Don’t underestimate the implications of AASB 16 leases

By Timothy Maclean and Rainer Ahrens on 11/10/19 - Mins to read: 3 minutes

Since the new leases standard – AASB 16 – came into effect earlier this year, it’s presented several operational challenges with entities now needing to recognise all assets and liabilities arising for all leases, with limited exceptions. These exceptions include short-term leases and leases of low value assets. Expectations Short-term...
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Important changes to lease agreements

By Matthew King on 11/10/19 - Mins to read: 3 minutes

Do you work in a finance team, sit on a Board, or are you a business owner? Do you need to report to ASIC or apply accounting standards in the preparation of financials? If so, the best piece of advice you can receive this year is to check your leases....
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Is your Financial Reporting up to standard?

By William Buck on 11/10/19 - Mins to read: 3 minutes

The William Buck Financial Reporting series has wrapped up for the year, providing finance professionals with the latest insights to help their business. Covering various topics including changes in accounting standards, ATO’s tax insights and the latest trends in merger and acquisitions. Attendees heard first hand from William Buck’s industry...
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Governance

By William Buck on 11/10/19 - Mins to read: 3 minutes

Within the NFP sector, there have been several new governance regulations introduced. The below articles provide a snapshot into the recent changes and key issues to be aware of within the NFP sector that may impact on the governance of your organisation. AICD updates governance principles At a time when...
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Financial reporting insights

By William Buck on 11/10/19 - Mins to read: 3 minutes

Applying standards This year is big for NFPs that report in compliance with accounting standards. The following complex accounting standards apply for annual reporting commencing on or after 1 January. Year-enders on 31 December are first cabs off the rank. The standards to watch out for are: AASB 15...
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Not for Profit News- Fraud & NOCLAR, Ethics, Governments & ATO

By William Buck on 11/10/19 - Mins to read: 3 minutes

Fraud and NOCLAR What good local government integrity frameworks look like A new 88-page research report shows how several local governments protect themselves against corruption. Released by the Independent Broad-based Anti-corruption Commission, Local government integrity frameworks review identifies a sample of councils that have built solid anti-corruption frameworks, providing...
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