Rob Mackay
Articles by this Author
Moore Stephens Technical Accounting Services - upcoming presentations
- By Rob Mackay
- Published 25/02/2010
- February 2010
- Unrated
You can catch up with us at these upcoming accounting events
Operating Segments – how AASB 8 can impair your goodwill
- By Rob Mackay
- Published 25/02/2010
- February 2010
- Unrated
There will be many entities out there now cursing the fact that they hadn’t looked at AASB 8 sooner. With auditors having conducted audit visits for either half year reviews or full year audits, if management didn’t know that AASB 8 was a key reporting driver, odds are that they do now.
Interpretation 19 – Extinguishing Financial Liabilities with Equity Instruments
- By Rob Mackay
- Published 27/01/2010
- January 2010
- Unrated
The AASB has issued Interpretation 19 dealing with how a debtor would
account for the extinguishment of a liability through the issue of
equity instruments. This might be particularly relevant to entities
that might have liquidity issues and be unable to settle liabilities
using cash as a result of current economic hardship.
ASIC reporting concerns
- By Rob Mackay
- Published 27/01/2010
- January 2010
- Unrated
ASIC has released their findings in relation to the surveillance of 350
financial reports of listed and unlisted entities reporting at 30 June
2009 and has indicated that it continues to have concerns with the
following accounting areas.
Amendment to AASB 124 – Related Parties
- By Rob Mackay
- Published 27/01/2010
- January 2010
- Unrated
The AASB has recently issued an amended version of AASB 124 Related
Parties that is mandatorily applicable to annual reporting periods
commencing 1 January 2011, although early adoption is available.
Reduced Disclosure Regime
- By Rob Mackay
- Published 27/01/2010
- January 2010
- Unrated
In the December 2009 edition of XYZ Financial Reporter, we discussed the release of the AASB’s consultation paper on the proposed Differential Financial Reporting framework and the Reduced Disclosure Regime that would be available to the many entities categorised as a ‘tier 2’ reporter (i.e. non-publicly accountable).
AASB 9 – Financial Instruments
- By Rob Mackay
- Published 18/12/2009
- December 2009
- Unrated
The AASB has now issued accounting standard AASB 9 Financial Instruments which represents the first phase of the replacement of AASB 139.
AASB Consultation Paper: Differential Financial Reporting – Reducing Disclosure Requirements
- By Rob Mackay
- Published 18/12/2009
- December 2009
- Unrated
The AASB has now released their proposals for a change to the
differential reporting framework in Australia. These proposals are in
light of the previous decision not to apply the new IASB standard IFRS for SMEs released in July 2009.
Proposed reforms to corporate reporting
- By Rob Mackay
- Published 18/12/2009
- December 2009
- Unrated
Treasury has recently released the Corporations Amendment (Corporate Reporting Reform) Bill 2010. The purpose of the proposed reforms is to reduce red-tape, improve accountability and transparency of disclosures and refine the reporting framework.
IFRS 9 Financial Instruments issued
- By Rob Mackay
- Published 25/11/2009
- November 2009
- Unrated
As reported in the September 2009 edition of XYZ Financial Reporter, as expected the IASB has now finalised Phase 1 of its IAS 39 replacement project and issued IFRS 9 which deals with the classification and measurement of financial assets. Financial liabilities are not currently in the scope of the standard.