In this issue of Corporate Advisor, we explain eleven, financial-reporting, corporate-governance regulatory topics of crucial importance to CFO’s and Directors.
30 June reporting season is here, and there is much for all to absorb and act upon.
ASIC’s focus areas are like prior years – impairment and asset values, provisions, events occurring after year-end and before completing financial reports, disclosures in the reports and operating and financial reviews. What gives them a different complexion is the current uncertain markets and economic conditions including the effect of Trump tariffs.
We need to take a fresh look at what ASIC is telling us in new focus areas and enduring ones which now includes revenue. Hall Chadwick team trust that the appendix ASIC ‘enduring’ focus areas for financial reporting will help preparers, audit committees, and directors.
Under amendments to AASB 101 Presentation of Financial Statements there are changes to current vs non-current classification of borrowings. It is subtle but a significant change. These amendments apply to 30 June for the first time.
Sustainability and climate change, its subset here in Australia, are a mountain to climb. Financial reporting and climate changes are interrelated, and then there is the preparation of upcoming sustainability reports. The legislation and sustainability-reporting and assurance standards are in place as is the timetable. ASIC has published new advice on preparing sustainability reports containing climate-related financial information in regulatory guide 280 Sustainability reporting.
If you require any assistance in understanding the taxation implications above, please contact your Hall Chadwick QLD advisor.
Hall Chadwick QLD is not a financial advisor. This article should not be taken as financial or investment advice and is general in nature. You should consider seeking independent financial and legal advice to see how the information provided relates to your unique circumstances.
