GAAP ALERT No.7/2009 To read on line please click here
By Colin Parker B.Bus FCA MAICD
Principal, GAAP Consulting, colin@gaap.com.au
Member of the Australian Accounting Standards Board (2006-2009)
INTRODUCTION
IFRIC Tentative Agenda Decision on Significant or Prolonged
Going Concern Publication Released by AICD and AUASB
AUASB Bulletin ‘Auditing Considerations in an Uncertain Economic Environment’
Access to Audit Working Papers Guidance Statement
CaseWare Audit Template Released
APESB May Meeting Highlights
FRC May Meeting Highlights
National Regulation of Trustee Companies
APRA Releases Discussion Paper on IT Security Risk Management
More Money for ASIC for GFC Response
Retirement Income System – Report on Strategic Issues (Harmer Report)
IASB April Meeting Highlights
Two IPSASB Proposed Standards to Further Align with IASB
Conway New NIA CEO
GAAP Team on Ten DVDs and in Print
IFRIC Tentative Agenda Decision on Significant or Prolonged
As a result of its May meeting, IFRIC has drawn attention to a tentative agenda decisions relating to the phrase “significant or prolonged” regarding the impairment of available-for-sale equity instruments in accordance with IAS 39 ‘Financial Instruments: Recognition and Measurement’. An entity has to recognise impairment if the decline in value is “significant or prolonged”. The AASB released IFRIC deliberations for the attention of Australian constituents.
IFRIC expressed concerns that diversity in practice resulted from some applications of the impairment requirements that are inconsistent with the standard. The IFRIC tentatively decided not to add the issue to its agenda as the IASB has an accelerated project to develop a replacement for IAS 39. However, the IFRIC set out some of the inconsistencies and its conclusions about their compliance with the requirements in its tentative decision:
Significant or Prolonged: IAS 39 cannot be read to require the decline in value to be both significant and prolonged; either a significant or a prolonged decline is sufficient to require the recognition of an impairment loss
Objective Evidence: IAS 39 (para. 67) requires an entity to recognise an impairment loss on available-for-sale equity instruments if there is objective evidence of impairment. IAS 39 (para.61) states: “A significant or prolonged decline in the fair value of an investment in an equity instrument below its cost is also objective evidence of impairment.” Consequently, IFRIC concluded that a significant or prolonged decline cannot be considered only an indicator of possible impairment in determining whether there is objective evidence. When such a decline exists, recognition of an impairment loss is required
Impairment as Part of Overall Market Decline: The fact that the decline in the value of an investment is in line with the overall level of decline in the relevant market does not mean that an entity can conclude the investment is not impaired. Because each equity investment is unique, each must be considered separately for impairment. The existence of a significant or prolonged decline cannot be overcome by forecasts of an expected recovery of market values, regardless of their expected timing. Consequently, the IFRIC concluded that an anticipated market recovery is not relevant to the assessment of ‘prolonged’
Financial Instruments Denominated in Foreign Currency: Paragraph AG83 and Q&A E.4.9 ‘Impairment of non-monetary available-for-sale financial asset’ in the Guidance on Implementing IAS 39 both discuss the recognition of financial instruments denominated in foreign currencies. IFRIC concluded that ‘significant or prolonged’ must be assessed in the functional currency of the entity holding the instrument because that is how any impairment loss is determined, and
Use of Judgement: The determination of what constitutes a significant or prolonged decline is a matter of fact that requires the application of judgement rather than an accounting policy choice. The IFRIC noted that this was true even though an entity may develop internal guidance to assist it in applying that judgement consistently. The IFRIC noted that an entity would provide disclosure about the judgements it made in determining the existence of objective evidence of impairment in accordance with IAS 1 ‘Presentation of Financial Statements’ (para. 122).
Going Concern Publication Released by AICD and AUASB
With Australian companies and other entities experiencing difficult and uncertain economic conditions, some of the most significant impacts may be in the area of financial reporting, in particular, directors’ assessment of their company’s ability to continue as a ‘going concern’. With this in mind, the Australian Institute of Company Directors (AICD) and the Auditing and Assurance Standards Board (AUASB) have issued ‘Going Concern issues in financial reporting: a guide for companies and directors’, which explains the concept of going concern and assists company directors in performing and reporting on their going concern assessment.
