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August 2009



In this month’s edition, the team takes a look at the following topics:
  • IFRS for SME's  – don't hold your breath
  • Revenue: sales as principal or agent?
  • June 2009 disclosures – application of future standards
  • XYZ accounting standards 2009.
To contact the  Moore Stephens Technical Accounting Services team call Rob Mackay
or Kim Barson on (03) 9614 4444 or email:

Rob Mackay
rmackay@moorestephens.com.au

Kim Barson
kbarson@moorestephens.com.au

    IFRS for SME’s – don’t hold your breath

    In our last edition, we announced the publication by the IASB of the accounting standard ‘IFRS for SMEs’.  As a result, considerable debate has emerged as to the benefits of implementation of such a standard in an Australian context, and it appears that this matter will remain unresolved for quite some time.

    Revenue: sales as principal or agent?

    Determination as to whether an entity is selling goods as the principal or as an agent for the ultimate supplier can be area of conjecture that requires the application of judgement to arrive at an appropriate accounting treatment.

    June 2009 disclosures – application of future standards

    AASB 108: ‘Accounting Policies, Changes in Accounting Estimates and Errors applies to financial statements required to be prepared in accordance with the Corporations Act as well as financial statements prepared as general purpose financial reports.

    XYZ accounting standards 2009

    The list of standards disclosed by the models in 2009 XYZ covers those issued up to March 2009.  Standards issued subsequently up to the date of signing of the accounts need to be considered. 

    To assist preparers of 30 June 2009 financial reports, we have uploaded an up-to-date list of standards and interpretations for consideration.


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