Key points Consignment arrangements and bill-and-hold arrangements are accounted for under AASB 15 Careful consideration of these types of arrangements are required as they impact the timing of recognition of revenue Applying AASB 15 often involves significant judgement, and entities should seek expert advice for complex or unique circumstances Many inventory-based businesses enter into consignment […]
The Australian Accounting Standards Board (AASB) is proposing changes to Tier 2 (Simplified Disclosure) financial statements: ED 341 was issued for comment in June 2026, with comments due to the AASB by 24 August 2026. The changes outlined in ED 341 would align Tier 2 financial statements with the presentation and classification requirements of AASB […]
Levi Holdsworth is a Principal in the Private Business and Family Advisory division, specialising in working with middle market clients with a distinctly personal approach. With over 15 years’ experience, he advises privately owned businesses, high-net-worth individuals and family offices across industries including property, hospitality, investment, and entrepreneurial start-ups. Bringing a grounded, commercial perspective shaped […]
Jack is an experienced generalist with specialist depth across audit and assurance, financial reporting, technical accounting, sustainability reporting and taxation services. Jack has supported private businesses, public companies and not-for-profit organisations with a broad range of audit and advisory services throughout his career in Australia and North America. He leverages his breadth of experience to bring commercial insights, expert knowledge and considered technical advice to every […]
If you work with not-for-profit entities (NFPs), two new developments are worth having on your radar (even though the effective date is still a little way off): tighter rules around when certain NFPs can prepare special purpose financial statements (SPFS); and the introduction of a new, simpler general purpose financial statement (GPFS) option, Tier 3 GPFS, designed for […]
Key points The refundable/non‑refundable distinction is the starting point for determining whether R&D offsets are accounted for as grants (AASB 120) or income taxes (AASB 112). Refundable offsets are usually accounted for as government grants, while non‑refundable offsets are typically treated as income tax. The most common problems are premature recognition, inconsistent policies and thin […]
Key points Volume rebates and customer loyalty programs are accounted for under AASB 15 Careful consideration of these are required as they impact the recognition of revenue and liabilities Applying AASB 15 often involves significant judgement, and entities should seek expert advice for complex or unique circumstances Many inventory-based businesses offer customers a number of incentives to enhance customer loyalty. This article considers two common arrangements, being volume rebates and customer loyalty programs, and the […]
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