The publication is specifically aimed at for-profit companies, particularly listed companies, and their directors, but may also be useful for directors of unlisted and other companies, other disclosing entities and non-corporate entities, such as not-for-profits with similar reporting and regulatory responsibilities related to going concern,
Going concern is a fundamental principle underlying the preparation of the vast majority of annual reports and financial reports of Australian companies. Australian Accounting Standards require directors to consider whether there are material uncertainties that would lead to significant doubt about a company’s ability to continue to pay its debts over at least the next 12 months, and to make adequate disclosures in the financial report if uncertainties are identified. Auditors are required by Australian Auditing Standards to evaluate the directors’ assessment of the company’s ability to continue as a going concern.
The guidelines distinguish between the sometimes confusing concepts of ‘insolvency’ and ‘going concern’, including an overview of the relevant law to explain what constitutes ‘insolvency’. It examines the distinctions between an ‘unqualified opinion with an emphasis of matter’ paragraph, a ‘qualified’ audit opinion and a ‘disclaimer’ of audit opinion, which are not always well understood by some readers of financial reports. It also explains the nature and range of possible auditor’s opinions relating to going concern issues, to enable directors to be better informed of the audit implications.
AICD chief executive, John Colvin said the publication will provide valuable assistance to directors. “Difficult or uncertain economic conditions present challenges for directors, who need to ensure that they prepare thoroughly for their assessment of going concern and make appropriate financial report disclosures,” Mr Colvin said.
AUASB Chairman, Merran Kelsall said the publication will help company directors address their going concern assessment plans and auditor feedback, prior to the preparation of the financial report, helping to avoid any last minute going concern issues for the organisation. “Appropriately addressing the auditor’s requirements, in the company directors’ going concern assessment, is essential to minimise the risk of the auditor issuing a qualified audit opinion due to limitation of scope or inadequate financial report disclosures of going concern issues,” Ms Kelsall said.
AUASB Bulletin ‘Auditing Considerations in an Uncertain Economic Environment’
To assist auditors conducting audits of financial reports in times of economic uncertainty, the AUASB released a Bulletin which provides an overview of the significant issues and areas auditors should consider when undertaking their work. The AUASB Bulletin ‘Auditing Considerations in an Uncertain Economic Environment’, directs the auditors’ attention to some key procedures contained in the auditing and accounting standards that are of increased relevance in times of economic uncertainty. It also emphasises the importance of timely communications between the auditor and those charged with governance, throughout the audit process, of any issues that may impact on the financial report.
This Bulletin discusses the following matters: Continuance of the client relationship; Communications with those having oversight responsibility for the financial reporting process; Communications with management and those charge with governance; Going concern considerations; Planning the overall audit strategy; Understanding the entity and its environment, and assessing and responding to the risks of material misstatement; Auditing fair value measurements and accounting estimates; Audit considerations for other selected financial reporting areas; Financial report disclosures and auditor’s opinions; Audits of superannuation plans, and Documentation.
Merran Kelsall, AUASB Chairman, said that additional guidance is essential at this time given many aspects of an entity’s financial report may be affected by the current economic conditions. Auditors may need to make significant changes to their audit processes and procedures to address financial reporting issues. “Conditions that an auditor may identify, which may impact on an entity’s ability to continue as a going concern, include changes in credit terms or the withdrawal of credit, whether valuation or trading issues have led to breaches in lending covenants and whether on-demand clauses in loans affect the classification of liabilities or the likelihood that lenders may invoke such clauses in the current economic environment,” Ms Kelsall said.
Commenting on the Bulletin, Justin Reid, GAAP Consulting stated “The AUASB Bulletin is a must read for all audit engagement team members right now! Once read, each team member has to ask themselves (for each client) ‘where is my client at risk?’ In the current economic environment there will be very few audit clients that will not be exposed to some degree. Remember, all engagement team members should then discuss the risks prior to conducting the engagement”.
Access to Audit Working Papers Guidance Statement
The AUASB has released Guidance Statement GS 011 ‘Third Party Access to Audit Working Papers’, which provides guidance to auditors on how to deal with third party requests for access to audit or review working papers. It replaces AGS 1038 ‘Access to Audit Working Papers’, which was issued in February 2006. Topics addressed include:
Circumstances When Requests for Access are Made General Considerations Applicable to All Requests for Access to Audit Working Papers Granting Access to the Auditor of a Controlling Entity Granting Access to Prospective Purchasers, Investors or Lenders Granting Access to Internal Audit Working Papers in an Outsourced Internal Audit Arrangement Granting Access to Audit Working Papers by Regulators, and Reviewing the Audit Working Papers of a Predecessor Auditor.
