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

Classifications will be reduced from 4 to 2.

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 15 Revenue and AASB 1058 Income of Not-For-Profit Entities:

As technology opens doors for increased efficiency, connectivity, and sharing, it opens our work and home to cyber risk. The controls we implement to address these cyber risks are often referred to as cyber security.

We have a fraud risk susceptibility framework that can help with conducting fraud risk assessments.

Will your accounting policies change?

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.

We have completed part one of our ‘renos’ and can’t wait to show you our new look.

Are you ready?

Accounting standard AASB 9 Financial Instruments has started. It started 1 January 2018 if you have a December year end, and started 1 July 2018 if you have a June year end.