Accounting Roundup - January 2015

Analysis

Accounting Roundup - January 2015

Staying on top of financial reporting developments

AASB approved AASB 15 Revenue in December 2014, which supersedes AASB 118, AASB 111 and a number of revenue-related interpretations, effective for annual reporting periods beginning on or after 1 January 2017.

Other new pronouncements approved by the AASB include:

  • AASB 15 Revenue from Contracts with Customer
  • AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15
  • AASB 2014-6 Amendments to Australian Accounting Standards – Agriculture: Bearer Plants
  • AASB 9 Financial Instruments (December 2014)
  • AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014)
  • AASB 2014-8 Amendments to Australian Accounting Standards arising from AASB 9 (December 2014) – Application of AASB 9 (December 2009) and AASB 9 (December 2010)
  • ED 258 Disclosure Initiative (Proposed amendments to AASB 107).

New pronouncements approved by the IASB include:

  • Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28)
  • Disclosure Initiative (Amendments to IAS 1)
  • IASB ED/2014/6 Disclosure Initiative (Proposed Amendments to IAS 7).
Accounting Roundup January 2015

Deloitte understands how hard it is to keep up with regulatory content, especially in light of the growing push towards global convergence of accounting standards.

Our Accounting Roundup has been specially designed to simplify things. Released on the first business day of each month, it provides a high-level and easy-to-read summary of financial reporting developments. We supply links to publications, alerts, new pronouncements, submissions and other relevant financial reporting information. Each issue also includes highlights of important developments.

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