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.
Since our last issue that was dedicated to sustainability reporting, we are one step closer to legislated climate disclosures for certain entities. Treasury has issued exposure draft legislation, broadly in line with the proposals in its earlier consultations, that cements the way forward for an Australian framework for mandatory climate-related financial disclosures. For NFPs, we provide an update on the Tier 3 framework for smaller NFP entities that is in quiet progress, and a reminder to disclose related party transactions in SPFS. We close out the issue with ASIC’s latest focus areas, emphasising the importance of disclosures in both the OFR and the financial report.
In this issue:
- Cementing the pathway to mandatory climate disclosures
- Proposed Tier 3 framework for smaller NFPs quietly in progress
- Charities preparing SPFS, don’t forget related party disclosures
- ASIC focus areas: What’s new and what’s not?