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.
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2013 editions
| Month | Highlights |
| 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 |
