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What’s new for 31 December 2018 reporting? – Webinar

What’s new for 31 December 2018 reporting? – Webinar

Watch a recording of our webinar held on 7 November 2018 which outlines key accounting and regulatory changes for December 2018 reporting, as well as a short snapshot video from KPMG Partner Kim Heng.

Kim Heng

Partner, Audit, Assurance & Risk Consulting

KPMG Australia


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Webinar outline

During this webinar, we cover preparing for accounting standard and regulatory changes relevant for 31 December 2018 reporting – both annual and half year reporting.

Disclosures for new revenue and financial instruments standards

We highlight the disclosure considerations relating to financial reporting at 31 December 2018 for the new revenue and financial instruments standard – both effective for financial years beginning on or after 1 January 2018. All entities are now in the period of adopting the new financial instruments and revenue accounting standards – with some entities further progressed than others because of the start date of their annual reporting period.

While ASIC has not yet publicly commented on its focus for its 31 December surveillance program, we expect that its focus on disclosures about the impacts on transition to these standards will intensify as the first wave of annual reporters report the impact of adopting these standards. For those of preparing half year accounts at 31 December, we expect that disclosures about transition will not be immune from regulator scrutiny either.

Regulators’ activities

ASIC’s monitoring activities through their surveillance program continues, with asset values and revenue recognition ongoing themes.

The ATO continues its focus on tax transparency and tax morality with draft legislation to broaden the definition of a 'Significant Global Entity', and in doing so requiring more entities to comply with various tax transparency measures, including the requirement to prepare general purpose financial statements.

We also discuss a number of changes to tax legislation over the last year, which may have a direct or indirect impact on the way financial statements look at 31 December 2018, including changes in the corporate tax rate for certain entities and accounting for uncertain tax treatments.

Hot topics and looking ahead

We discuss practical considerations around onerous contract assessments in conjunction with the new revenue standard and accounting for debt modifications in our regular Hot topics segment.

We round off the webinar drawing attention to two new pronouncements from the International Accounting Standards Board relating to the definitions of a business and of materiality. We also provide a brief update on the Australian Accounting Standards Board’s current agenda activities.

Presentation slides

View a copy of the slide presentation from the webinar.

© 2020 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Liability limited by a scheme approved under Professional Standards Legislation.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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