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 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.

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).

ASIC has released further information regarding the passed legislation that requires all entities to disclose certain details about any JobKeeper payments repaid.

 

The Treasury Laws Amendment (2021 Measures No. 2) Bill 2021 (TLA2) now requires listed entities and subsidiaries of the listed entities to separately disclose the amount of Jobkeeper payments they received during a financial year to the market.
 

Red tape relief that allows companies to hold their Annual General Meetings virtually has been extended until 31 March 2022

Moore Australia welcomes the changes implemented by ASIC on 30 April, to counter the confusion caused by AASB 16. The introduction of AASB 16 resulted in the recognition of right-of-use assets (ROU) and lease liabilities.  The issue, which arose for Australian Financial Services (AFS) licensees, was whether ROU assets would be included in the calculation of their net tangible assets (NTA).