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.
During this webinar, we cover preparing for accounting standard and regulatory changes relevant for 31 December 2018 reporting – both annual and half year reporting.
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.
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.
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.
View a copy of the slide presentation from the webinar.