Our monthly Clarity in financial reporting newsletter informs you of key focus areas in financial reporting for the month: actions, developments, and dates
Why does it matter?
Now is a great time to address considerations and issues for the upcoming June 2022 reporting season.
Our Tier 1 models and reporting considerations publication assists entities with public accountability and those choosing to prepare Tier 1 financial statements with an illustrative guide when developing disclosures for the June 2022 reporting season.
The publication also provides an easy-to-read and focused summary of key considerations for the June 2022 reporting season, including our popular ‘What’s new in financial reporting’ analysis.
The publication has the following sections:
More information: Tier 1 models and reporting considerations
Why does it matter? Understanding the Australian financial reporting framework helps to ensure entities meet their legal obligations.
We’ve released the 11th edition of our Australian financial reporting guide. The publication is a ‘one stop shop’ for answering your questions about financial reporting – when financial reports are required, how to apply the Australian differential reporting framework, the different types of financial statements, the involvement of regulators and markets, and more.
In this edition we’ve made updates:
More information: Australian financial reporting guide
Why does it matter? Newly finalised amendments will ease transition for entities moving to Simplified Disclosures (AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities)
The AASB has issued AASB 2022-2 Amendments to Australian Accounting Standards – Extending Transition Relief under AASB 1, which implements amendments to the following standards agreed at the AASB February 2022 meeting:
The amendments will be beneficial for entities transitioning to Simplified Disclosures (AASB 1060).
The AASB 1 amendments will permit a limited ‘push down’ or ‘push up’ of carrying amounts to streamline group reporting, particularly for subsidiaries of foreign entities applying IFRS Accounting Standards.
The amendments to AASB 1053 will be beneficial for country-by-country (CBC) reporting entities that prepared unconsolidated GPFS in accordance with RDR on the basis the entity was not a reporting entity. As the reporting entity concept has been removed for many for-profit entities with effect from annual reporting periods beginning on or after 1 July 2021, there was uncertainty whether AASB 10 Consolidated Financial Statements should be retrospectively applied on transition from unconsolidated RDR to consolidated Simplified Disclosures financial statements. The amendment clarifies that these entities can apply AASB 1 or AASB 108 on transition and so take advantage of the exemptions available in AASB 1.
AASB 2022-2 applies to annual reporting periods ending on or after 30 June 2022 (to coincide with the first-time mandatory adoption of AASB 1060).
Why does it matter? Being aware of recent developments allows you respond to those affecting your clients in a timely and informed manner.
A summary of recent developments: