Our regular 6-monthly webinar, held in November 2023, included considerations relating to new accounting standards effective and available for early adoption, important regulatory updates and focus areas for 31 December 2023 reporters, and recent developments in international and Australian specific sustainability disclosure standards.
Insights were shared in relation to topical issues, including accounting for share-based payment arrangements, specifically focusing on determining the measurement date and accounting for ‘good leaver’ clauses, and a recap on the fundamentals of identifying the levels of an organisation where the impairment testing should be performed.
What’s new for 31 December 2023 reporting?
Organisations continue to respond to rapidly changing and uncertain economic and market conditions. Stakeholders, including ASIC, expect organisations to be clear in their annual reports on how they are adapting to these conditions, what the drivers of their results and financial position are, what the material business risks are and how they impact strategies and future prospects.
The release of the first two IFRS® Sustainability Disclosure Standards in June 2023 represents a significant milestone in the evolution of sustainability reporting. Our government is pushing forward with introducing legislation and our local standard setters continue to work on Australian-specific sustainability disclosure standards, recently issuing exposure drafts, which may become effective from 1 July 2024 for certain organisations.
There continues to be developments in both the global and local tax landscape that will have a sizeable 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 31 December 2023
- Recap on the fundamentals of identifying CGUs and levels of an organisation where the impairment testing should be performed
- Focus areas of our regulators
- Insights on accounting for share-based payment arrangements, specifically focusing on determining the measurement date and accounting for ‘good leaver’ clauses
- Recent developments in international and Australian-specific sustainability disclosure standards, including practical challenges organisations may face in preparing for the upcoming changes
Tips for 31 December 2023 reporting:
Review the newly effective standards and amendments and assess their impact on your organisation.
Review your organisation’s CGU determination and ensure impairment testing is performed at appropriate levels.
Review determination of grant date for your organisation’s share-based payment arrangements and assess the impacts of ‘good leaver’ clauses.
Consider impacts of global minimum top-up tax Pillar 2 and need for disclosures in Annual Reports.
Stay up-to-date with developments in sustainability reporting and start preparing for upcoming changes now.
Be aware of ASIC’s focus areas, in particular OFR, and consider whether they impact preparation of financial reports.
