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|
|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.