Our latest insights

The transition to Expected Credit Loss (ECL) modelling under AASB 9 revolutionises financial accounting. Success relies on understanding ECL principles, ensuring data quality, robust methodologies, and effective governance.

Discover APRA's proposed new guidelines on Interest Rate Risk in Banking Book (IRRBB) through APS 117, impacting non-significant financial institutions (non-SFI). Learn about key requirements, including risk management framework integration, technology capacity assessment, and data quality evaluation, ensuring compliance and effective risk management.

Read more for insights from the latest APRA statistics and ICAAP reviews highlighting the Australian banking sector's strengthened capital management. Learn key considerations for ADIs to balance risk and growth effectively, including data quality, operational risk focus, and leveraging automation.

Finance teams are essential to decision-making, planning, and growth in any organisation. And as the business landscape changes, the finance function evolves. That's why it's important to recognise and embrace the growing importance of technology, collaboration, sustainability, and risk management in today's finance functions.

In a welcome response to feedback from industry and the accounting profession, the Queensland Building and Construction Commission no longer requires entities in Category 3 or Self-Certifying Categories 1 and 2, to provide General Purpose Financial Statements.

APRA's proposed changes to ADI liquidity and capital standards have sparked discussions across the banking sector. To encourage a resilient banking future, we put forward a submission to APRA last week in response to the changes.

What’s new for December 2023

Accounting standards issued but not yet effective for 31 December 2023

On 12 January 2024, Treasury released draft legislation on mandatory climate-related financial disclosures in Australia. Subject to the legislation being enacted by Parliament and receiving Royal Assent by the end of June 2024, the legislation will be in force for financial years commencing on or after 1 July 2024.

Recent action from the Payment Times Reporting Regulator – the first such action since the PTR Act commenced three years ago – has highlighted the importance for organisations to ensure that they are compliant with reporting obligations.

The purpose of this Alert is to draw attention to the Australian Securities and Investments Commission’s (ASIC) Media Release 23-343MR ASIC highlights focus areas for 31 December 2023 reporting.

AASB 2021-2 and AASB 2021-6 apply prospectively to annual reporting periods beginning on or after 1 January 2023.