2020-8. The AASB discussed the significant risk areas it will focus on in developing the 2020-2021 Annual Plan. No. No. The Board expects to approve the final Annual Plan in March 2020. AASB 15 and AASB 1058 Territory Policy (Including Transition) 4 BACKGROUND AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities will be effective for most ACT Government agencies from reporting periods beginning on or after 1 January 2019 (i.e. AASB 1060 is the replacement to the Tier 2 Reduced Disclosure Regime referred to in AASB 1053. All businesses will be affected to some extent. (AASB 16), applicable for the 2019-20 and following financial years. 2 Australian Accounting Standards. The Board also reviewed a first draft of the 2020-2021 Annual Plan and provided input on the key activities and targets. Level IV (Requires 100 training hours, including all eight core curriculum courses) David Nolin Master (Requires Level IV plus 15 hours, including one additional core course) Danny Benjamin, fourth year The guide also provides a simple model to calculate lease balances and example journals for common scenarios. Yes. ... Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007. ... 3 June 2020. 1. Opening Remarks, Keynote Speaker, & Research … The Australian Accounting Standards Board (AASB) in conjunction with the University of New South Wales (UNSW), will be co-hosting the 2020 AASB Virtual Research Forum, where academics and financial reporting stakeholders from the for-profit and not-for-profit sectors will come together to discuss the following three research projects:. 2020-21: AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15. A virtual kickoff meeting will be held on July 20, 2020 from 1:00 to 3:00 pm ET. financial year 2019-20) with an opening balance 2019-20: AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. going concern (AASB 101 Presentation of Financial Statements paragraph 25). 3. in AASB 1060) Yes. This criterion is www.finance.gov.au. AASB 16 is a new accounting standard that changes the way leases are accounted for on a company’s balance sheet. Demystifying foreign currency issues. COPYRIGHT. Therefore, for the [consolidated entity/entity] AASB 1059 will be effective from 1 July 2020. AASB 2020-2 contains the following optional short-term exemptions if a for-profit entity early adopts AASB 1060 for periods beginning before 1 July 2021: Departmental . 3 Simplified Disclosures outlined in AASB 1060. 1 As defined by AASB 1053. STANDARD. Annual appropriations - ordinary annual services (a) On May 11, 2020, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft proposing the adoption of ISA 600 (Revised), with appropriate Canadian amendments. At this meeting, AASB staff will walk you through the process and materials, while answering any questions you might have. Yes. Honorees were recognized during a special Awards Breakfast held Saturday, Dec. 5. Under the new standard, obligations to make future payments on an operating lease must now be included on the balance sheet. AASB . No. For session recordings being made available to the public, please visit the Resources ... Join our Financials content expert and AASB member, Carmen Ridley who outlines the changes to Special Purpose accounts. Feb 03, 2020. Do you prepare financial reports on the General Purpose Financial Reporting basis? Below are the local board members and the levels they have achieved during the 2019-2020 training year in AASB’s School Board Member Academy. This will impact your EBIT, EBITDA, and cash flow. Annual reporting periods beginning on or At its meeting on February 3-4, 2020, following a review of the project and the final amendments made to CAS 315 with representatives of the AASB, the AASOC concluded that the AASB had followed due process with proper regard for the public interest in developing and approving these amendments to CAS 315. Question 3 14 Marks (a) AASB 116- Property, Plant and Equipment requires each class of property, plant and equipment to be measured at either cost or fair value. 1. Management shall take into account all available information about the future, covering at least – but not limited to – twelve 12 months from the end of the reporting period (AASB 101 paragraph 26, refer also to section 3.2 of this publication for the relevant period Insurance Contracts . The Australian Accounting Standards Board (AASB) in conjunction with the University of New South Wales (UNSW), will be co-hosting the 2020 AASB Virtual Research Forum, where academics and financial reporting stakeholders from the for-profit and not-for-profit sectors will come together to discuss the following three research projects:. What is AASB 16 - Leases? Yes. The IASB’s March 2020 decision to defer the effective date of IFRS 17 . 