In this issue of Corporate Advisor, we explain 14, financial-reporting, corporate-governance regulatory topics of crucial importance to CFOs and directors.
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 market and economic conditions.
Don’t forget AASB 17 – it’s about insurance contracts. Its remit extends beyond insurance companies. Know what an insurance contract is – account and disclose accordingly.
We also need to bear in mind the commission’s announcements during the year penalties for non-lodgement of accounts, failure to hold annual general meetings, regulatory priorities, and greenwashing,
Lifting the eyes a little into 2024, we see substantial developments in climate change likely to be finalised by 30 June – the exposure draft legislation Treasury Laws Amendment Bill 2024: Climate-related financial disclosure and proposed sustainability standards released by AASB ED SRI 1 Australian Sustainability Reporting Standards –Disclosure of Climate-related Financial Information to propose climate-related financial-disclosure requirements.
Compliance risks are still showing up in wages underpayment and cyber-security, and there is the AI challenge.
The Hall Chadwick team looks forward to collaborating with you on the challenges ahead.
Ready to feel confident in your financials.
Please contact our Audit & Assurance team.