Monthly Roundup - September 2014
Staying on top of financial reporting developments
ASIC disclosed publicly an adjustment resulting from an ASIC inquiry. As previously announced by ASIC, impairment testing and asset values remains an area of focus on ASIC’s surveillance programme. Preparers of financial statements should carefully consider ASIC’s area of focus in preparing their half year or annual financial reports.
New pronouncements approved by the AASB include:
- AASB2014-3 Amendments to Australian Accounting Standards – Accounting for Acquisitions of Interests in Joint Operations
- AASB 2014-4 Amendments to Australian Accounting Standards – Clarification of Acceptable Methods of Depreciation and Amortisation
- ED 235 Recognition of Deferred Tax Assets for Unrealised Losses.
New pronouncements approved by the IASB include:
- Narrow-scope amendments to IAS 27 Separate Financial Statements
- ED 2014/3 Proposed amendments to IAS 12 Income Taxes.