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It is a challenging time for many; from a cost-of-living crisis and global political uncertainty, to lingering stress post pandemic. Coupled with business control weaknesses or vulnerabilities, these pressures can create the perfect storm for financial crime to occur.

Accounting standards issued but not yet effective for 31 December 2024

What’s new for December 2024

The purpose of this Alert is to draw attention to the Consultation Paper CP 380 Sustainability reporting (consultation paper) and accompanying draft regulatory guide RG 000 Sustainability reporting (draft regulatory guidance) published by the Australian Securities and Investment Commission (ASIC) on 7 November 2024.

Following recent decisions made at the Australian Accounting Standards Board (AASB) meetings, we now have a very clear sense of what the final Australian Sustainability Reporting Standards (ASRS) will look like.

The manufacturing sector has demonstrated remarkable resilience and adaptability, achieving steady growth through effective cost management and strategic investments despite economic challenges.

AASB 18 Presentation and Disclosure in Financial Statements

The new prudential standards for the private health insurance industry which commenced on 1 July 2023 have significantly changed how capital adequacy is determined for insurers and have been implemented to improve alignment with APRA’s insurance capital framework, consistent with international best practice.

The valuation of unlisted investments continues to garner significant attention in the media and by regulators given the high level of judgement involved and the often-perceived lack of transparency around the valuation process.

The Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 (‘the Amendment’) was passed on the 27 March 2024 by the Federal Government.

ASIC focus areas for 30 June 2024 financial reports

Accounting standards issued but not yet effective for 30 June 2024