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.
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.
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.