Financial Accounting Newsletter: Reporting Developments (Apr-Jul 2019)

This financial accounting newsletter, prepared for an accounting firm, provides a summary of key financial reporting developments from April 1, 2019, to July 31, 2019. The newsletter covers updates from the Australian Accounting Standards Board (AASB), including changes to the Conceptual Framework, Not-for-Profit entity definitions, and fair value measurement guidance. It also highlights international news from the IFRS Foundation, such as the launch of a new quarterly podcast, webinars on IFRS 9 and IFRS 17 amendments, and proposed changes in response to the IASB's IBOR reform. Each news item includes a brief description and links to further information, enabling staff to stay informed of changes impacting their work.

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Financial Accounting
Name of the Student
Name of the University
Author’s Note

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NEWSLETTER

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NATIONAL NEWS (FROM 1ST APRIL 2019 TO 31ST JULY 2019)
Not-For-Profit Entity Related Definition
and Guidance (June 11, 2019)
In a proposal of AASB, ED 219 Not-for-
Profit Entity Definition and Guide is going to
replace the existing definition of not-for-
profit entity with a functional definition. The
presence of two Indepdent part can be seen in
this proposal; they are to give goods and
services for social benefits and to support this
objective over profit (aasb.gov.au, 2019).
Financial Reporting related Conceptual
Framework (June 6, 2019)
There is an issue of a new Conceptual
Framework for Financial Reporting by AASB
and this has been issued specifically for the
private sector’s for-profit entities. For other
business entities in Australia, adoption of this
new Conceptual Framework is nor
mandatory. Integration of IASB’s meaning of
reporting entity can be seen in this new
Conceptual Framework (aasb.gov.au, 2019).
Decision to Propose Fair Value
Measurement related Certification and
Illustrative Examples (May 10, 2019)
There is a proposal related to the inclusion of
examples based on illustrations in order to
help the companies in public sector to apply
the principles related to AASB 13 Fair Value
Measurement. Along with this, it is also
proposed to bring an amendment in AASB 13
for the inclusion of cost approach
(aasb.gov.au, 2019).
Reference to The Conceptual Framework
related Exposure Draft (June 6, 2019)
There is a proposal of narrow-scope changes
in AASB 3 Business Combination in order to
update the references to Conceptual
Framework for Financial Reporting regarding
the business requirements of business
combination and this is proposed by ED 290
Reference to the Conceptual Framework
(aasb.gov.au, 2019).

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INTERNATIONA NEWS (FROM 1ST APRIL 2019 TO 31ST JULY 2019)
Webinar for IFRS 9 related to Curing og a
Credit-Impaired Financial Assets (July 22,
2019)
IFRS Interpretations Committee has taken
into consideration to present the amount in a
company’s profit and loss statement in the
presence of the payment of credit-impaired
assets. IFRS has provided the required
standards in order to address this issue by the
companies (ifrs.org, 2019).
New Quarterly Podcast Launched by IFRS
Foundation (July 5, 2019)
IFRS has launched the new quarterly podcast
containing the works of the IFRS
Interpretations Committee and the
International Accounting Standards Board
(IASB) with the aim to assist the companies
in the appropriate application of IFRS
frameworks (ifrs.org, 2019).
Proposed Changes in the Standards of
IFRS in response of IASB’s IBOR Reform
(May 3, 2019)
IFRS has proposed changes in two old and
new standards that are IAS 39 and IFRS 9
with the aim to reform the interest rate
benchmarks like interbank offer rates,
commonly known as IBOR. Providing relief
from additional requirements of hedge
accounting is the main aim of these changes
(ifrs.org, 2019).
New Webinar on the Amendments to IFRS
17 Overview related to Exposure Draft
(July 4, 2019)
A new webinar has been made and published
by the IFRS in relation to the Amendments in
Exposure Draft to IFRS 17 and IASB has
published the same on June 26, 2019 (ifrs.org,
2019).

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References
News. (2019). Aasb.gov.au. Retrieved 13 August 2019, from
https://www.aasb.gov.au/News/Not-for-Profit-Entity-Definition-and-Guidance-(June-
2019)?newsID=327180
News. (2019). Aasb.gov.au. Retrieved 13 August 2019, from
https://www.aasb.gov.au/News/Conceptual-Framework-for-Financial-Reporting?
newsID=327179
News. (2019). Aasb.gov.au. Retrieved 13 August 2019, from
https://www.aasb.gov.au/News/Decision-to-propose-illustrative-examples-and-
clarification-on-fair-value-measurement-for-public-sector-entities?newsID=327174
News. (2019). Aasb.gov.au. Retrieved 13 August 2019, from
https://www.aasb.gov.au/News/Exposure-Draft--Reference-to-the-Conceptual-
Framework?newsID=327178
IFRS. (2019). Ifrs.org. Retrieved 13 August 2019, from https://www.ifrs.org/news-and-
events/2019/07/ifrs-9-webinar-curing-of-a-credit-impaired-financial-asset/
IFRS. (2019). Ifrs.org. Retrieved 13 August 2019, from https://www.ifrs.org/news-and-
events/2019/07/ifrs-foundation-launches-new-quarterly-podcast/
IFRS. (2019). Ifrs.org. Retrieved 13 August 2019, from https://www.ifrs.org/news-and-
events/2019/05/iasb-proposes-targeted-amendments-to-ifrs-standards-in-response-to-
ibor-reform/
IFRS. (2019). Ifrs.org. Retrieved 13 August 2019, from https://www.ifrs.org/news-and-
events/2019/07/new-webinar-available-overview-of-exposure-draft-amendments-to-
ifrs-17/