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Corporate Advisor: Spring Edition 2021

20 August 2021

WHAT’S INSIDE:

  • ASIC highlights focus areas for 30 June
  • ASIC relieves pressure on reporting deadlines
  • ASIC’s FAQs updated
  • ASIC’s latest financial-reporting findings
  • AFS licensees may use lease assets
  • Revised materiality applies
  • COVID-19 rent concessions extended
  • Transitioning from SPFSs
  • Misunderstandings over the removal of SPFSs
  • Transition relief to Tier 2 – simplified disclosures for NFPs
  • Best-practice guidance on board papers released
  • Guidance on virtual world
  • Whistleblowing and anti-corruption recommendations in force
  • Director identification number nears
  • Companies fined over late reporting
  • Camp Australia back-pays employees $1.7m

 

15 CRUCIAL TOPICS TO THINK ABOUT:

In this issue of Corporate Advisor, we explain 15 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 2021 reports – ASIC’s targets, FAQs and lessons from previous reviews.  The detail in contained in the appendices.  Directors and preparers need to keep these front-of-mind and address them.

Good news – there are no substantial new standards for 30 June 2021.  However, there is the revised definition of materiality in AASB 101 Presentation of Financial Statements that requires much thoughtful consideration.

Understanding AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities and an early-adoption assessment will be relevant to many entities.

To conclude we identify five issues of specific interest to directors: Best-practice guidance on board papers released; Guidance on the virtual world; Whistleblowing and anti-corruption recommendations in force; Director identification number nears; Companies fined over late reporting; and Camp Australia back-pays employees $1.7m.

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