The Australian Securities and Investments Commission (ASIC) has outlined its focus areas for 30 June 2018 financial reports. Although preparers have had extended time to implement the new requirements, many will not be able to adequately communicate the extent of the impact of the new revenue standard in their financial statements.
The Australian Accounting Standards Board gave not-for-profit (NFP) organisations an extra year to implement new accounting standard AASB15 on revenue recognition, but NFP managers need to be preparing now for this and other new standards that will take effect in January 2019.
Employment and salary prospects for accountants are healthy across the board, but professionals with up-to-date expertise in data collection and analysis are most in demand, say recruitment specialists.
CPA Australia and the American Institute of Certified Public Accountants – AICPA – have finalised a mutual recognition agreement that will see members able to work more freely in both countries. INTHEBLACK spoke to AICPA’s president and CEO Barry Melancon about the way forward.
The top three legal issues that small businesses struggle with are misleading conduct, consumer guarantees and wrongly accepting payment, and the ACCC says accountants can play the vital role of trusted adviser in helping their clients to resolve any problems.
The Australian Taxation Office (ATO) is targeting work-related expense claims - and literally going through dirty laundry bills in a crackdown.
Look around a music gig and the last person you expect to see is the singer's accountant. But that's often where you'll find Perth-based FCPA and music specialist Kylie Thompson rocking out.
In the current economic climate, many practitioners might find it hard to justify increasing their fees, but with a little care it is possible.
The Australian Taxation Office is calling on accountants and tax agents to help combat fake tax debt scams involving cryptocurrencies such as bitcoin.
Informed consent is not new to financial advisers, but a new exposure draft is raising questions.
Are you providing personal advice to retail clients on superannuation including SMSFs, life insurance, personal insurance and investments? Practitioners who are licensed financial advisers or employ advisers in their practices should be aware of the coming new professional standards framework.
In August 2016, the Australian Securities and Investments Commission (ASIC) started a new project to test how effectively the new accountants' limited licensing regime was working, and to identify any systemic problems in the industry. Here are the findings.
Accounting skills take on a particular value in wartime, when nations fight for survival and resources are scarce. Here we take a look at the work of accountants who made their mark on military history.
Constant changes to the tax system, hiring and retaining staff, and understanding the impact of technology on your practice – these are all challenges for the modern accounting firm. Here are eight of the top issues for public practitioners.
Powered by new technology, the gig economy offers flexibility for workers and employers, plus the chance to make some extra money, but these arrangements can fall foul of the law.
Accountants may soon have the option of reporting tax misconduct to the Australian Taxation Office (ATO) under proposed legislation that offers increased protection for whistleblowers.
Proposed changes to insolvency laws, currently before Parliament, could see the bankruptcy discharge period in Australia reduced from three years to one. Critics, including CPA Australia, say proposed changes to bankruptcy laws will cause more harm than good. Here’s what you need to know.
High-risk behaviour by professional firms has prompted a review of income splitting arrangements.