When is a lease not a lease? When it does not meet the definition of a lease.

The key audit matters section of the Independent Auditor’s Report has been introduced.

Queensland Treasury Financial Reporting Requirements (FRRs) for 2018–19 are available on Queensland Treasury’s website. 

The Australian Accounting Standards Board (AASB) is reviewing financial reporting requirements for the public sector.^{1, 2} 

Can the International Public Sector Accounting Standard IPSAS 41 Financial Instruments help us in Australia?

Do you have a peppercorn lease? Peppercorn leases are leases with nominal rent. This might be $1, or even as low as a peppercorn.

Here's what you need to do.

Do you have a peppercorn lease? Peppercorn leases are leases with nominal rent. This might be $1, or even as low as a peppercorn.

Impairment (the provision for doubtful debts) aims to ensure the carrying amount of loans/other financial assets aren't overstated.

Not-for-profit entities were given an extra year to get ready for these new standards.