Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards
  • Type: Regulatory update
  • Date: 9/12/2013

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

13RU-016 Implementing the revised AASB 119 

This Reporting Update provides information regarding application of the revised AASB 119 Employee Benefits in preparing 31 December 2013 financial statements.
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Key insights

  • Revised AASB 119 Employee Benefitsis applicable for reporting periods commencing on or after 1 January 2013.
  • Most significant impacts are to defined benefit superannuation obligations and annual leave liabilities.
  • Comparative periods need to be restated.
 

Financial Reporting & Accounting Standards

KPMG has extensive experience in applying accounting standards, both Australian accounting standards and IFRS, to a range of transactions.