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Monthly roundup

End of month refresher and analysis

The growing push toward global convergence of accounting standards combined with regulatory and similar reforms in Australia together mean a continuous array of new and revised materials on almost a daily basis.

We release our Monthly roundup on the first business day of each calendar month, providing a high-level and easy to ready summary of financial reporting developments occurring during the previous month. Links are provided to publications, alerts, new pronouncements, submissions and other relevant financial reporting-related information. Highlights are also included in each issue, discussing important developments or topics.

If you do not currently receive e-mail notification of our Monthly roundup, you can register to be added to our distribution list.

2014 editions

Month Highlights
October New Chair of the Australian Accounting Standards Board announced
September ASIC discloses publicly an adjustment resulting from an ASIC inquiry
August Final version of IFRS 9 issued
July ASIC’s focus area for June years ends
June Finally, new ‘Revenue Recognition Standard’ issued
May Updated Corporate Governance Principles and Recommendations
April IASB publishes proposed amendments to IAS 1 to improve disclosures
March IASB defers the finalisation of the new 'Revenue Recognition Standard'
January ASIC has extended Class Order [CO 13/1050] which allows issuers of stapled securities (stapled entities) to continue to present consolidated or combined financial statements

2013 editions

Month Highlights
December Key considerations for the December reporting season and ASIC findings from 30 June 2013 financial reports
November IASB finalises IFRS 9 Chapter on general hedge accounting, allows for the new 'own credit risk' guidance to be applied in isolation and removes the mandatory effective date from IFRS 9
October ASIC's focus area for December year ends
September Deloitte responds to the Joint IASB-FASB Exposure Draft on leases
August Australia adopts investment entity amendments
July Post-implementation Review of Operating Segments (IFRS 8)
June ASIC areas of focus for June 2013 reporting period
May IASB re-exposes proposals on lease accounting
April Key considerations for the June reporting period
March ASIC Regulatory Guide 247 'Effective disclosure in an operating and financial review'
February New 'revenue recognition standard' – transition and effective date
January EFRAG concerns on Hedge Accounting proposals; and identification of a 'business' in a transaction

2012 editions

Month Highlights
December Key considerations for the December 2012 reporting season and a series of pronouncements by the AASB
November Deloitte resources for the December 2012 reporting period
October Investment entity consolidation amendments issued by the IASB; and the IASB's Lease Project – on track for a revised exposure draft
September Hedge accounting draft issued by the IASB; and the ASIC draft regulatory guidance regarding effective disclosure in an operating and financial review (OFR)
August IASB's post-implementation review of IFRS 8 'Operating Segments' and withdrawl of AASB Interpretation 1039 'Substantive Enactment of Major Tax Bills in Australia'
July Financial reporting implications of tax ruling on frankable dividends; IASB revised work plan; and transitional relief and guidance on IFRS 10,11,12
June Preparing for the June reporting season; Lease accounting: IASB and FASB agree on the approach
May Accounting for emission rights an urgent topic for standard setters; Draft IFRIC Interpretations on levies and put options
April The state of play in the development of accounting standards; Deloitte's Model financial reports for June 2012 reporting period
March Resource rent tax bills passed by Senate; Announcing our redesigned IAS Plus website
February AASB discussion on MRRT and Carbon pricing issue
January IASB and the FASB seek to reduce differences in classification and measurement models for financial instruments; Assessing the increased country/currency risk in financial reports


2011 editions

Month Highlights
December IASB work plan ahead, ASIC focus areas and  Deloitte resources for the December 2011 reporting season
November AASB released a revised exposure draft on Revenue
October AASB discusses accounting implications of the carbon pricing scheme
September Forward thinking companies putting 'Integrated Reporting' on their agendas and the AASB released a new standard on Fair value and an amended standard on Employee benefits
August IASB proposes consolidation exemption for 'Investment Entities' and the AASB released a suite of six related standards that aim to improve the accounting requirements for consolidated financial statements, joint arrangements and off-balance sheet activities
July Future direction of the IASB work plan, broadening the scope of IFRS, ASIC focus areas and  Deloitte resources for the June 2011 reporting season
June IASB issues two new standards, likely application date for other major outstanding projects, Deloitte resources for the June 2011 reporting season
May New batch of standards forming the 'next wave', new alerts, Trans-Tasman convergence
April June 2011 financial reporting resources, IASB-FASB convergence report, upcoming IFRS webcast
March Updated IASB work plan, ASIC proposals on additional financial information, UK/NZ review of IFRS disclosure
February Recap on leases, consolidation and joint ventures, and effective dates
January Floods, ASIC review, recent amendments, financial instruments


2010 editions

Month Highlight
December Happy New Year – what a year it will be
November Resources for the December 2010 financial reporting season, revised IASB work plan
October Getting ready for the 'great leap forward'?
September Sunshine optimism for US convergence
August Spring heralds a new start
July Are we in danger of reform fatigue?
June Changes ready to go for 30 June financial reports – well, almost
May Financial reporting implications of recent or proposed tax changes
April April AASB meeting highlights
March Liability accounting set for a shake up
February AASB's 'Reduced Disclosure Regime' (RDR) - no laughing matter
January ASIC releases review outcomes and December focus


2009 editions

Month Highlight
December 2010 to be a busy year for standard setting
November IASB pushes ahead with financial instrument reform in the face of opposition
October October AASB meeting provides significant boost to cross-Tasman convergence
September Winners and losers in financial reporting reforms
August Time for reform in financial reporting
July July AASB meeting outcomes
June ASIC announces focus areas for June financial reports
May IASB plans for fast-tracked replacement of IAS 39
April IASB responds to G20
March Guidance on non-statutory profit measures
February Standards Advisory Council comments on the direction of IFRS
January The global financial crisis continues to filter down to real reporting issues

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