Commenting on the Guidance Statement, Justin Reid, GAAP Consulting stated “It is important that auditors update their policies and procedures to reflect this new guidance’.
CaseWare Audit Template Released
Task Technology (the Australian distributors of CaseWare Working Papers) has released the latest version of their Task Audit template (April 2009). The latest version marks a significant change with major enhancements ensuring the template continues to meet users’ needs. Enhancements to the latest template include: a fresh new document manager; revised format for audit programs; new and improved content; new documents, including risk questionnaires and a sample size generator; and improved functionality.
In another exciting development the Task Audit template now incorporates references to The Institute of Chartered Accountants Australian Auditing Manual (June 2008). With an exclusive arrangement in place, the Task Audit template will continue to be aligned with the Institute’s Auditing Manual. This new partnership will provide additional resources and technical expertise to future developments of both the Task Audit template and the Institute Auditing Manual alike.
GAAP Consulting, through the involvement of Justin Reid, will continue to support Task Technology in the development of the Task Audit template. Please contact Craig Waldon or Justin Reid if you have any questions.
APESB May Meeting Highlights
Highlights of 8 May meeting of APESB included:
Quality Control for Firms: Considered responses to ED 01/09 APES 320 ‘Quality Control for Firms’ and agreed that the revised standard APES 320 ‘Quality Control for Firms’ (which conforms with the revised ISQC 1) be issued effective from 1 January 2010 Terms of Engagement: Agreed editorial amendments to APES 305 Financial Advisory Services: Considered submissions on the Consultation Paper Review of Miscellaneous Professional Standard APS 12 ‘Statement of Financial Advisory Services’, and agreed to further discuss matters at the August meeting Code of Ethics for Professional Accountants Project Proposal: Approved the project Insolvency Services: Considered responses to ED 05/08 Insolvency Services, and agreed the resulting standard will be effective for insolvency services commencing on or after 1 January 2010. The standard is expected to be released in June, and Due Diligence Committees: Considered ED 02/09 Proposed standard APES 350 ‘Participation by Members in Public Practice in Due Diligence Committees’, and agreed the proposed standard be issued as an exposure draft in late May 2009 for a period of 30 days.
FRC May Meeting Highlights
Highlights of 5 May Financial Reporting Council (FRC) meeting include:
Key Messages from FRC Chairman Overseas Meetings: AICPA indicated its support for IFRS and is now issuing IFRS guidance; the IMF encouraged Australia to take a regional lead in relation to public sector accounting and auditing development; the UK Treasury indicated that it has a high respect for the Australian approach to public sector accounting and expressed the view that there should be greater interaction between Australian and UK agencies on public sector accounting issues Issues of Concern to Stakeholder Bodies: Need for up-to-date valuation and impairment recognition for unlisted assets of superannuation funds to maintain members’ equity in such assets; large increases in the superannuation liability of many entities, especially in the public sector, because of a significant departure from the long-term average level of the Commonwealth 10 year bond rate, which is used as a discount rate for calculating the present value of the liability; executive remuneration, especially in terms of capping, disclosure requirements and the need to exclude superannuation payments and statutory entitlements (e.g., annual and long service leave) from exit payments; concerns that the global financial crisis may lead to a new round of regulation; and with financial reporting, a need to ensure entities continue to focus on their obligations as to ‘going concern’ during the current financial crisis Clarity Auditing Standards: Endorsed Australia’s adoption of the clarity standards in accordance with the 1 January 2010 timeline previously proposed by the AUASB Climate Change: Ms. Bridget Brill, Assistant Secretary, Emissions Reporting and Policy at the Australian Department of Climate Change, made a presentation to FRC members about the Government’s proposals for auditing under the National Greenhouse and Energy Reporting Act 2007 and the Carbon Pollution Reduction Scheme. Detailed information about these matters can be obtained from the Department of Climate Change’s website http://www.climatechange.gov.au.
National Regulation of Trustee Companies
Senator Nick Sherry, Minister for Superannuation and Corporate Law, released the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 that will see the national regulation of trustee companies. The new legislation includes a significant boost for consumer protections, a major reduction in red-tape for business and the creation of a national market for trustee company services for the first time.
