Updates on Financial Reporting News - Desklib

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FINANCIAL
ACCOUNTING
News Letter

1FINANCIAL ACCOUNTING
Financial accounting
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2FINANCIAL ACCOUNTING
NEWS LETTER
Disclosures under SPFS (special purpose financial
statement)
4th July 2019
ED 293 proposed that not for profit organisations are
required to lodge their SPFS with the Australian Charities
and Not-for-profit commission whereas rest of the entities
are required to lodge their SPFS with the ASIC for the
purpose of disclosing the statement that can be analysed for
finding out whether the accounting policies they have
applied in SPFS are in confirmation with the recognition
and measurement criteria of AAS. Information is also
required regarding whether the entity has any investment in
joint venture or associates or has any substitute. It is also
required to notify the approach they are using to account
the interests. For further details please follow the link –
https://www.aasb.gov.au/admin/file/content105/c9/
ACCED293_07-19.pdf
Annual improvements to the IFRS standards 2018-2020
14th June 2019
It has been proposed by IASB requiring subsidiaries to
apply Para D16(a) of IFRS – 1st time adoption of IFRS to
measure the cumulative difference in translation by using
the amounts recorded by parent company based on the
IFRSs transition date. In addition to that joint venture
associated who will apply IFRSs they will also be required
to apply the amendments.
For further details please
follow the link –
https://
www.aasb.gov.au/admin/
file/content102/
c3/7.4_IASB_ED_annual
_improvements_2018-
2020_M171_NO.pdf
Summary of the updates regarding latest financial reporting news
For the period between 1st April 2019 and 31st July 2019
Independent review board to be
formed by CPA Australia (13th
June 2019)
One board meeting held by the CPA
where it was decided that
independent panel is to be formed
and the procedure for the same has
been initiated. This panel will
conduct detailed review of all CPA
Australia related claims. The panel
will further recommend the way for
improvement. For further details
please follow the link –
https://
www.cpaaustralia.com.au/-/
media/corporate/allfiles/
document/media/media-release/
statement-from-president-16-
june-2017.pdf?
la=en&hash=5EBE1BE642C598
1EE999DDA3243BFDCB6C56C
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