Some financial instruments are unique to the public sector, such as • special drawing rights;
• currency in circulation; and
• monetary gold, Neither International Financial Reporting Standards nor International Public Sector Accounting Standards specifically address these instruments. Read More
Having difficulty accounting for certain types of share-based payment transactions under AASB 2 Share-based Payment? The AASB has issued AASB 2016-5 Amendments to Australian Accounting Standards – Classification and Measurement of Share-based Payment Transactions. Read More
Having difficulty applying the definition of a business? Exposure Draft
ED 275 Definition of a Business and Accounting for Previously Held Interests proposes to amend AASB 3 Business Combinations and AASB 11 Joint Arrangements to clarify this and accounting for previously held interests. Comments on ED 275 are requested to the AASB by 23 September 2016.
If you are an NFP entity with specialised assets, you will be pleased to know that impairment requirements for such assets have been simplified. Read More