In this issue of Corporate Advisor, we explain nine, financial-reporting, corporate-governance regulatory topics of crucial importance to CFO’s and Directors.
A busy start to 2025, with much to reflect on as the year unfolds.
On the financial reporting front, ASIC has issued its focus areas for 31 December balances – what the commission describes as its enduring focus. It has also announced its 2025 enforcement priorities.
Sustainability and climate change, particularly in the Australian context, remain significant challenges. Financial reporting and climate change are interrelated, alongside the preparation of upcoming sustainability reports. The legislation and sustainability-reporting standards are now in place. We are beginning to see ASIC’s stance on enforcement, ethics, and assurance requirements come into focus – along with available resources to assist.
Federal Parliament wrapped up 2024 with a rush, passing significant legislation affecting businesses, public practitioners, and auditors. Key developments include the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Act 2024, the Privacy and Other Legislation Amendment Act 2024, and the Cyber Security Act 2024. Additionally, there are now substantial penalties for intentionally underpaying employees’ wages and entitlements.
On the governance front, a listed company CFO has been fined and disqualified, cyber-security governance principles have been refreshed, and ASIC has updated its guidance on insolvent trading. In the AFSL space, two key concerns stand out – licensees being slow to act on reportable situations and governance issues related to AI.
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.
