Our regular 6-monthly webinars, held in November 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 31 December 2022 year and half-year end reporting.
Observations were shared in relation to other hot topics such as the accounting for loss-making contracts, purchased carbon credits and short-term incentives with a deferred component.
What’s new for 31 December 2022 reporting?
We are living in times of global economic uncertainty and the situation continues to evolve with geopolitical affairs, natural disasters, inflation, increasing interest rates continuing to create a variety of issues and risks for many organisations.
It’s not surprising then that ASIC urges directors to assess the impact of uncertainties on the recognition and measurement of assets and liabilities, income and expenses and continues to emphasise the importance of meaningful entity-specific disclosures in the Operating and Financial Review (or OFR) forming part of the Directors Report, including disclosures about material business risks.
With the formation of the International Sustainability Standards Board in November last year and issue of proposals on the first IFRS Sustainability Disclosure Standards in March 2022, climate-related issues continue to be a hot topic on everyone's agenda
International and local standard setters continue to be active working on the development of new accounting standards, amendments and interpreting IFRSs through IFRIC agenda decisions.
Watch the webinar
In our webinar we discuss:
- New accounting standards and IFRIC agenda decisions effective for 31 December 2022
- Accounting considerations in relation to loss-making contracts and purchase carbon credits
- Focus areas of our regulators and updates on Australian reporting issues
- Practical insights on accounting for short-term incentives with a deferred component
Tips for 31 December 2022 reporting
Review the newly effective standards and amendments and assess their impact on your organisation.
Review your organisation’s accounting for any purchased carbon credits to ensure they comply with relevant accounting standards.
Take note of the new Australian reporting framework requirements and check if this impacts your reporting this period.
Carefully consider the accounting implications associated with loss making contracts.
Be aware of ASIC’s focus areas, in particular the OFR, and consider whether they impact the preparation of financial reports.
Review the accounting for your organisation’s short-term incentives with a deferred component to ensure compliance with AASB 119 and 2.
