New revenue recognition rules for schools

February 20, 2019

AASB 15 Revenue from Contracts with Customers – Revenue Recognition for Schools. School fees usually consist of tuition fees, resource fees, levies, application fees, enrolment fees, waiting list fees and other miscellaneous charges. Under the previous Accounting Standard for revenue, AASB 118, the recognition for revenue was a straightforward proposition. Tuition/term fees, resource fees and levies were […]

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Foreign controlled companies – Financial Reporting obligations and applicable exemptions

August 17, 2018

What are the commercial and statutory requirements of a foreign controlled company? The financial reporting and audit obligations of foreign controlled companies in Australia can be imposed under various requirements. These requirements can be divided into two categories as listed below. The commercial requirements appears to be quite straightforward to understand for directors and local […]

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