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May 2010



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 gives Reduced Disclosure Regime the go ahead

    The AASB have made a tentative decision to implement the revised differential reporting framework in two stages. As a first stage, and keeping the current reporting entity concept intact, the Reduced Disclosure Regime will be made available to all entities preparing general purpose financial statements (e.g. all reporting entities that are not publicly accountable and not a Federal, State, Territory or Local government).

    XYZ Model Financial Accounts for June 2010

    There have been some significant changes to the June 2010 edition of XYZ Model Financial Accounts, based on changes to legislation, accounting standards and other pronouncements. As a result, subscribers can expect to see the following changes and guidance which will be mandatory at 30 June 2010.

    Other news from the AASB

    ED 194 Service Concession Arrangements: Grantor

    The AASB has released ED 194 which addresses accounting for service concession arrangements by operators. The ED also includes additional proposals to address aspects of service concession accounting, only relevant to grantors.

    Does there need to be a 50-50% ownership split before a joint venture can exist?

    AASB 131 Interests in Joint Ventures is to be replaced by a new standard with the proposed title of Joint Arrangements. The new standard is expected to be released by the IASB next month.

    XYZ Financial Reporter celebrates its 1st birthday

    This month’s edition represents the 1 year anniversary of the launch of XYZ Financial Reporter.


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