as the accounting standard applied to the majority of commercial transactions with customers.


IFRS 16 is the first fundamental change in lease accounting in over a generation. It reflects a conceptual change that will impact the measurement of performance of all entities reporting in Australia, with varying degrees of impact depending on the nature of the market each entity operates within.

Simplified Disclosure

AASB 2020-2 requires a fundamental change for companies that historically weren’t reporting entities. They are now required to prepare financial statements in Australia.

Merilyn Gwan
Partner & Head of National Assurance Quality
Merilyn Gwan

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