Imminent release of an exposure draft regarding disclosing of compliance with recognition, measurement and consolidation
The AASB is about to release an exposure draft which will require a clear statement about compliance with recognition, measurement and consolidation in the financial statements.
Questions you need to ask
|Have you complied with all recognition and measurement requirements in the AASBs?
- If not, have you provided sufficient information to enable users to understand compliance?
|Do you have subsidiaries?
- Have you prepared consolidated financial statements?
- If not, why not?
|Do you have associates or joint ventures?
- Have they been accounted for in accordance with AASB 128?
Bentleys are encouraging all entities to comply with these requirements from 30 June 2019 in order to improve transparency for their users. The exposure draft is expected to be released in early July.