Latest news on the Professional Standards Scheme (Scheme) The current Professional Standards Scheme commenced across Australia on 23 December 2019, replacing the previous Scheme, which concluded on 22 December 2019. It replaces IAS 17 Leases and related Interpretations. Posted February 18, 2019 09:01:04 | Updated February 18, 2019 09:10:26. Are there any transitional requirements to assist in first-time preparation of GPFS – Tier 2 financial statements? In adopting the RCF a number of issues have been identified. ED 289 Annual Improvements to Australian Accounting Standards 2018–2020 proposes to amend AASB 1 First-time Adoption of Australian Accounting Standards, AASB 9 Financial Instruments, AASB 16 Leases and AASB 141 Agriculture. 31 December 2019 … The issues below apply to all entities, where applicable. The general revenue requirements where NFPs have contracts with customers have also changed significantly. These changes come into effect between now and 2019 and raise a plethora of issues for organisations in every industry sector. IPSASB Welcomes Findings from Review of Oversight Arrangements Australian Accounting Standard AASB 16, Leases (Standard or AASB 16), was issued in February 2016 and is effective for periods beginning on or after 1 January 2019, meaning that for many Australian entities the changes will be effective for 30 June 2020 year-ends. Amendments to standards to apply … The standard does not apply until periods commencing 1 January 2019, but can be applied earlier voluntarily. AASB 15 Revenue from Contracts with Customers: For profit only, AASB 2016-5 Amendments to Australian Accounting Standards – Classification and Measurement of Share-based Payment Transactions, AASB 2016-4 Amendments to Australian Accounting Standards -Applying AASB 9 with AASB 4 Insurance Contracts, AASB 2017-1 Amendments to Australian Accounting Standards – Transfers of Investment Property, Annual Improvements 2014-2016 Cycle and Other Amendments: For profit only, AASB 2017-3 Amendments to Australian Accounting Standards - Clarifications to AASB 4, AASB 2017-5 Amendments to Australian Accounting Standards - Effective Date of Amendments to AASB 10 AND AASB 128 and Editorial Corrections, Interpretation 22 Foreign Currency Transactions and Advance Consideration: For profit only, AASB 15 Revenue from Contracts with Customers AASB 15 Revenue from Contracts with Customers: For profit only. The new leases accounting standard AASB 16 Leases, known as AASB 16, came into effect from 1 July 2019 and impacts most entities in the public and private sector. The standard, combined with the new revenue standard and the new leasing standard also commencing from 1 January 2019, will result in the biggest changes to NFP accounting that we have seen this century. Significant transitional relief … The Australian Accounting Standards Board (AASB) has made substantial changes to lease accounting with AASB 16 Leases, with the headline change being the removal of the distinction between operating and finance leases for lessees with most leases now coming on balance sheet. Please refer to our August 2019 Accounting News article for more information on these ‘simplified disclosures’. Effective -  FP: 2018-19;  NFP: 2019-20, AASB 2017-4 Amendments to Australian Accounting Standards – Uncertainty over Income Tax Treatments, AASB 2017-6 Amendments to Australian Accounting Standards – Prepayment Features with Negative Compensation, AASB 2017-7 Amendments to Australian Accounting Standards – Long-term Interests in Associates and Joint Ventures, AASB 2018-1 Amendments to Australian Accounting Standards – Annual Improvements 2015–2017 Cycle, AASB 2018-2 Amendments to Australian Accounting Standards – Plan Amendment, Curtailment or Settlement, Interpretation 22 Foreign Currency Transactions and Advance Consideration Not-for-profits only, Interpretation 23 Interpretation 23 Uncertainty over Income Tax Treatments, Note: Links to the full text of the above Standards and Interpretations can be found on the AASB website: www.aasb.gov.au/Pronouncements.aspx, Changes in Australian accounting standards, 2021 IGR TTRP - Preliminary Participation Rate Projections for the 2021 IGR, Incremental borrowing rates for AASB 16 lease valuation, AASB 1059 Service Concession Arrangements: Grantor, Recurrent Expenditure Assurance Framework, Recurrent Expenditure Assurance Framework Frequently Asked Questions, Infrastructure and Structured Finance Unit. Expense measures. Accounting Standards Effective on January 1, 2019; Accounting Standards Effective on January 1, 2019 Leases The standard requires companies that lease assets (real estate, airplanes, manufacturing equipment, etc.) The reports must also disclose the future impact of new lease accounting requirements. 2019 Journal Citation Reports (Clarivate Analytics): 68/109 (Acoustics) 68 ... Australian Accounting Review (AAR) is published four times a year on behalf of CPA Australia. The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy.Also, the AASB contributes to the development of global financial reporting standards and facilitates the participation of the Australian community in global standard setting. A myriad of changes have arrived – somewhat driven by the IASB amendments to the Conceptual Framework. Revised accounting standards covering revenue, income, leases and financial instruments will impact the financial reporting of Victorian councils in both the 2018-19 and 2019-20 reporting periods. Basis for Conclusions) is available. Some of these versions will apply mandatorily only to future reporting periods, but may be applied early. A copy of OLG’s Council Circular can be accessed here Guidance Paper Circular. And the new rules start in just over a year, on July 1, 2019. The Australian Accounting Standards Board (AASB) has made substantial changes to lease accounting with AASB 16 Leases, with the headline change being the removal of the distinction between operating and finance leases for lessees with most leases now coming on balance sheet. This change AASB 15 Revenue from contracts with customersapplies a five step model to determine the amount of revenue to recognise and in which reporting period. May 2019; Schools - Accounting