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.

Revenue

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.

Leases

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.

Get in touch
Merilyn Gwan
Partner & Head of National Assurance Quality
Merilyn Gwan
Learn more about Merilyn Gwan
Merilyn Gwan
Partner & Head of National Assurance Quality
Merilyn Gwan

Get in touch

Grant Thornton Australia collects your personal information so we can send you communications including invitations to future events, industry insights and other relevant communications. You can opt-out of receiving these communications at any time via our preference centre. Privacy Policy.

Subscribe to receive our publications

Subscribe now to be kept up-to-date with timely and relevant insights, unique to the nature of your business, your areas of interest and the industry in which you operate.