Rob Mackay
Articles by this Author
Dean Ardern joins M.S. Technical Accounting Services
- By Rob Mackay
- Published 14/02/2011
- February 2011
- Unrated
Dean Ardern joins M.S. Technical Accounting Services
Changes to deferred tax treatment of investment properties
- By Rob Mackay
- Published 14/02/2011
- February 2011
- Unrated
Amending standard AASB 2010-8 ‘Amendments to Australian Accounting Standards – Deferred Tax : Recover of Underlying Assets’ has recently been issued and will act to amend AASB 112 ‘Income Taxes’ and replace the requirements contained in Interpretation 121 ‘Income Taxes – Recovery of Revalued Non-Depreciable Assets.’
ASIC offers assistance to lodging entities affected by the floods
- By Rob Mackay
- Published 14/02/2011
- February 2011
- Unrated
The Australian Securities and Investments Commission (ASIC) has confirmed that it will work with entities impacted by the recent floods in Queensland and other States that are facing difficulties in lodging their accounts and/or paying lodgement fees. ASIC has also announced that it may be able to assist entities that have lost their records by providing replacement ASIC documents and information from its registers.
Implications for financial reporting by entities affected by natural disasters
- By Rob Mackay
- Published 14/02/2011
- February 2011
- Unrated
A disaster, such as a fire or storm event, can have a number of implications for the preparation of financial statements. For reporting periods ending 30 June 2011, an entity affected by a disaster would need to give consideration to a number of matters in preparing its financial statements, including the following:-
Management Commentary
- By Rob Mackay
- Published 22/12/2010
- December 2010
- Unrated
Management Commentary
On December 8, 2010 the International Accounting Standards Board (“IASB”) published an IFRS Practice Statement ‘Management Commentary’, a framework for presentation of management commentary to accompany financial statements.
The management commentary is intended to be a narrative report that provides a context for the financial statements by interpreting the financial position, performance and cash flows of an entity, as well as explaining its objectives and strategies for the future. Many jurisdictions already use similar narrative reports which are sometimes described as management’s discussion and analysis (MD&A), operating and financial review (OFR), business review or management’s report.
On December 8, 2010 the International Accounting Standards Board (“IASB”) published an IFRS Practice Statement ‘Management Commentary’, a framework for presentation of management commentary to accompany financial statements.
The management commentary is intended to be a narrative report that provides a context for the financial statements by interpreting the financial position, performance and cash flows of an entity, as well as explaining its objectives and strategies for the future. Many jurisdictions already use similar narrative reports which are sometimes described as management’s discussion and analysis (MD&A), operating and financial review (OFR), business review or management’s report.
XYZ NOT FOR PROFIT (NON-REPORTING) LIMITED INDEPENDENT AUDITOR’S REPORT
- By Rob Mackay
- Published 21/12/2010
- December 2010
- Unrated
We have audited the accompanying financial report, being a special purpose financial report, of XYZ Not For Profit (Non-reporting) Limited (the company), which comprises the statement of financial position as at 31 December 2010, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the director’s declaration.
XYZ ASSOCIATION (NON-REPORTING) INC
- By Rob Mackay
- Published 21/12/2010
- December 2010
- Unrated
Subscribers please note that the auditor’s reports accompanying the special purpose financial statements contained in Chapter 6 and Chapter 7 of XYZ Model Financial Accounts - December 2010 Reporting and Update do not reflect the Emphasis of Matter paragraph which is mandatorily required by the new clarity auditing standard ASA 800: Special Considerations—Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks.
For the benefit of subscribers, we have reproduced the audit reports in their entirety containing the required paragraph headed ‘Basis of Accounting'.
For the benefit of subscribers, we have reproduced the audit reports in their entirety containing the required paragraph headed ‘Basis of Accounting'.
Parent related disclosures required under Corporate Reform Consolidated financial statements
- By Rob Mackay
- Published 26/10/2010
- October 2010
- Unrated
We have had some queries in relation to the necessity to maintain certain disclosures related to parent entity information where the separate financial statements of the parent entity have not been included in a group’s financial report pursuant to the reforms introduced by the recent amendments to the Corporations Act.
Amendments to IFRS 7 Financial Instruments: Disclosures
- By Rob Mackay
- Published 26/10/2010
- October 2010
- Unrated
The IASB has recently issued amendments to IFRS 7 Financial Instruments: Disclosures as part of its review of off balance sheet activities.
Draft IFRIC Interpretation DI/2010/1 – Stripping Costs in the Production Phase of a Surface Mine
- By Rob Mackay
- Published 26/10/2010
- October 2010
- Unrated
During the mine development phase, stripping costs (removal of surface waste material) are generally capitalised as part of the depreciable cost of the mine. Once production begins, a degree of continued stripping will usually be required, and this may include a ‘stripping campaign’ which involves the removal of overburden in targeting a specific ore body. The need for such a stripping campaigns are identified in the planning stage of development.