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.

In this issue we look at the recent interest rate increases and its impact on financial statement balances, transactions and disclosures. We address some areas which should be considered in the lead up to the June 2023 reporting period. We outline why auditors will be asking more questions this year due to changes to ASA 315 – Identifying and Assessing the Risks of Material Misstatement. We close out the issue with a reminder of AASB’s recent Discussion Paper that sets out its initial thoughts on what a third tier of reporting for smaller NFP private sector entities might look like.

In this issue:

Feature article
  • Rising interest rates: How they may impact June reporting?
  • Why you should expect your auditor to be asking more questions this year
  • Proposed Tier 3 Reporting for NFPs