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COVID-19 – Impact on Accounting & Financial Reporting
April 14, 2020COVID-19 creating additional Accounting and Financial consequences. COVID-19 has caused a global health pandemic and brought challenging consequences to our society. As the situation is changing rapidly, the spread of the virus which had impacted certain industries initially is now creating considerable uncertainty for the world economy and financial markets. Extraordinary effort has been deployed […]
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New revenue recognition rules for schools
February 20, 2019AASB 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, 2018What 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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