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All news by: Kristen Haines


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.

ASIC enforcement activities and focus areas

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.

ASIC Financial Reporting Guidance for AFSL holders

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).