Australia

Are you ready for major changes to accounting?

The Australia Accounting Standards 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. Read on to find out more:

The Australian Government has also proposed to raise financial reporting thresholds for proprietary companies by 2020. You can read more on the current and proposed thresholds here:

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Australian Accounting Standard Updates​ Specialists

Latest insights from our Australian Accounting Standard Updates​ team

16 June 2021 | Minutes to read: 2

New Director Identification Numbers to tackle illegal phoenixing

All directors of Australian companies will be required, by 30 November 2022, to obtain a Director Identification...
1 June 2021 | Minutes to read: 7

The purpose of an audit: an explanation for those that require, or should seek, an audit

This article will explain why organisations require audits, identify the legislation that enacts those audits, and detail...
1 June 2021 | Minutes to read: 4

SPFR Preparers: a plain language guide for what to expect under the new general-purpose financial reporting regime

Dear Special Purpose Financial Report Preparers – let me call you SPFRPs for short – it will...
1 June 2021 | Minutes to read: 7

Removal of Special Purpose Financial Statements for certain For-Profit entities

In March 2020, the Australian Accounting Standards Board approved the issue of AASB 2020-2  Removal of Special...
27 May 2021 | Minutes to read: 3

Not-for-profits entities and Australian charities and Not-for-profits Commission (ACNC)

What is a not-for-profits entity? A not-for-profit entity, as its name suggests, is an organisation that does...
20 May 2021 | Minutes to read: 4

Governance & Compliance | May 2021

Breakthru back-pays more than $2.7m   Disability services provider Breakthru Ltd is back-paying employees more than $2.7 million...

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