Welcome to the latest edition of our financial reporting publication that aims to keep you in the loop with all the latest accounting and financial reporting developments, and the potential impact they may have on your business.

As June reporters turn their minds to the looming fiscal year end, we point out a few noteworthy matters for directors and preparers to consider. Firstly, as cloud-based software arrangements become the default for many entities, we consider how to account for these, especially when ASIC has flagged them as being on its radar. We also explore the loss carry back tax offset provisions which assist cash-strapped entities during turbulent economic conditions. We round out the issue with a few timely reminders about ASIC focus areas, lodgement deadline extensions and new accounting standards for the upcoming reporting season.

In this issue:

Global Developments
  • Are you accounting for your SaaS arrangements correctly?
COVID-19
  • The loss carry back tax offset explained
Recent AASB Activity
  • NFP entities: Making the move from RDR to Simplified Disclosures
  • NFP entities: ‘Not-for-profit‘ definition to remain as is
30 June 2021 Reporting Season
  • Financial reporting focus areas
  • Reporting deadline extensions
  • Revised Corporate Governance Principles and Recommendations
  • New accounting pronouncements
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