TRADE ASSOCIATES

Accounting for revenue from construction contracts

For those entities preparing general purpose financial reports, appropriate consideration needs to be made for the interpretation and application of AASB 15 (IFRS 15) –…...

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Accounting for line of credit facilities

If you have a line of credit facility, your accountant should review the terms and conditions on the facility to determine the correct classification as…...

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Assets

Net Tangible Assets Applicants/licensees must have sufficient Net Tangible Assets to meet the minimum requirements. Combined with the defined amount of a Deed of Covenant…...

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Frequently asked Questions

The topics included are a selection of frequently asked questions designed to provide you with answers to common questions and oversights. Who is a Qualified…...

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Related entity loans

The Qualified Accountant is to view the balance sheet (at a minimum) of the related entity, to determine collectability of the related entity asset loan…...

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Trust structures

The Pty Ltd “trustee” company (licensee) will usually have $2 or $10 assets (paid up capital). We require financial statements for both the trustee and the trust…...

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Accounting for construction work in progress

We actively review work in progress (WIP) accounting, to ensure accuracy of calculations and appropriateness of estimates and assumptions made. This is important, as calculation errors…...

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Accounting for leases

For those entities preparing general purpose financial reports, please be aware of the impact of AASB 16 (IFRS 16) – Leases.  The new leases standard…...

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Service Trades Council (STC)

The Service Trades Council is established under the Plumbing and Drainage Act 2002 to provide a voice for the service trades, and to protect the public’s health…...

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