Foreword
In this month’s Kundu we focus on two key developments :
IFRS 18 – The new Standard on Financial Statement Presentation.
The new standard will come into effect from 1 January 2027. Early preparation and application is recommended as adoption before the effective date is also permitted.
KPMG’s go to First Impressions publication and high level guide on the new standard is a good resource for further information.
IRC Activity
Our Tax Partner presented at a recent seminar and offers commentary on IRC activity. These are important issues to note for tax payers as IRC drives tax compliance
IFRS 18 – Improved consistency, comparability and transparency of financial statement presentation.
by Maria Hernandez, Director, Audit & Assurance Services
Investors are demanding more relevant information and transparency in the presentation of companies’ financial statements. They want greater comparability between financial statements and more consistency in how particular measures are communicated.
A marked increase in IRC activity
by Karen McEntee, Partner, Business & Tax Advisory Services
I presented at a seminar last week and made observations on the change in IRC’s approach since I first started working in PNG in early 2014. In 2014 late lodgements and late payments were commonplace as penalties were not automatically applied for the late lodgement of GST and withholding tax returns. By late 2014/early 2015, with the move to the IRC’s SIGTAS system and the imposition of very punitive automatic penalties of up to 20% flat tax and 20%interest p.a. for late filing, there was a positive shift in taxpayer behaviour.
Our social media presence
As usual, you may access our regular multi-disciplined thought leadership pieces, newsletters, and updates on our KPMG PNG LinkedIn page. Also, connect via our webpage www.kpmg.com.pg and Facebook https://www.facebook.com/pngkpmg/
Enjoy the read this month and reach out with any enquiries at kmcentee@kpmg.com.au if you would like to see KPMG cover specific topics in future editions.