Revenue Recognition AASB 15 – What companies need to consider and DO NOW!

CaseWareAASB 15, Accounting Standards, Auditing, Auditing Standards, Carmen Ridley, Financial Reporting, Industry News, Legislation & Regulation

Author: Carmen Ridley, Principal – Australian Financial Reporting Solutions (www.afrs.com.au). Member of the AASB, and a specialist consultant for CaseWare Australia & New Zealand. The panic has finally kicked in I have been presenting about the changes to the revenue accounting standard AASB 15 for a number of years, since IFRS 15 was issued in May 2014 (followed by AASB … Read More

The End is Nigh  – No more special purpose financial statements (SPFS) for many entities

CaseWareAccounting Standards, Carmen Ridley, Financial Reporting, Industry News, Legislation & Regulation, opinion

Carmen Ridley

Our content expert, Carmen Ridley provides a timely review of the future demise of the SPFS reporting format, in a bid by the AASB to ” find a solution to improve the consistency, comparability, usefulness and credibility of financial reporting in Australia”. SPFSs Likely to be Dropped from Reporting Formats? The recent release of the IASB Revised Conceptual Framework (RCF)  contains … Read More

Budget Changes: Significant Global Entities (SGE) Definition Change

CaseWareCarmen Ridley, CaseWare News, Financial Reporting, Industry News, Legislation & Regulation

SGE Definition Expanded

Significant Global Entities (SGE) – more entities captured? Our financial reporting content expert Carmen Ridley, explains that many more entities might be needing to prepare General Purpose Financial Statements (GPFS) which will be placed on the public record. The deadline for SGE’s to lodge general purpose financial statements (GPFS) with the Australian Taxation Office (ATO) for the first time has … Read More

Why has the Audit Report Changed? Has CaseWare Audit included a KAMs report?

CaseWareAuditing, Auditing Standards, CaseWare News, Legislation & Regulation

The Audit Report has changed to include Audit Opinion

“Enhanced auditor reporting requirements came into effect for the 31 December 2016 reporting season.  All auditors’ reports are now destined to look very different, and will report more information to provide greater transparency”  Tim Lew, CaseWare Australia & New Zealand Audit System Product Manager How has the Audit Report Changed? The structure and order of the Audit Report has changed with … Read More

Fatal Flaw draft of Revenue for Not-for-Profits has been released for review

CaseWareAccounting Standards, Carmen Ridley, Financial Reporting, Industry News, Legislation & Regulation

The AASB has released the final chance to comment on the proposed revenue for NFP accounting standard – a fatal flaw draft is open for comment until 21 October with the final standard expected to be released in December 2016. We encourage all NFP entities and their auditors to review this document and provide comments to the AASB about ‘big … Read More

What is the deadline for entities registered with the Australian Charities and Not-for-Profit Commission (ACNC) to lodge their financial statements?

CaseWareFinancial Reporting, Legislation & Regulation

By Carmen Ridley, AASB Board member & Principal AFRS (www.afrs.com.au) The ACNC Act requires entities to lodge their financial statements with the ACNC six months after the reporting date, i.e. by 31 December 2014 for 30 June year ends. Note: Given the continued future uncertainty of the ACNC and current proposals for regulatory powers over the sector to be returned … Read More

Recoverable amount of intangible assets

CaseWareAccounting Standards, Auditing, Industry News, Legislation & Regulation

Industry consultant, AASB Board member and Principal, Australian Financial Reporting Solutions and content provider for the CaseWare Financials template, Carmen Ridley provides her take on the tricky subject of recoverable amounts of intangible assets, specifically related to R&D entities and capitalising development assets. ASIC has issued a media release about a listed entity writing off a development asset which it … Read More

CaseWare went to ATSA 2014

CaseWareAuditing, Financial Reporting, Industry News, Legislation & Regulation

This year CaseWare went to Accountant’s Technology Showcase Australia (ATSA) 2014 at Crown Melbourne to learn about the latest and greatest technologies relevant to the Audit & Accounting market. Andreas Ong (CaseWare A&NZ Technical Manager) explains more … Standard Business Reporting (SBR) for Government Agencies The government announced that they are now focusing on a Standard Business Reporting (SBR) for … Read More

Which entities need to report to the ACNC?

CaseWareFinancial Reporting, Industry News, Legislation & Regulation

Carmen Ridley (@afrscarmen, www.afrs.com.au) discusses which entities need to report to the ACNC. There is some confusion about the reporting requirements for entities which are registered with the Australian Charities and Not-for-profit Commission (ACNC). This article summaries the requirements for companies limited by guarantee, Incorporated Associations, Co-operatives and Charitable Fundraising Organisations at 30 June 2014. Companies Limited by Guarantee Entities … Read More

Recognition of Exploration & Evaluation Assets – Timely Reminder

CaseWareAccounting Standards, Auditing, Financial Reporting, Industry News, Legislation & Regulation

AASB Board Member and principal of Australian Financial Reporting Solutions, Carmen Ridley offers this advice to auditors and reporters for entities in mining and exploration concerns. ASIC have issued a media release regarding the write off of a $3.8m exploration and evaluation asset in an ASX listed entity’s financial report (14-215MR). In this instance, the company’s exploration licence for the … Read More