Our regular 6-monthly webinars, held in May 2022, included considerations relating to new accounting standards effective and available for early adoption, the most recent IFRIC agenda decisions, and regulatory changes relevant for 30 June 2022 year and half-year end reporting.
Observations were shared in relation to other hot topics such as the financial statement impacts of these uncertain times, global tax updates and climate related risk disclosures.
What’s new for 30 June 2022 reporting?
COVID-19, natural disasters, world events and inflationary pressures are just some of the major issues driving global economic uncertainty today. This evolving uncertainty creates a variety of issues and risks including supply chain disruptions, staff shortages and increased market volatility.
With the formation of the International Sustainability Standards Board in November 2021and issue of proposals on the first IFRS Sustainability Disclosure Standards in March 2022, the focus on climate-related risks and opportunities in Annual Reports has increased with amazing speed.
There is also the OECD’s Inclusive Framework on base erosion and profit shifting (BEPS) to consider that sets a framework for reforming the international tax system.
International and local standard setters are still very active and have a full agenda, including the development of new accounting standards, amendments and clarifications from the IFRS Interpretations Committee.
The new framework for for-profit private sector entities is now effective which brings an end to special purpose financial statements for a number of organisations – that is the removal of the reporting entity framework which has been in place for the last 30 years.
Our regular 6-monthly webinars were presented as a two-part series.
Watch the webinars
PART 1
In Part 1 we discuss:
- Focus areas of our regulators.
- Key changes to the Australian financial reporting framework for for-profit private sector entities.
- Practical insights on impacts of BEPS 2.0 and uncertainty on financial reports.
PART 2
In Part 2 we discuss:
- New accounting standards effective for 30 June 2022.
- IFRIC agenda decisions on demand deposits with restrictions on use and rent concessions.
- Recent developments and practical tips in relation to climate related disclosures in financial reports.
Tips for 30 June 2022 reporting:
Be aware of ASIC focus areas and consider whether they impact the preparation of financial statements.
Consider how BEPs Pillar 2 might impact your organisation and the need for disclosures in Annual Reports.
Reflect the impacts of these uncertain times in your financial reports, including consideration of impacts on impairment testing.
Be ready to adopt the new Australian reporting framework this 30 June.
Try to bridge any gaps between the climate-related risk disclosures in the OFR and those in financial statements.
Assess the impact of the newly effective standards on the financial statements this 30 June and consider how IFRIC’s agenda decisions affect your organisation.
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