The new regime, which is focused on entity-level regulation of trustee companies’ traditional services, will provide authority under Commonwealth law for trustee companies to perform these traditional functions, deem such services to be “financial services’, and require them to hold an Australian Financial Services Licence when selling such services. The Bill also contains a requirement for trustee corporations to maintain a minimum capital level, thereby further enhancing consumer protection. ASIC will be the sole national regulator for the trustee companies’ sector.
As part of the new laws, trustee companies will be subject to new obligations covering financial product disclosure, licensing, conduct and advice, resulting in greater levels of consumer protection. Trustee companies will also need internal and external dispute resolution mechanisms, providing a simpler, cheaper way for consumers to resolve complaints, as an alternative to the high costs and delays involved in court action.
The Bill also establishes an innovative approach to the issue of trustee company fees. For the first time, all fees must be fully disclosed to all of the Australian public via the internet. Overall, fee caps are to be removed and subject to market conditions, noting that new clients can only be charged the fees specified in the company's latest fee schedule, and existing contractual arrangements remain in place.
The Exposure Draft of the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 is available at www.treasury.gov.au. The public exposure period ends on 29 May, 2009 and, subject to the agreement of the States and Territories, the Bill will be introduced into Parliament in June.
APRA Releases Discussion Paper on IT Security Risk Management
APRA released for consultation a discussion paper and draft prudential practice guide (PPG) on the management of information technology (IT) security risks by institutions regulated by APRA. The draft PPG outlines the measures that APRA regards as sound practice in managing security risks associated with IT, and addresses areas where IT security risk management weaknesses continue to be identified as part of APRA’s ongoing supervision activities.
The draft prudential practice guide is not intended to replace existing industry standards and guidelines on IT security. Instead, it provides a set of sound principles for safeguarding IT assets by managing risks and implementing appropriate controls. It is intended for use by senior management, risk management and security specialists (management and operational). These multiple audiences reflect the pervasive nature of IT security management and the need for sound risk management disciplines and solid business understanding to evaluate and manage an institution’s security risk profile.
APRA seeks written submissions on the proposed guidance from interested parties by 5 June 2009. The discussion paper and accompanying draft ‘Prudential Practice Guide PPG 234 Management of IT Security Risk’ are available on the APRA website.
More Money for ASIC for GFC Response
The Australian Government will provide a significant funding increase to the ASIC in this year’s Budget of $81.9 million over four years. This will allow ASIC to boost its monitoring and enforcement activities and to manage the ongoing effects of the global recession. Funding of $63.2 million across four years from 2009-10 to 2012-13 will enable ASIC to engage additional ‘front-line’ resources to perform a range of new and existing enforcement and monitoring activities.
“It is essential to have a properly resourced regulator to ensure maximum investor protection and market integrity, particularly amid this global recession which is impacting businesses in different ways,” Minister Sherry said. “These additional resources will enhance ASIC's monitoring and enforcement capabilities and its regulatory oversight”, he added.
In addition, the Government will provide funding of $18.7 million in 2010-11 specifically targeted at the acute requirements being placed on ASIC as a result of the global recession. This funding will enable ASIC to retain the additional resources required to manage and mitigate the effects of the global recession and the flow through impacts to the real economy. Complementing this extra funding for ASIC, the Australian Treasury will also receive an additional $5 million in 2010-11 to help with the increased demands for policy advice arising from the global recession.
Retirement Income System – Report on Strategic Issues (Harmer Report)
On Budget night the government released its first report into the retirement income system. The report makes a number of recommendations some of which were adopted during the budget. The key recommendations are:
Superannuation Guarantee remain at 9% of income for employees and those deriving business income (the self employed) should make their own provision for retirement Age pension eligibility be increased to 67 (adopted in the 2009/10 Budget) and the preservation age be in line with the age pension age. The report also recommends a further review of the appropriateness of the pension age in 2020 Introduction of a single income test with increased deeming provisions, and Placing limits on salary sacrifice arrangements (adopted in the 2009/10 Budget through the reduction of the concessional contribution maximum).
The panel has also flagged the need to consider the issues of managing longevity risk and awareness of the how the system works in its final report.
“The recommendations made in this paper address some of the issues for reform identified by contributors to the Review. However the final report in December 2009 addressing tax treatment should make further recommendations to improve equity within the system’ said Susan Orchard, Head of Superannuation GAAP Consulting Network.
