Welcome to the latest edition of our financial reporting publication that aims to keep you in the loop with all the latest accounting and financial reporting developments, and the potential impact they may have on your business.

Most of this issue is dedicated to highlighting financial reporting developments and matters that directors and preparers should consider as they gear up for the reporting season that is now upon us. We summarise how the for-profit financial reporting framework reforms affect AFS licensees after ASIC issued guidance in this regard and remind certain for-profit entities that there are new disclosures they need to include in their 30 June 2022 financial reports. We also point out recent developments aimed at making life easier for NFP entities.

In this issue:

  • AFS licensee financial reporting requirements clarified
  • New disclosures for certain for-profit special purpose report preparers
Not-For-Profit Entities
  • Cost option made permanent for peppercorn leases
  • Guidance on accounting for non-refundable upfront fees
30 June reporting season
  • Transitioning from SPFS to GPFS for the first time
  • Financial reporting focus areas
  • Disclosures of business risks and asset values
  • SaaS arrangements
  • Charity-specific changes
  • No reporting deadline extensions
  • New accounting pronouncements