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‘A different beast’: CA ANZ warns on slow uptake of new standards

Complacency from the industry in implementing processes for the “triple threat” of new accounting standards has drawn concern from CA ANZ, who warn of the great difficulty in playing catch-up.

The three major accounting standards being introduced include AASB 9 Financial Instruments (applies from years commencing 1 January 2018); AASB 15 Revenue from Contracts with Customers (applies from years commencing 1 January 2018); and AASB 16 Leases (applies from years commencing 1 January 2019).

Speaking to Accountants Daily, CA ANZ reporting leader, Ceri-Ann Ross said that while there has been an increase in uptake from entities in establishing implementation plans, the overall complacency from the industry was concerning, considering the complexity surrounding the new standards.

To view the full AccountantsDaily article, click here.

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