Welcome to the latest edition of our financial and corporate 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.
Momentum continues to build in the sustainability reporting space, with Australia’s new mandatory sustainability reporting regime now law from 1 January 2025. In-scope entities will be required to include sustainability-related information, starting with climate, alongside their financial reports. We provide an overview of the information entities will need to report under AASB S2 Climate-related Disclosures. Reporting carbon emissions is part and parcel of these disclosures. Our second instalment on carbon accounting explores calculating Scope 1 and Scope 2 emissions, emphasising that data and technology are key to this process.
Special purpose financial statements have a limited life for certain NFP entities. We take a quick look at the proposed Tier 3 framework for smaller NFP entities that is currently out for public comment. And finally, we point directors and preparers to ASIC’s latest findings from its financial reporting surveillance activities.
In this issue:
Sustainability Reporting
- A quick guide to ASRS and AASB S2
- Carbon accounting: Understanding Scope 1 and Scope 2 emissions
Not for profit entities
- End of the road for SPFS looming for certain NFP entities
Regulatory
- Latest outcomes from ASIC’s oversight of financial reporting