The Bottom Line Issue 7

Welcome to Issue 7 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.

In our last issue for the year, we consider why it is important to pay close attention when assessing whether holding a significant minority equates to control. With the end of SPFS looming for certain entities, we look at the transitional relief available to entities required to change from special purpose to general purpose financial statements, and why there may be merit in doing so early. For not-for-profits, we highlight the recent AASB Staff FAQ relating to concessionary loan accounting. And finally, we provide an update on recent AASB activity, including other Staff FAQs that may be helpful to readers.

In this issue we address:

AASB 10
  • Be wary of significant minorities
SPFS
  • The merits of transitioning to GPFS early
Not-For-Profits
  • AASB Staff FAQ: Accounting for concessionary loans
Recent AASB Activity
  • Deferral of amendments to classification of liabilities
  • Tier 2 disclosures for COVID-19-related rent concessions
  • New AASB Staff FAQs
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