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

As we finalise the audit of our clients’ financial statements, we will be communicating any misstatements the teams identify.

This blog post gives our audit clients some information about how we record material misstatements.

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?

Each year, the Queensland Audit Office (QAO) measures the timeliness and quality of public sector financial statements.

We report on the results of these measures to parliament.  

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.

Should Australia develop a simpler, and better, reporting framework—particularly for entities that are not listed?

When we ask this question, most people respond with, ‘Yes’, or a more emphatic, ‘Yes!’.

Financial statements can be difficult to understand for those who don’t have a strong finance or accounting background.

AASB 15 applies to both for-profit and not-for-profit entities. For-profit entities must apply AASB 15 for financial years beginning on, or after, 1 January 2018.