In this issue of Corporate Advisor we explain 11 financial-reporting, regulatory, and corporate-governance topics of crucial importance to CFOs and directors.
We’re focusing mainly on regulatory issues that affect the preparation of 30 June reports – ASIC targets and lessons from reviews.
The end of June marked for the first time the application of AASB 15 Revenue from Contracts with Customers for for-profit entities. Also, both profit and not-for-profit entities need to apply AASB 9 Financial Instruments and related AASB 7 Financial Instruments: Disclosure amendments.
AASB 16 Leases and AASB Interpretation 23 Uncertainty over Income Tax Treatments apply from 1 January and to 30 June interim financial reports. Preparers should never underestimate the complexity of AASB 16 and the tax sensitivity of interpretation 23. Be well advanced with plans to implement them.
Four horizon issues need to be planned for: whistle-blowing, changes to special purpose financial reporting, the new code of ethics, and corporate-governance principles.
In this edition, we look at:
- ASIC’s 30 June pep talk
- AASB 16 Leases is live – act now
- New framework issued
- ASIC acts on financial-reporting concerns
- SPFSs to disclose new compliance measures
- ASIC enforcement update
- Fear of regulators tops risks
- New whistleblowing laws operative
- ASX releases corporate-governance principles
- Understanding your ethical responsibilities
- Uncertainty over income tax treatments.