30 June 2022 reporting is the focus. We detail ASIC-focus areas, the lessons from of its financial-reporting surveillance program, and changes to AFSL reporting.
For many for-profit entities, this season sees the end of special purpose financial statements and the challenges in the preparation of first time general purpose financial statements. A task not to be underestimated.
Also gone is reporting under the reduced-disclosure regime, replaced by simplified disclosure.
Much has been happening of particular relevance to boards – climate change, penalties for non-lodgement of financial reports, cyber security, reforms to AGMs and electronic documents, and a reminder that time is running out for director identification numbers.
Directors and preparers need to keep these front-of-mind and address them.