for waitlist and enrolment fees under the new revenue standards April 2019 ; ASIC Findings from 30 June 2018 financial reports February 2019; Long-term interests in equity accounted investees January 2019; 2018. This listing can be used to perform a quick check that new financial reporting requirements such as new and revised accounting standards and interpretations, and amendments to standards and interpretations, have been fully considered in the … For most people accounting standards are boring. The world and Australian accounting bodies have come up with an accounting standard that is going to change the way we do business in Australia, and it will transform many listed companies. IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" is applied in selecting and applying accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. November 18, 2020. Effective now – from 1 January 2019, the new leases standard – AASB 16 (IFRS 16) – requires companies to bring the majority of operating leases on-balance sheet. The objectives of CPA Australia are to promote excellence, enterprise and integrity amongst Members and the financial, accounting and business advisory professions generally. Yes. At a glance. Amendments to Australian Accounting Standards arising from AASB 9 (December 2014), AASB Research Forum 2021 - Expressions of Interest, IFRS compilations of latest agenda decisions, First-time Adoption of Australian Accounting Standards, Non-current Assets Held for Sale and Discontinued Operations, Exploration for and Evaluation of Mineral Resources, Disclosure of Interests in Other Entities, Accounting Policies, Changes in Accounting Estimates and Errors, Accounting for Government Grants and Disclosure of Government Assistance, The Effects of Changes in Foreign Exchange Rates, Investments in Associates and Joint Ventures, Financial Reporting in Hyperinflationary Economies, Provisions, Contingent Liabilities and Contingent Assets, Financial Instruments: Recognition and Measurement, Whole of Government and General Government Sector Financial Reporting, Application of Tiers of Australian Accounting Standards, Application of Australian Accounting Standards, Service Concession Arrangements: Grantors, General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities, Amendments to Australian Accounting Standards arising from AASB 15, Amendments to Australian Accounting Standards – Effective Date of AASB 15, Amendments to Australian Accounting Standards – Recognition of Deferred Tax Assets for Unrealised Losses, Amendments to Australian Accounting Standards – Recoverable Amount of Non-Cash-Generating Specialised Assets of Not-for-Profit Entities, Amendments to Australian Accounting Standards – Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts, Income of Not-for-Profit Entities (Appendix D), Amendments to Australian Accounting Standards – Deferral of AASB 15 for Not-for-Profit Entities, Amendments to Australian Accounting Standards – Transfers of Investment Property, Annual Improvements 2014-2016 Cycle and Other Amendments, Amendments to Australian Accounting Standards – Clarifications to AASB 4, Service Concession Arrangements: Grantors (Appendix D), Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections, Amendments to Australian Accounting Standards – Definition of a Business, Amendments to Australian Accounting Standards – Definition of Material, Amendments to Australian Accounting Standards – Right-of-Use Assets of Not-for-Profit Entities, Amendments to Australian Accounting Standards – References to the Conceptual Framework, Amendments to Australian Accounting Standards – Implementation of AASB 1059, Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform, Amendments to Australian Accounting Standards – Disclosure in Special Purpose Financial Statements of Not-for-Profit Private Sector Entities on Compliance with Recognition and Measurement Requirements, Amendments to Australian Accounting Standards - Disclosure of the Effect of New IFRS Standards Not Yet Issued in Australia, Amendments to Australian Accounting Standards – Research Grants and Not-for-Profit Entities, Amendments to Australian Accounting Standards – Disclosure of GFS Measures of Key Fiscal Aggregates and GAAP/GFS Reconciliations, Amendments to Australian Accounting Standards – Class of Right-of-Use Assets arising under Concessionary Leases, Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current, Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities, General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (Appendix C), Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments, Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions, Amendments to Australian Accounting Standards – Insurance Contracts, Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current – Deferral of Effective Date, Amendments to Australian Accounting Standards – Covid-19-Related Rent Concessions: Tier 2 Disclosures, Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform – Phase 2, Amendments to Australian Accounting Standards – Tier 2 Disclosures: Interest Rate Benchmark Reform (Phase 2) and Other Amendments, Amendments to Australian Accounting Standards, Amendments to Australian Accounting Standards – Clarifications to AASB 15, Amendments to Australian Accounting Standards – Classification and Measurement of Share-based Payment Transactions, Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities, Amendments to Australian Accounting Standards – Uncertainty over Income Tax Treatments, Amendments to Australian Accounting Standards – Prepayment Features with Negative Compensation, Amendments to Australian Accounting Standards – Long-term Interests in Associates and Joint Ventures, Amendments to Australian Accounting Standards – Annual Improvements 2015–2017 Cycle, Amendments to Australian Accounting Standards – Plan Amendment, Curtailment or Settlement, Amendments to Australian Accounting Standards – Reduced Disclosure Requirements, Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Public Sector Licensors, Amendments to Australian Accounting Standards - Deferral of AASB 1059, Financial Reporting by Superannuation Plans. 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