2018 Accounting and Financial Reporting Workshop Sydney

Accountant Sydney
8
Mar

2018 Accounting and Financial Reporting Workshop Sydney

08.03.18

On Thursday 1 March, ESV held an Accounting and Financial Reporting Update for 2018 – an exclusive event for CFOs and other senior finance professionals to examine key financial reporting trends and changes expected to impact businesses in the coming year.

 We were privileged to have Carmen Ridley of Australian Financial Reporting Solutions and GAAP Consulting to present the latest changes to Australian Accounting Standards.  As a current member of the Australian Accounting Standards Board, Carmen is well-versed in these issues.

 Carmen shared insights on recently issued accounting standards and their potential impact on businesses, most notably covering:

  • The new standard now requires all operating leases to be accounted for on the statement of financial position except for short term leases and low value assets. Leases which were previously not recorded on the statement of financial position will be recognised as a Right of Use Asset (Intangible) and Lease Liability.
  • The Lease Liability is initially recorded and measured as the present value of future lease payments. In subsequent periods, the liability is then calculated using the interest rate implicit in the lease.
  • The objective of the new disclosure requirement is to provide information that enables financial statement users to assess the effect that leases have on a lessees’ financial statements. AASB 16 requires lessees to present all disclosures in a single note or separate area in the financial statements

Accountants in Sydney are often seen as reactors to financial information for periods that have already passed.  At ESV, we believe in looking forward to proactively navigate the risks before they occur. 

 It is for this reason we created the Accounting and Financial Reporting Update, to provide our clients with the knowledge and information needed to help their business thrive in the coming year. 

 ESV regularly holds events such as the Accounting and Financial Reporting Update in order to provide business owners and senior finance executives with the knowledge and information to help them on their business journey.  If you are interested in attending future informative events or webinars, please contact us or subscribe to our monthly Business Owners Bulletin to stay informed of the latest industry updates and trends.

 

We look forward to welcoming you to future events.