KPMG’s financial reporting webinar focuses on new accounting standards effective and available for early adoption, ASIC’s focus areas and important regulatory updates that impact interim and annual financial reports at 30 June 2024. We also discuss recent developments in Australian specific sustainability reporting standards.
We share our insights on topical issues, including accounting for employee’s remuneration arrangements funded through non-recourse loans, developments in the global minimum top-up tax legislation under Pillar 2 and related financial reporting implications.
What’s new for 30 June 2024 financial reporting?
Navigating the evolving regulatory landscape and increasing stakeholder pressure continues to challenge organisations as they contemplate their 30 June 2024 financial reports.
Since our webinar in November last year, there have been updates in relation to Australian-specific sustainability reporting standards, including a new timeline for organisations that qualify as Group 1 reporters, which will require mandatory sustainability reporting for financial years commencing 1 January 2025.
There continue to be developments in both the global and local tax landscape, with BEPS Pillar 2 legislation enacted in multiple jurisdictions, and draft legislation now tabled in Australia.
International and local standard setters are still active working on the development of new accounting standards, amendments and clarifications through the IFRS Interpretations Committee agenda process.
Watch the Financial reporting webinar: 30 June 2024
In our webinar we discuss:
- New accounting standards and IFRIC agenda decisions effective for 30 June 2024, including the agenda decision on climate commitments
- Developments in the global minimum top-up tax legislation under Pillar 2 and related financial reporting implications
- Important regulatory updates and ASIC’s focus areas for 30 June 2024 reporters
- Insights on accounting for employee’s remuneration arrangements funded through non-recourse loans
- Recent developments in Australian-specific sustainability reporting standards
Tips for 30 June 2024 financial reporting:
Review the newly effective accounting standards and amendments and assess their impact on your organisation.
Be aware of regulatory developments and ASIC’s focus areas, and consider whether they impact preparation of financial reports.
Review employee remuneration arrangements to ensure non-recourse loans are identified and accounted for appropriately.
Consider impacts of global minimum top-up tax Pillar 2 and need for disclosures in financial reports.
Assess accounting implication of climate commitments made by your organisation to ensure compliance with relevant standards.
Stay up-to-date with developments in sustainability reporting and start preparing for upcoming changes now.
