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?

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.

Will your accounting policies change?

This checklist covers some key questions you should consider.

Regarding your entity and the transition to AASB 15 Revenue and AASB 1058 Income of Not-For-Profit Entities:

Not-for-profit entities were given an extra year to get ready for these new standards. Don’t waste the benefit as you will need to deal with both these standards and at the same time deal with the new leasing standard AASB 16.

This checklist covers some key questions you should consider.

Regarding your entity and the transition to AASB 9 Financial instruments: