The Developing Landscape of Accounting for Current Financial Years

Running head: NEWSLETTER
NEWSLETTER
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1NEWSLETTER
THE DEVELOPING LANDSCAPE OF ACCOUNTING FOR CURRENT
FINANCIAL YEARS
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Introduction
Financial reports have a purpose of assessing the success and failures of firms, and
also provide quantitative insights into areas where a firm should improve in. as far as the
Australian landscape in accounting is concerned, there have been certain amendments, which
are potent in impacting the calculations and work of a financial reporter of a firm. This
newsletter is aimed at providing a financial report staff about the changes and developments
that have been occurring in the boards, and the IFRS alike, to help them identify the key
developments which they need to consider in their calculations. This report provides a precise
overview of the issues, with references to the links for a detailed explanation.
Amendments to Australian Accounting Standards
Dated- 18/12/2018
 Primarily, this standard amends AASB 101 and AASB 108. These amendments in the
standard modify the AASB 101 material definition.
 These amendments elucidate the material definition and the subsequent use through
refining the phrasing and line up the material definition throughout the AASB
Standards and further periodicals.
 It also comprises supporting requirements in AASB 101 in the material definition to
provide it with additional distinction and illuminates the elucidation complementary
to the material definition.
For more information, visit https://www.aasb.gov.au/Pronouncements/Current-standards.aspx
Amendment to ASX listing rule
Dated- 01/01/2019
The recent amendment in the ASX listing rule pertains to the Guidance Note 15A.
 During the escrow period, there will be no quotation of restriction securities.
 Forfeited shares will not be quoted from the time of their forfeiture.