CGT Rollover relief for Complying Superannuation Funds with Capital Losses
The Government has expanded the application of the proposed CGT rollover relief. “The proposed changes are positive and will further reduce the impediments to merging superannuation funds as tax benefits are retained in the system.” said Susan Orchard
The government originally announced that between 24th December 2008 and 30 June 2010 a complying superannuation fund can elect to roll over capital losses which will arise upon a merger with a large superannuation fund. The period for the application of the provision has been expanded to 30 June 2011.
This proposal will apply to any complying fund which is merging with a fund with more than 5 members. The expanded measure will also enable Pooled Superannuation Trusts and the Superannuation business of Life Companies to utilise the concession.
The disposal of assets by the transferring fund is a CGT event, the disposal arises due to the transfer of assets. In the original proposal the transferring fund could elect to disregard all or part of the capital loss realised upon the disposal of assets. Under the revised proposal the fund can opt to transfer: net capital losses i.e. any capital gains and losses will be transferred to the new fund; revenue losses; and previously realised losses.
Capital losses arising from the disposal of pension assets cannot be rolled over. Where the fund has segregated pension assets these are disregarded in accordance with section 118-320 of the ITAA 1997. While an un-segregated fund will disregard the capital losses in proportion to the amount of exempt income as determined under section 295-390 of the ITAA 1997.
Where the capital losses disregarded the cost base recorded by the receiving fund is the cost base of the asset prior to the transfer. The record date is the date of acquisition held by the transferring fund just prior to transfer. Treasury is still to issue a consultation paper on the proposed changes.
IASB April Meeting Highlights
Highlights from 22-24 April meeting of the IASB included:
IASB Request for Views on FSP FAS 157-4: Discussed responses on a Request for Views on the FSP FAS 157-4 ‘Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That are Not Orderly’. Respondents noted that the guidance in the FSP is consistent with the guidance in the IASB’s Expert Advisory Panel report ‘Measuring and disclosing the fair value of financial instruments in markets that are no longer active’. Decided to include the guidance from the FSP in the forthcoming ED on fair value measurement IASB Request for Views on FSP FAS 115-2 and FAS 124-2: Discussed responses on a Request for Views on the FASB’s proposed ‘FSP FAS 115-2 and FAS 124-2 Recognition and Presentation of Other-Than-Temporary Impairments’. Decided not to proceed with proposals for public comment in relation to the FASB’s FSP, but to consider the comments received in the project to replace IAS 39 ‘Financial Instruments: Recognition and Measurement’ Management Commentary: Discussed a draft of a proposed ED on management commentary. The proposals in the ED will not result in an IFRS; they are intended to provide a non-binding framework for preparing and presenting management commentary as well as some guidance on how to apply that framework. Publication of the ED is planned for June 2009, with comments due by February 2010 IFRS for Small and Medium-sized Entities: Agreed that the name of the standard would be International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). Discussed issues arising in drafting the pre-ballot draft Share-based Payment: Considered issues arising from drafting a standard resulting from the ED ‘Group Cash-settled Share-based Payment Transactions’. The effective date of the amendments will be 1 January 2010, with retrospective application subject to the transitional provisions of IFRS 2. If the information necessary for that retrospective application is unavailable, an entity’s separate financial statements would use the amounts previously recognised in the group’s consolidated financial statements Discontinued Operations: Discussed responses to the ED ‘Discontinued Operations (proposed amendments to IFRS 5)’, and decided to explore eliminating the requirement to present discontinued operations in the statement of comprehensive income except for businesses that meet the criteria to be classified as held for sale on acquisition. This information would be presented in the notes. Earnings per Share: Reviewed a summary of responses to the ED ‘Simplifying Earnings per Share (Proposed amendments to IAS 33)’ First-time Adoption of IFRSs: Considered an analysis of comments on ED ‘Additional Exemptions for First-time Adopters: Amendments to IFRS’
Insurance Contracts: Discussed aspects of a measurement approach for insurance contracts
Liabilities (Amendments to IAS 37): Discussed measurement and disclosures guidance, and considered SFAS 146 ‘Accounting for Costs Associated with Exit or Disposal Activities’ Post-employment Benefits: Completed redeliberations on recognition and presentation of the net defined benefit asset or liability, and will discuss disclosure and transition requirements later, with a view to publishing an ED in the third quarter of 2009, and Rate-regulated Activities: Discussed recognition and measurement, presentation and disclosure and the scope of the project.
