Our regular 6-monthly webinar, held in May 2023, included considerations relating to new accounting standards effective and available for early adoption, important regulatory focus areas for 30 June 2023 year and half-year reporters and financial reporting implications of the global minimum top-up tax under Pillar 2.
Insights were shared in relation to topical climate change-related issues, including recent developments on sustainability disclosure standards, emissions reduction commitments made by organisations and accounting for power purchase agreements.
What’s new for 30 June 2023 reporting?
We are living in times of global economic uncertainty and the situation continues to evolve with interest rate and inflation increases, the recent banking turmoil, continued geopolitical issues - all creating a variety of issues and risks for many organisations.
ASIC continues to urge directors to assess the impact of uncertainties on the financial report and focus on providing meaningful entity-specific disclosures in the Operating and Financial Review forming part of the Directors Report, including disclosures about material business risks.
Another topic on everyone’s agenda is climate change with the first IFRS Sustainability Disclosure Standards will be issued shortly.
There are also developments in global tax reform that will have a big impact on certain multinational organisations.
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 30 June 2023
- Insights on topical climate change-related issues, including recent developments on sustainability disclosure standards, emissions reduction commitments made by organisations and accounting for power purchase agreements
- Focus areas of our regulators
- Practical tips in relation to impact of current economic environment on financial reports and classifying financial instruments as cash and cash equivalents
- Financial reporting implications of the global minimum top-up tax under Pillar 2
Tips for 30 June 2023 reporting:
Review the newly effective standards and amendments and assess their impact on your organisation.
Assess accounting implication of power purchase arrangements or emissions reduction commitments made by your organisation to ensure compliance with relevant standards.
Be aware of ASIC’s focus areas, in particular the OFR, and consider whether they impact the preparation of financial reports.
Reflect the impacts of these uncertain times in your financial reports, including consideration of impacts on impairment testing.
Review analysis of what is included in cash and cash equivalents to ensure the classification is appropriate in accordance with the accounting standard.
Consider how global minimum top-up tax Pillar 2 might impact your organisation and the need for disclosures in Annual Reports .
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