Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Date: 5/06/2014

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

IFRS: New standards (2014/10) 

A summary of newly effective and forthcoming standards. This edition covers financial years ending on or after 30 June 2014, including interim periods within those financial years.
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Companies with 30 June 2014 financial year ends will be preparing their annual financial statements considering the consequential effects of newly effective and forthcoming standards. Among others, the new consolidation suite of standards and the revised standard on employee benefits now apply.

 

Companies with a financial year end after 30 June 2014 need to consider the amendments to IFRS 2 Share-based Payment and IFRS 3 Business Combinations included in the 2010–2012 annual improvements. This is because the changes are effective for grant dates and dates of acquisition, respectively, on or after 1 July 2014.