As part of the 30 June 2024 annual reporting, public companies will now have to prepare a new consolidated entity disclosure statement. 

The consolidated entity disclosure statement will be required by all public companies (both listed and unlisted) who are required to prepare annual financial reports under the Corporations (Act 2001). It will apply to those companies whether or not they prepare consolidated financial statements.

The use of convertible notes in debt fundraising activities may be impacted by changes in the financial reporting definition of current versus non-current liabilities.

Treasury has released the draft legislation on climate-related financial disclosures.

5 Steps to get your SME's finance function ready for Sustainability Reporting

In this article, we explore the complexities around determining your financial reporting obligations for your proprietary company and what you need to consider in making that determination.

The proposed upcoming Sustainability Reporting regime can be daunting, and it can be challenging to know where to start on your ESG journey. At Moore Australia we are here to help you simplify that journey and it all starts with identifying climate related risks and opportunities.

The requirements around accounting policy disclosures have had minor amendments, shifting the terminology from significant accounting policies to material accounting policies. Read more about the change.

Australian companies with European ties may be impacted by the introduction of European Sustainable Reporting rules.

The International Sustainability Standards Board (ISSB) finalised the issuance of the first two global Sustainability Reporting standards and Treasury has released a consultation paper that clearly outlines their vision for sustainability Reporting in Australia.

A summary of changes to financial reporting requirements applicable for years ending 30 June 2023. 

As you prepare for the 30 June 2023 reporting season, it is important to keep in mind the position of the regulators and their areas of focus, as this helps to inform you of the higher risk areas that will require your attention in preparing your financial reports this year-end.  Not only has ASIC released their focus areas media release for 30 June 2023 year-ends, but over the last 12 months, both ASIC and the ACNC have been active in their enforcement activities which require careful consideration.

How the impacts of inflation and economic stress can impact you this financial year.

The accounting for Cloud Computing arrangements by users can present challenges, to both determine the appropriate classification of the arrangement and accounting for the associated costs.  
 

The ASX are tightening up on lodgement deadlines for periodic lodgement, and they will suspend entities from trading if they lodge after the deadline but before the market opens the next day.

The new AASB 17 Insurance Contracts does not just apply to Insurers, it applies to insurance contracts, no matter who the organisation is that issues it.

The Not-for-Profit sector is continuing to face significant levels of change. It is important for you to stay on top of the latest requirements and understand how they will impact your organisation.

The requirements in the Corporations Act (2001) that exempted grandfathered large proprietary companies from lodging financial statements with ASIC has been removed and the tax transparency threshold for proprietary companies will be reduced to $100 million. 

ASIC has just announced that they are extending the reporting deadlines for unlisted entities with 30 June 2022 reporting obligations to ASIC by one month.  This involves year-ends and half-years ending between 24 June 2022 – 7 July 2022.

Portable long service leave has become more prominent as staff shift to short term contracts. The accounting for these arrangements can be complex and will depend on the specifics of the scheme. 
 

If you are a Charity or Not-for-Profit (NFP) there are a number of financial reporting changes that will impact your annual information statement (AIS) and financial reporting obligations at 30 June 2022. 

Moore Australia is pleased to publish its guide to the 2022 Technical Accounting Standards. 

All Australian Financial Services Licensees (AFSLs) are now required to prepare general purpose financial statements (GPFS) as a result of the new Australian financial Reporting Framework issued by the Australian Accounting Standards Board (AASB).  ASIC has just released additional guidance to assist AFS Licensees to determine whether these financial statements can be the Tier 2 Simplified Disclosure financial statements or whether they will have to prepared Tier 1 financial statements with full compliance with Australian Accounting Standards (AAS).  It has also deferred the application date by 12 months for those Licensees that do not have financial reporting obligations under Chapter 2M of the Corporations Act (2001).

Australian organisations face significant change for the 30 June 2022 reporting season, with the introduction of the Simplified Disclosure reporting framework and removal or the reporting entity concept for private for-profit entities.