Watch a recording of our webinar held on 7 May 2019 which outlines key accounting and regulatory changes for June 2019 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 30 June 2019 reporting – both annual and half year reporting.
We focus on considerations relating to annual financial reporting at 30 June 2019 for the new revenue and financial instruments standards, and observations and learnings from those that reported under these standards at 31 December 2018. We also look at new standards for half-year reporters – which includes the new leases standard.
We discuss practical considerations for contract fulfilment costs under the new revenue standard, and expected credit loss calculations for trade receivables under the new financial instruments standard in our regular Hot topics segment.
ASIC continues its various surveillance activities, with asset values, revenue recognition and tax accounting ongoing themes. We highlight ASIC’s expected areas of focus.
Last month, the ATO issued its long-awaited updated guidance for Significant Global Entities that are required to lodge general purpose financial statements – where such financial statements are not lodged with ASIC for statutory purposes. We discuss the clarity this brought around some of the outstanding issues with the original legislation, and guidance issued in late 2017.
We also touch on the government’s doubling of the thresholds in the Corporations Act for when proprietary companies assess whether they are large or not and implications thereof. This is effective for financial years beginning on or after 1 July 2019 – so will impact next year in 2020.
We round off the webinar drawing attention to upcoming pronouncements from the International Accounting Standards Board (IASB) relating to classification of financial liabilities and deferred taxes. We also provide a brief update on the Australian Accounting Standards Board’s current agenda activities – particularly the ongoing adoption of the IASB Revised Conceptual Framework in Australia.
View a copy of the slide presentation from the webinar.