ATO SMSF Updates
Super guarantee contribution due date for June 2022 quarter The due date for employers to make super guarantee contributions for their employees for the…
Financial Reporting Presentation 2022
On 5 July 2022, Wali Aziz (Partner and Head of Audit & Climate Change) and Edward Chow (Principal of Audit & Assurance) presented the…
New domain name changes could leave your business at risk – Act before 20 September 2022
New domain name changes could leave your business at risk – Act before 20 September 2022 What’s happened? From 24 March 2022, anyone with…
Preparing for the director ID Regime
The Government has introduced a new director ID regime with the aim of preventing the use of false and fraudulent director identities and to…
Are you eligible for the Small Business Fees and Charges Rebate?
In a recent announcement by the NSW Government a new small business fees and charges rebates have been introduced to help small businesses recover…
Removal of Special Purpose from Financial Statements
In March 2020, the Australian Accounting Standards Board (AASB) issued an amending standard that removes the ability of certain for-profit private entities to prepare…
Walker Wayland NSW to go Carbon Neutral
Walker Wayland NSW is currently in the process of becoming completely Carbon Neutral. This is exciting news with the goal of entirely neutralising the…
Hattember 2019 is launched in style!
Thursday September 5th saw the opening of Hattember with the Hattember Gala held which included the announcement of winners in the 2019 The Hattember…
Time’s up! AASB 15, the new revenue standard is here. Are you ready?
Are your clients ready for the new revenue standard – AASB 15 Revenue from Contracts with Customers? TIME IS UP.
Time has run out to understand and assess the implications of the new accounting standard, AASB 15 Revenue from Contracts with Customers. The impact of the application of AASB 15 must not be underestimated. The International Accounting Standards Board have fundamentally changed how entities recognise revenue.
For periods commencing on or after 1 January 2018, the new revenue standard, AASB 15 will replace the various existing accounting standards and interpretations applicable to revenue recognition with a single standard based on a principles-based model.
The new standard provides a five step process to ensure an entity recognises revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services.
Whilst understanding the application of AASB 15 on your clients various income streams will be complex and is fundamental, it is important to note that the impact of applying AASB15 goes far beyond revenue recognition and there are a number of wider implications that must be considered.
The new Lease Accounting Standard – Will your organisation be affected?
Most organisations in Australia undertake some form of leasing arrangement and many of these lease arrangements have been classified as operating leases with no impact to the balance sheet.
Over 85% of the leasing commitments do not appear on today’s balance sheets, making it difficult for investors and other users of financial statements to obtain an accurate picture of an entity’s future leasing commitments.
The new leases standard – AASB 16 is effective from the beginning of the 2019 calendar year. Property and equipment operating leases previously recognised off-balance sheet will be accounted for as a Right-of-Use (ROU) asset and lease liability. This will provide more transparency regarding a company’s leasing commitments and change key financial measurements such as gearing ratios, asset turnover and EBITDA. However, lessor accounting will remain unchanged from the current leases standard.