Monthly roundup - November 2014
Staying on top of financial reporting developments
ASIC has announced its are of focus for 31 December 2014 financial reporting season. Consistent with prior periods, ASIC is focused on the value of assets, accounting policy choices and disclosures that provide useful and meaningful information for investors.
New pronouncements approved by the AASB include:
- ED 255 Financial Reporting Requirements for Australian Groups with a Foreign Parent
- ED 256 Removal of Cross-References from Financial Statements to Other Documents
- AASB 123 Borrowing Costs (basis for conclusion added regarding not-for-profit public sector entities).