The Australian Accounting Standards Board and the External Reporting Board have released sweeping changes to accounting reporting. These changes affect all entities that prepare accounts in accordance with accounting standards and interpretations and requires action now. These standards are significant, and in some instances, it will be essential for their impact to be known beyond the finance function.
The changes include how revenue is accounted for and applies to all customer contracts as well as changes to lease accounting, which may affect an entity’s financial position.
For Not-for-Profits in Australia, accounting for revenue, along with new standards for accounting for Income should be applied in conjunction with one another.
The Australian Government has also proposed to raise financial reporting thresholds for proprietary companies by 2020. You can find more information on the current and proposed thresholds by clicking through to the Australian section of this resource centre.
William Buck have prepared reports to provide an overview of these changes and how they may impact your entity. Please note, there are differing versions depending on whether your place of business is in Australia or New Zealand. If you require more information, please contact your local William Buck office.
William Buck’s trusted advisors are here to help you understand how the most significant changes may affect you, and what you can do to prepare for them now.
We’ve set up this resource centre to share the latest updates with you.