Watch a recording of our webinar held on 12 November 2019 which outlines key accounting and regulatory changes for December 2019 reporting as well as a short snapshot video from KPMG Partner Kim Heng.
Our webinar focuses on preparing for accounting standard and regulatory changes relevant for 31 December 2019 reporting. It considers matters relating to both annual and half-year financial reporting at 31 December 2019, including those for the new leases standards.
We highlight accounting standards that are newly effective for the reporting period and consider the agenda decisions issued by the IFRS Interpretations Committee in the past 6 months.
ASIC’s monitoring activities through their surveillance program continues, with asset values and revenue recognition ongoing themes. We discuss the most recently released surveillance results and expected focus areas for 31 December 2019.
Some may be thinking that the new revenue and financial instruments standards are business as usual from here on out. However, in our experience there are areas of complexity in applying these standards that entities either don’t have front of mind or are finding challenging. We share some of these areas of complexity.
We also provide observations on some of the key disclosure requirements of the new standards where it is fair to say some entities are not quite making the grade. We share what we have learnt from the first half-year reports released under the new leases standard – and what to watch out for.
We finish up the webinar with a snapshot of what’s coming beyond 31 December.
We draw attention to the interest rate benchmark reform project and the International Accounting Standards Board’s two-phased approach to the accounting impacts arising from this process. We also provide highlights of the current work plans of both the International Accounting Standards Board and the Australian Accounting Standards Board. We share the progress of the overhaul of the Australian financial reporting framework and where to find further details.
View a copy of the slide presentation from the webinar.