Are you ready for major changes to accounting?

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.

All the Latest From Our Audit & Assurance Team

Small companies may become large as a result of additional assets recognised under the new lease standard

Posted By William Buck News on 11/01/2019 10:22:40 am

All Australian business leases will be subject to new accounting rules from January 1 2019, which could have significant impact on an entities overall financial…

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Update on Not-for-Profits accounting for peppercorn leases

Posted By William Buck News on 07/01/2019 10:29:56 am

On 24 December 2018 the AASB issued an amending standard AASB 2018-8 Amendments to Australian Accounting Standards – Right-of-Use Assets of Not-for-Profit Entities that provides…

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NFP accounting landscape set to change

Posted By William Buck News on 21/12/2018 10:30:37 am

The already complex accounting landscape for Not-for-Profits, is set to change beginning 1 January 2019, with the Accounting Standards Board  new income and revenue recognition…

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Festive fraudsters risk to businesses

Posted By William Buck News on 03/12/2018 03:05:19 am

While the Christmas holiday break is traditionally considered a time to unwind and reflect on the past year, it can also be one of the…

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