The hot topic for this financial year appears to be the implications of the IFRS Interpretations Committee’s (IFRIC’s) agenda decision Configuration or Customisation Costs in a Cloud Computing

Queensland Treasury’s Financial Reporting Requirements for Queensland Government Agencies (FRRs) for 2020–21 are available on Treasury’s website:

The standard AASB 16 Leases is now in its second year of operation for public sector entities.

Queensland Treasury Financial Reporting Requirements (FRRs) for 2019–20 are available on Queensland Treasury’s website:

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.