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Amendments to Accounting Standards AASB & IFRS

   

Added on  2020-02-24

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Circulated Amendment for International financial reporting standard and AASBThis newsletter shows all the recent amendment and notification passed by international financial reporting Board and other authorities. Applying AASB 9Financial Instrumentswith AASB 4Insurance ContractsRecent amendment make changes in insurance contact and applicable rules. It is applicable from the following accounting period from the month in which new circulation and details have been passed.It provides temporary exemption from specific requirement of AASB 128These changes and amendments could also be noticed by staff members by visiting the sites of federal register of legislationhttps://www.legislation.gov.au/Details/F2016L01637The changes in AASB-9 have strengthenedthe disclosure requirements in the application of insurance contract. This will increase the transparency of the instance contract and balance sheet details of company. Accounting standard AASBAmendment to Australian accounting standards- classification and measurement of share based payment transactionsThis newly amendment will make the changes in treatment of vesting and non-vesting conditions.There would be no obligation on company to make payment of employee’s tax while allocating employee stock options to employees.Impairment test IAS-136Amendment to the issued IFRS-136All the assets would be undergone for impairment loss.Goodwill will be used first to overcome all the losses. Cash generating units will be further used to reduce the impairment lossAccounting standard AASB and IFRS standard
Amendments to Accounting Standards AASB & IFRS_1

Influences on financial reportingPolitical and legislation influence in different countries and their acceptance.Corporate acceptance and Application of international rules and accounting standardInterpretation by the stakeholders and their investment decisions. ASIC review and application Issues of accounting and reporting standards.establishment of harmonization in IFRS and domestic accounting standardAll the amended rules and regulations will be applicable from the following accounting period from the month in which it is issued. Key points to followUnderstand nature and application of new IFRS rules and standard.
Amendments to Accounting Standards AASB & IFRS_2

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