Public Sector Finance and Reporting Seminar

Our CFO Advisory team ran the 2023 annual virtual seminar which helps to ensure public sector finance professionals are ready for annual financial reporting, are on track for implementing new reporting standards applicable in future years and to provide insights into the future direction of finance and reporting in the public sector.

The seminar provided an update on:

• relevant new and revised accounting and reporting standards and interpretations
  
• the latest developments in global Environmental, Social & Governance (ESG) reporting, including the new International Sustainability Standards Board (ISSB) issued reporting standards S1 & S2
• discussion on key developments and risks relating to cyber security.
  

The  2022 seminar provided:

• an update on relevant new and revised standards and interpretations
• an update on technology trends relevant for finance teams
• key tips on budgeting and forecasting in uncertain times, including good practices and principles for pulling together business cases for funding requests
• a discussion on global Environmental, Social & Governance (ESG) developments, including the latest on the International Sustainability Standards Board and what it means for public sector and not-for-profit organisations.
  

KPMG’s CFO Advisory team provided virtual instalments of the Public Sector Finance and Reporting Seminar to assist with 2021 year-end reporting.

This series of ‘bite-size’ recordings can be watched at your convenience. The recordings align to the themes we heard were occupying your minds in our 2020 CFO Survey.

Emma Pratt, KPMG Partner and Brisbane Lead for the CFO Advisory Practice, and Andrew Dempster KPMG National Mental Health Advisory Lead discuss the impacts of the pandemic on our mental health and wellbeing, as well as providing practical strategies and actions that finance leaders can take to help navigate these challenges.

Michael Day, KPMG Partner and Perth Lead for the CFO Advisory Practice had an interview with Fiona Barclay, CFO of DevelopmentWA on how she ensures that the strategic approach of the organisation allows a rapid response to emerging opportunities. 

Jason Collins, KPMG Director and Public Sector Lead for the CFO Advisory Practice in Melbourne, and Caroline Humphreys, Associate Director, provide insights into the opportunities to rationalise costs to help ensure the best use of public funds while delivering on key strategic and policy objectives. 

Matthew King, KPMG Partner and Commonwealth Government Lead for CFO Advisory, and Adrian Flanagan, KPMG Director present on reskilling finance teams for a more streamlined and automated future, considering how finance teams need to adapt to an evolving environment while meeting ongoing objectives. This includes an overview of some of the technology solutions available to CFOs to help analyse, understand and report both financial and non-financial data. 

Andy Little, KPMG Director and Public Sector Lead for the CFO Advisory Practice in Sydney, discusses the continued expectation that finance teams provide more forward-looking insights and analysis for internal decision making and external reporting. CFOs are expected to be responsible for the quality of all business data, including non-financial data. In the Government context, this will be most commonly required to support outcomes-based budgeting and reporting.

Daina Klunder, KPMG Director and accounting change specialist, discusses key technical and reporting updates relevant to the public sector, including recent IFRIC/AASB decisions, lessons learned from the implementation of AASB 16, and other relevant topics such as cloud computing arrangement costs, fair value measurement, rate regulated activities and AASB 17 Insurance Contracts for the Public Sector.