Wednesday 10th June 2015
Duration: approx. 1.5 hours
The 2014 reporting season saw the first mandatory application of three new accounting standards: consolidations, joint ventures and fair value measurement. The adoption of these new standards for the first time has, not surprisingly, raised some issues and caused some problems. This presentation is designed to review the problems which arose on the application of the standards for the first time and discuss how to deal with them.
- Joint venture standard:
- joint arrangements vs joint operations
- key elements of joint arrangements – ownership of assets and liabilities or rights to profit?
- incorporated vs unincorporated joint ventures – how they are treated by the standard
- treatment of partnerships
- Consolidations standard:
- power over relevant decisions – the control issue
- contractual arrangements and control
- property trusts and property managers
- managed funds and funds managers
- right to receive variable returns – issues
- Fair Value Measurement – problems in practice:
- measuring the values if unusual assets – eg golf courses
- use of replacement values
- fair value measurement in the public sector
- Structured entity disclosures:
- 20% investment in an MIC – is the entity an MIC
- investment entity exception
- need to consolidate MICs
This webinar is suitable for accountants – Australia wide. This is an update webinar on recent developments in this area.
PRESENTED BY: Keith Reilly, Financial Reporting Consultant & Lecturer, Macquarie University
Keith Reilly is a financial reporting consultant and covers accounting, auditing and ethical standards, as well as governance and regulatory issues. He has some 40 years’ experience in the financial reporting field, most recently (July 2013) being the National Head of Professional Standards at Grant Thornton Australia, and a member of Grant Thornton’s International Public Policy Group, Independence Working Group, and IFRS Committee.
He was previously the technical director and advisor for the Institute of Chartered Accountants in Australia, and has also worked with the Australian Securities Regulator (ASIC), been an advisor to a major institutional Australian stock broking firm, and a former Research Director and Auditor for two Australian Big 4 audit firms.
Keith consults, writes and lectures extensively on financial reporting issues. Keith is a member of Macquarie University’s Department of Accounting and Corporate Governance’s Advisory Board, a part time lecturer in the Master of Accounting and Corporate Governance program, and in 2013/14 is an Industry Fellow (International Governance and Reporting).
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