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Current issues
The Reporting and Assurance team monitor a wide variety of developments in financial reporting and publicise developments to members via Charter and our ANT Newsletter.
We focus on pure financial reporting issues such as standards and discussion documents issued by the Australian Accounting Standards Board and the International Accounting Standards Board and also monitor broader issues in reporting to stakeholders, such as integrated reporting, standard business reporting and general not for profit annual reporting matters.
Reduced disclosure regime
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The Australian Accounting Standards Board (AASB)’s first amending standard for 2012 has now been issued.
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The AASB has issued its Tier 2 Supplement to ED 222 Revenue from Contracts with Customers.
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The AASB has released RDR versions of the accounting standards applicable to the 2010/11 financial year.
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The AASB has issued as ED 219 AASB 13 Fair Value Measurement and AASB 2011-8 Amendments to Australian Accounting Standards ar...
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The AASB has issued as Simplified Exposure Draft, ED 218 Presentation of Items of Other Comprehensive Income: Tier 2 Proposal...
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The AASB has issued two EDs aimed at applying the reduced disclosure regime to a suite of new standards
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Not-for-profits and Tier 2 entities can now use the relief that currently exists in AASB 127, 128 and 131 to exempt parent en...
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The AASB has launched a special section of the AASB website to act as a portal for updates regarding all aspects of the Diffe...
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The AASB is releasing supplements to current EDs to seek comment on how it should apply its reduced disclosure regime (RDR) t...
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The Reporting and Assurance team monitor developments in financial reporting for small to medium-sized entities (SMEs).
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Not-for-profit
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The Co-operatives (Adoption of National Laws) Act 2012 passed through NSW Parliament on 9 May 2012 and is now awaiting royal ...
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Reporting and governance requirements for the Not-for-Profits sector have been deferred for 12 months to allow organisations...
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Presented in collaboration with the Institute and the Centre for Social Impact, the fifth annual PwC Transparency Awards were...
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National reform of co-operatives legislation is another step closer to reality with the introduction into NSW Parliament of t...
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Susan Pascoe AM, the Interim Commissioner and Head of Australian Charities and Not for Profits commission (ACNC) Implementati...
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Wednesday night saw the naming of The Cancer Council NSW and Opportunity International as winners of the fifth annual PwC Tra...
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The Institute has lodged its submission on Treasury’s proposed framework for a new nationally consistent approach to regulati...
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The Federal government has announced that it will delay the start date for the 2011/12 Budget measure aimed at better targeti...
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The federal government has proposed ways to reduce red tape for charities and improve their information disclosure.
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The discussion paper released by Treasury on the NFP reforms 'Charitable fundraising regulation reform’ sets out a framework ...
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SMEs
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Staying up to date with new standards and regulations and attracting and retaining clients continue to top the list of challe...
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What are the growth opportunities for SMEs in the post GFC world?
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The proposed IFRS for SMEs may not be the solution we were hoping for.
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A recent university survey investigating the reporting requirements being applied by this sector produced some interesting fi...
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The Institute seeks comments on the AASB Consultation Paper about the reporting requitements for entities preparing general p...
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Is IFRS for SMEs the answer to complexity or is it a white elephant?
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Much has changed for small to medium enterprises regarding financial reporting and the Institute has developed the tools and ...
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The Reporting and Assurance team monitor developments in financial reporting for small to medium-sized entities (SMEs).
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Financial reporting complexity
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The Institute of Chartered Accountants in Scotland (ICAS) has announced the completion of further work on its project to impr...
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A new international survey has concluded that annual reports are still a primary source of corporate information for users bu...
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Several organisations have announced progress on the work they are doing on in the areas of reducing the complexity of financ...
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The UK FRC has lauched the "Financial Reporting Lab", which brings together companies and investors to identify practical sol...
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A joint working party made up of members from ICAS and NZICA has concluded that by deleting specific disclosure requirements,...
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Standard business reporting
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The Productivity Commission has released its latest report on the impacts of the COAG legislative reform agenda titled Impact...
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The value and potential of eXtensible Business Reporting Language (XBRL) was the subject of a recent speech by IASB chairman ...
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If the term ‘eXtensible Business Reporting Language’ (XBRL) had you nodding off in the past, it’s time to wake up and pay att...
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A Financial Reporting Certification guide has been released to assist Australia’s CEOs and CFOs in their mandatory sign-off o...
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The federal government’s initiative to reduce business to government reporting burden, Standard Business Reporting, has comme...
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With the help of the Standard Business Reporting team in the Treasury in Canberra, here is a peek at what the life of a Chart...
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Latest developments with Standard Business Reporting
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Convergence
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The Trustees of the IFRS Foundation held a meeting in London on 13 April 2012. A summary of conclusions reached at the meetin...
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The IASB and the US FASB have released the audio recordings of its roundtable meetings held to discuss their revised revenue ...
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The Trustees of the IFRS Foundation have published the findings resulting from their review of the efficiency and effectivene...
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The communiqué of the G20 finance ministers meeting in Washington in mid April has reaffirmed its commitment to common global...
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The IASB and FASB have prepared a progress report on their convergence and governance activities for consideration at the Ap...
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The IASB has issued amendments to IFRS 1, which provide relief to first-time adopters of IFRSs from requirements in IAS 20.
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The IASB and the FASB are hosting a series of roundtable meetings on their revised revenue recognition proposals and investme...
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The Monitoring Board and the Trustees of the IFRS Foundation have jointly announced the conclusions of their coordinated revi...
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The Australian Accounting Standards Board (AASB) is seeking feedback on application issues associated with the implementation...
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The IASB/FASB Insurance project aims to replace IFRS 4 Insurance Contracts with a new standard providing all insurers with co...
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