Foreword
This month we detail why the importance of an organisation maintaining an accurate asset register, including asset verification, cannot be underestimated. We also provide some insights in the new ruling party in Australia’s economic policy. In terms of compliance, we provide some insights around the draft Companies (Amendment) Bill 2021, which aims to reform the law relating to companies operating in PNG, combat money laundering, provide better governance and to facilitate the re-registration and de-registration of companies.
KPMG in PNG has dedicated in-house specialists in all the following areas: internal audit/risk, visa migration, corporate finance, management consulting, IT advisory, fraud investigation as well as tax and assurance. As such we are well placed to provide a truly multi-disciplined approach to business advisory.
In this Month's Kundu
The importance of asset verification and asset register accuracy
The importance for an organisation of maintaining an accurate asset register, including asset verification, cannot be underestimated. While large businesses in PNG may use their own teams of asset officers or even external consultants to help them leverage the value of their physical assets, small businesses quite often do not appreciate that their assets help them produce income, and therefore may neither keep an accurate record nor perform periodic verification of all assets.
Other topics covered include:
- The Australian Labor Party's economic policy
- Overhaul of ROC/IPA process
- IRC release new SWT tables
- GST and excise changes
- Our social media presence
Please enjoy this month’s Kundu and reach out to us at kmcentee@kpmg.com.au if you would like to see KPMG cover specific topics in future editions
