Accounting Alert - August 2010Staying on top of developments |
This Accounting Alert provides you with information about a number of recent developments in financial reporting, including exposure drafts issued by the IASB and FRSB. We note that the IASB is forging ahead with its significant reform of several standards, with exposure drafts issued over the last month in relation to three of its key projects – leases, revenue and insurance. These exposure drafts involve new ways of thinking about the accounting for these items and may result in significant changes in the financial reporting by many entities. We urge you to work through the implications that these exposure drafts may have on your entity and consider whether you want to submit on the proposals. Entities will also need to consider the potential impacts on structuring of contracts, performance metrics used, debt covenants, accounting policies and changes to systems.
We will continue to keep you apprised of developments as they occur, so watch
this space ...
In this issue:
- Major overhaul proposed for:
... lease accounting
... revenue recognition
... insurance contracts - Possible relief for entities affected by the Budget 2010 removal of tax depreciation on buildings
- Other topics of interest
Accounting Alert - August 2010
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