Going concern basis of accounting

Going concern basis of accounting

Recent economic uncertainty raises questions around what responsibilities trustees and auditors have in relation to an SMSF’s ability to continue as a going concern. “Economic uncertainty” is a phrase we hear all too much lately due to most organisations and...
Impact of events after the reporting period

Impact of events after the reporting period

The Australian Accounting Standards Board made Accounting Standard AASB 110 Events after the Reporting Period to outline the treatment for events that occur after reporting period. These events can be described as those events, favourable or unfavourable, that occur...

Tax effect accounting and SMSFs

Trustees of self-managed superannuation funds (SMSFs) are required to prepare financial statements in accordance with the accounting policies as per the requirements of the SIS Act 1993 and SIS Regulations 1994. There is no requirement for a superannuation fund to...