On 31 December, annual reporters implemented three new standards. AASB 15 Revenue from Contracts with Customers, AASB 9 Financial Instruments and AASB 7 Financial Instruments: Disclosure are complex, and ASIC has released its surveillance for the period. Preparers and auditors may learn many lessons from the 31 December reviews and take them into account for 30 June balances. The session will cover:
- Examples of accounting policies and note disclosures under AASB 15, 9 and 7
- Describe the lessons to learn from ASIC’s monitoring, and
- Common implementation issues and challenges.