Two IPSASB Proposed Standards to Further Align with IASB
The International Public Sector Accounting Standards Board (IPSASB) is expanding its guidance in two significant areas in publishing two exposure drafts ED 40 ‘Intangible Assets’ and ED 41 ‘Entity Combinations from Exchange Transaction’, which propose important new guidance for professional accountants working in government and other public sector entities.
The issuance of the exposure drafts is part of the IPSASB’s global convergence program that will substantially converge International Public Sector Accounting Standards (IPSASs) with IFRSs approved at 31 December 2008 The project is scheduled for completion by December 31, 2009.
“During the current economic crisis, governments around the world have been acquiring business entities that might otherwise be liquidated. These EDs propose financial reporting requirements that will ensure that these transactions are reported in a consistent and transparent manner, ensuring that governments remain accountable for their actions,” stated IPSASB Chair Mike Hathorn.
ED 40 proposes an IPSAS that converges with the IASB’s IAS ‘Intangible Assets’. ED 40 also incorporates guidance on website costs set out in the Interpretation 32 of the IASB's Standing Interpretations Committee ‘Intangible Assets – Web Site Costs’. It also includes guidance on intangible heritage assets. As ED 41 addresses entity combinations that are similar in nature to those in the private sector, it is converged with the IASB’s IFRS 3 ‘Business Combinations’. Entity combinations that arise from non-exchange transactions are being addressed in a separate public sector-specific project.
The exposure drafts are being issued concurrently because ED 40 addresses issues related to intangible assets acquired in an entity combination arising from an exchange transaction. Both exposure drafts contain limited changes from the relevant IFRS; these changes are mainly to ensure consistency with other IPSASs and to address specific public sector issues. Comments on EDs 40 and 41 are requested by 15 August 2009.
“Converging IPSASs with IFRSs, where appropriate for the public sector, is one of the key objectives of our standards development program,” states Hathorn. “These two exposure drafts propose clear financial reporting requirements for an entity in the public sector in order to ensure that the private and public sectors report similar activities in a consistent fashion.”
Conway New NIA CEO
Mr Andrew Conway has been appointed the NIA’s chief executive officer replacing Michael Carmody. Andrew has headed up the technical, advocacy and international business team at the NIA since early 2007 and during that time has overseen the growth of each of these areas of the business.
GAAP Team on Ten DVDs and in Print
Colin Parker, Principal, and Justin Reid, Associate, GAAP Consulting have recently featured in two Television Education Network DVDS on ‘Lessons from the Global Financial Crisis’ and ‘SMSF Auditor Competency Standards’ respectively:
‘Lessons from the Global Financial Crisis’ – The program examined the standard-setting response to the crisis, and identified lessons learnt. The programs covered the emerging financial reporting and auditing issues, in particular, fair value when markets become inactive, initiatives by the standards-setters, experiences with AASB 7 ‘Financial Instruments Disclosures’, and SMSF Auditor Competency Standards’ – The competency requirements of the Accounting Bodies are mandatory for members auditing SMSFs for financial years commencing on or after 1 July 2008. The program explains the key areas where SMSF auditors will need to be able to demonstrate competencies, including client acceptance and retention, audit planning, controls evaluation and testing, substantive testing and forming an opinion.
Colin also provided comments in the CFO magazine article ‘A matter of Communication’ (May 2009 pages 48-49). Watch out for the July issue of Charter where Colin and David Sauer give their analysis of the controversial APES 315 ‘Compilation of Financial Information’. Commenting on APES 315, Colin stated that “Many public practitioners have yet to fully appreciate the changes to their professional responsibilities and risk exposures as result of these additional requirements”. “Much needs to be done in the areas of training, revisions to policies, procedures and precedents, and client communication, he added.
Accounting
12 June ITC 20 ‘Request for Comment on IASB Discussion Paper DP/2009/1 Leases – Preliminary Views’ – AASB 16 June ED 178 ‘Income Tax’ – AASB 30 June ED 36 ‘Agriculture’ – IPSASB 3 July ED 177 ‘Derecognition (Proposed Amendments to AASB 139 and AASB 7)’ – AASB 17 July ‘Leases: Preliminary Views’ – IASB 31 July ED/2009/1 ‘Derecognition’ – IASB 31 July ED/2009/2‘Income Tax’ – IASB 15 August ED 40 ‘Intangible Assets’ – IPSASB 15 August ED 41 ‘Entity Combinations from Exchange Transactions’ – IPSASB
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