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- October 2009
October 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 SMEs – the current AASB view
- By Rob Mackay
- Published 12/10/2009
- October 2009
- Unrated
In July 2009, the IASB published the accounting standard IFRS for SMEs. As reported in the August edition of XYZ Financial Reporter, there has been considerable debate as to the benefits of implementation of this standard in an Australian context.
Financial reporting obligations of Australian Financial Services (AFS) Licence holders
- By Rob Mackay
- Published 12/10/2009
- October 2009
- Unrated
Under section 989B(2) of the Corporations Act 2001, AFS Licensees are required to lodge annually with ASIC a profit and loss statement and balance sheet in the prescribed format being ASIC Form FS70 (“financial statements”) and an audit report in the prescribed format being ASIC Form FS71.
Onerous contracts
- By Rob Mackay
- Published 12/10/2009
- October 2009
- Unrated
Onerous contracts can arise from purchase commitments of goods or services. The purchase commitments can be purchases of inventories for resale, inventories for own use (such as in manufacturing or construction projects) or capital items (such as property, plant and equipment and investment property) entered into at high prices. Onerous contracts can also arise from unavoidable operating lease payments on premises or equipment.