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September 2009




In this month’s edition, the team takes a look at the following topics:
  • AASB 139 Revised – Part 1 out soon!
  • Amendments to ASIC Financial Reporting Class Orders
  • Review of Not-For-Profit accounting.
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

    AASB 139 Revised – Part 1 out soon!

    The current version of AASB 139 is a reasonably difficult standard to interpret and apply, as it is a predominantly a ‘rules based’ standard. It is for this reason that the IASB and the FASB have been working on a more ‘principles based’ standard, for the last few years, to make it easier to understand and apply.

    Amendments to ASIC Financial Reporting Class Orders

    ASIC recently announced changes to form-lodging arrangements for companies seeking relief under Class Order 98/98 ‘Small proprietary companies which are controlled by a foreign company but are not part of a large group’ (CO 98/98), and Class Order 98/1418 ‘Wholly-owned entities’ (CO 98/1418).



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