Time is running out to prepare for adopting the following new standards:
- AASB 9 Financial Instruments
- AASB 15 Revenue from Contracts with Customers
- AASB 16 Leases
- AASB 1058 Income for Not-For-Profits
Listed below are the effective dates for each standard and the first financial year end it will impact:
| Standard | Effective Date | First Impacting Years Ending | |
| December | June | ||
| AASB 9 | 1 January 2018 | 31 December 2018 | 30 June 2019 |
| AASB 15 | 1 January 2018* | 31 December 2018 | 30 June 2019 |
| AASB 16 | 1 January 2019 | 31 December 2019 | 30 June 2020 |
| AASB 1058 | 1 January 2019 | 31 December 2019 | 30 June 2020 |
* Deferred to 1 January 2019 for not-for-profit entities
The financials prepared for the years ending above will also require restated comparatives or disclosure in the notes detailing the impact.
Davidsons caution any organisation under-estimating the complexity of these new standards and urge management to take steps now to analyse the impact it will have on your financials.
For more information please contact our Audit Division on 03 5221 6399 or email HERE.