03-Mar-2020 AASB has compiled helpful information and resources for local school boards regarding preparedness, emergency management, health and legal considerations for coronavirus (COVID-19). In this article, we explain the limited scope amendment to AASB 16 for modifications arising directly from COVID-19 and provide illustrative examples of how different types of modifications would be accounted for. This event has ended. APESB’s responses to the AASB’s specific and general matters for comment are detailed in Appendix A. The Alabama Association of School Boards honored recipients of the 2020 All-State School Board Award during the annual AASB Convention held Dec. 3-5 at the Hyatt Regency Birmingham - The Wynfrey Hotel. to 1 January 2023 is expected to be applied to AASB 17 by the AASB in due course . AASB . financial statements in Section 3 are presented on an accrual basis. NFPs – More examples of ‘sufficiently specific’ performance obligations under AASB 15. Terms of Reference. The All-State School Board Award is AASB's highest honor. PREFACE. 2019-20 Estimated $'000 . Dec 1 to Dec 3, 2020. Table 1.1: Office of the Australian Accounting Standards Board resource statement — Budget estimates for 2020-21 as at Budget October 2020. actual. Voluntarily elect to prepare GPFS (apply RCF)? AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities 1-Jul-21 ☐ ☒ AASB 2020-3 Amendments to Australian Accounting Standards — Annual Improvements 2018-2020 and Other Amendments 1 … Then you need to be across three recent changes to accounting standards announced by the AASB. Sync, AASB, Chain probabilities by banner for the new REALM Relic Draws (Nov. 2020) Guide/Analysis Whenever the Realm/Elemental draws reset, I like to check the probabilities of getting Syncs, AASBs and Chains before pulling. 5 IFRB 2020/08 IASB ISSUES AMENDMENTS TO IFRS 16: COVID-19 RELATED RENT CONCESSIONS CRITERION #3: AFFECTS LEASE PAYMENTS ORIGINALLY DUE ON OR BEFORE 30 JUNE 2021 The rent concession must reduce lease payments originally due on or before 30 June 2021. The virtual debrief will occur in a small group setting August 24, 2020 from 1:00 to 4:00 pm ET. 3 Margin improvement from 1H18 levels, excluding the impact of AASB 15 and 16 accounting changes. 3 recent changes to accounting standards that every CFO should be across . 4 Under old Conceptual Framework and SAC 1. This guide is available on the Department of Finance website at . Below are the District 3 board members and the levels they have achieved during the 2019-2020 training year in AASB’s School Board Member Academy. No. 2020 Post AASB 16 2020 Pre AASB 16 2019 Reported Variance %1 Results from continuing operations excluding significant items2 Revenue 30,846 30,846 27,920 10.5 EBIT (after interest on lease liabilities) 2,942 2,964 2,974 (0.3) NPAT 2,083 2,099 1,940 8.2 Basic … Com muita luta e humildade, não desistimo de continuar um novo legado com o manto sagrado do A. All existing rights in this material are reserved outside Australia. Financial Instruments. Resources . Other relevant publications include: • AASB 16 . 2020-8. Level I … Yes. Yes. AASB . 2021-22 2020-21 Estimate $'000 . AASB Exposure Draft – Audits of Group Financial Statements (Including the Work of Component Auditors) May 11, 2020. 14. Based on the entity’s assessment, it is expected that the first-time adoption of AASB 1059 will not AASB−AUASB Joint FAQ March 2020 The Impact of Coronavirus on Financial Reporting and the Auditor’s Considerations. (AASB 2020-2) Choice of Tier 1 or Tier 2 (SD. 2. ACCT 3563 Issues in Financial Reporting and Analysis Term 3, 2020 Group project-Implementation of AASB 16 in 2020-8. AASB 2020-3 Amendment to AASB 1 – Subsidiary as a First-time Adopter (Part of Annual Improvements 2018–2020 Cycle) Effective for annual reporting periods beginning on or after 1 January 2022 Under AASB 121, The Effects of Changes in Foreign Exchange Rates, an entity is required to determine its own functional currency, being the MCD2160 Trim3 2020 Tutorial 10 Liabilities Questions Students Handout By the end of this week the following initial check list for Liabilities Provisions AASB 137 A liability of uncertain timing or amount e.g. AASB 1059 Service Concession Arrangements: Grantor (AASB 1059) is effective for financial reporting periods commencing on or after 1 January 2020. Question 34 Under AASB 3, a gain on bargain purchase arises when the acquirer's interest in the fair value of the identifiable net assets acquired is: Ogreater than the cost of the business combination more than the carrying amount of the net assets acquired less than the carrying amount of the net assets acquired less than the fair value of the acquirer's identifiable assets Opening Remarks, Keynote Speaker, & Research … AASB 1059 Service Concession Arrangements: Grantors. under AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities (AASB 2020-2). View ACCT3563_2020_T3_projectrevised.pdf from ACCT 3563 at University of New South Wales. 9am AEDT. 4. 14 May 2020… Note early adoption of AASB 17 requires concurrent application of AASB 9 . Comments are requested by September 11, 2020. 2 AASB 16 – New leasing standard effective from 1 July 2019. 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