Our regular 6-monthly webinar, held in November 2024, provided a summary of new accounting standards effective and available for early adoption, the most recent IFRIC agenda decisions, and regulatory updates relevant for 31 December 2024 reports.
We also covered topical issues relating to climate change, including an update on climate reporting, classification of purchased carbon credits under voluntary emission schemes and the impact of climate change on impairment testing.
What’s new for 31 December 2024 reporting?
International and local standard setters continue to actively develop new accounting and sustainability standards, amendments and making IFRIC agenda decisions to address market needs. One notable milestone is the approval of our own Australian Sustainability Reporting Standards, AASB S1 and S2 in September 2024.
We also continue to see developments in legislation that will impact accounting and reporting, with:
- BEPS Pillar 2 rules in the process of being approved by governments around the world, and
- Treasury proposing amendments to clarify the disclosure requirements in the Consolidated Entity Disclosure Statement.
We also continue to see climate change and market expectations influencing organisations to modify their business and operations towards a more sustainable model.
Watch the webinar
In our webinar we covered:
- New accounting standards effective and available for early adoption and the most recent IFRIC agenda.
- Regulatory updates, including ASIC focus areas and mandatory disclosure of subsidiaries’ tax residence.
- An update on climate reporting.
- Classification of purchased carbon credits under voluntary emission schemes.
- Impact of climate change on impairment testing.
Tips for 31 December 2024 reporting:
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Review newly effective standards and amendments and assess impact.
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Be aware of regulatory developments and ASIC’s focus areas, and consider whether they impact preparation of financial reports.
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Consider impacts of BEPS Pillar 2 and need for disclosure in financial reports.
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Prepare for wider reporting obligations relevant to your organisation (including sustainability reporting and disclosure of subsidiaries’ tax residence), and monitor ongoing developments.
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Assess accounting and disclosure implication of climate-related initiatives and uncertainties faced by your organisation.
