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The 2017 XYZ Model Financial Accounts Workbook examines and explains the accounting requirements of Australian Accounting Standards, providing users with the knowledge and information they need to minimise compliance risk and ensure a smooth year-end and audit process.
Key issues arising from Accounting Standards are presented in a simplified and user-friendly manner, illustrating their application through practical examples using short case studies and summarising the requirements in easy-to-read point form, tables, flow charts and diagrams. Each chapter covers the issues and background to a specific topic.
WHAT’S NEW IN 2017?
New chapter: Transitional Accounting and Disclosures for Significant New Accounting Standards - containing guidance, illustrative examples and sample disclosures to assist with the implementation of these significant new Standards which will become mandatorily applicable over the next two years:
– AASB 9: Financial Instruments
– AASB 15: Revenue from Contracts with Customers
– AASB 16: Leases
- Revised chapters on:
– Tax-effect accounting;
– Impairment of assets: goodwill, revaluations and cash-generating units; and
– Share-based payments.
- Updated examples in all chapters to reflect the current reporting period ending 30 June 2017.
Some of the other topics covered in the Workbook include:
- tax-consolidation accounting
- foreign currency consolidation
- investment entities
- reverse acquisitions
- joint arrangements
- lease incentives
- events after the reporting period
- compound financial instruments
- statement of cash flows
- embedded derivatives