In this issue of Corporate Advisor, we explain 14, financial-reporting, corporate-governance regulatory topics of crucial importance to CFOs and directors.  30 June reporting season is here, and there is much for all to absorb and act upon.

ASIC’s focus areas are like prior years – impairment and asset values, provisions, events occurring after year-end and before completing financial reports, disclosures in the reports and operating and financial reviews. What gives them a different complexion is the current uncertain markets and economic conditions.

We need to take a fresh look at what ASIC is telling us in new focus areas and enduring ones. Hall Chadwick team trust that the appendix ASIC ‘enduring’ focus areas for financial reporting will help preparers, audit committees, and directors.

Under amendments to AASB 101 Presentation of Financial Statements disclosure is now required for material accounting policy information – superseding disclosure of significant accounting policies. It is subtle but a significant change. These amendments apply to 30 June for the first time.

Lifting the eyes a little into 2024, we see substantial developments with release of AASB 18 Presentation and Disclosure in Financial Statements, guidance provided on AI, new bribery legislation to soon become operative, and the latest in fraud trends.

The Hall Chadwick team looks forward to collaborating with you on the challenges ahead.