Accounting Roundup - March 2015
Staying on top of financial reporting developments
This update focuses on how a lease would be defined in the new leases standard and includes a summary of the tentative decisions made during the 2014 redeliberations, clarifications from the Exposure Draft Leases (the 2013 ED) and reasons for any changes, and also some specific examples.
New pronouncements approved by the AASB include:
- AASB 2015-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 101
- AASB 2015-3 Amendments to Australian Accounting Standards arising from withdrawal of AASB 1031 Materiality
- AASB 2015-4 Amendments to Australian Accounting Standards - Financial Reporting Requirements for Australian Groups with a Foreign Parent
- AASB 2015-5 Amendments to Australian Accounting Standards – Investment Entities: Applying the Consolidation Exception
- ED 259 Classification of Liabilities (Proposed Amendments to AASB 101).
New pronouncements approved by the IASB include:
- ED/2015/1 Classification of Liabilities (Proposed Amendments to IAS 1).
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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