Continuing lessons from AASBs 15, 9 and 7

30 June is the second reporting date for the complex standards – AASB 15 Revenue from Contracts with Customers, AASB 9 Financial Instruments and AASB 7 Financial Instruments: Disclosure. They are not ‘set and forget’ standards. Each reporting period requires their reconsideration.

ASIC has released its surveillance from the initial applications of these standards. Preparers and auditors should learn many lessons from its reviews and take them into account. The session will cover:

AASB 15, 9 and 7 aspects that require particular attention at the reporting date
Common implementation issues and challenges based on our experience, and
The lessons to be learnt from ASIC’s monitoring.

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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.

Carmen Ridley

Principal | Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients.

Carmen is a former Board member of the AASB (2012 – 2020) and a former member of the IFRS for SME implementation committee (2020 – 2023).