Whilst we could have not predicted everything that 2020 would throw at us, NFPs need to look forward and plan for future success.
Amendments to the accounting standard dealing with business combinations should go some way in easing the complexity involved in assessing whether an asset or a business has been acquired in a transaction.
ASIC has announced a one-month extension of financial report lodgement deadlines. Specifically, the extension applies to listed and unlisted entities.
The International Accounting Standards Board (IASB) has approved a one-year extension to the practical expedient for COVID-19-related rent concessions allowed under IFRS 16 Leases.