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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.
In a complex operating environment, the Australian Prudential Regulation Authority (APRA) is encouraging regulated entities to prioritise quality data as a valuable asset. APRA's growing emphasis on data risk management, evident in regulatory guidance such as CPG 235, CPS 234, and CPS 230, underscores the vital role of quality data for entities under its regulation. Despite progress revealed in APRA's 100 Critical Risk Data Elements Pilot study, a significant gap persists between current and optimal data risk management practices, with potential consequences including reputational damage and financial loss.
To help shape the future of giving in Australia, the Productivity Commission recently released a draft report that dives into the current state, challenges, and opportunities in the philanthropy space. The report underscores the significance of philanthropy and volunteering in fostering social capital, trust, and innovation in the community sector, while addressing challenges with a view to unlock its full potential.
Outsourced CFO services can help scale up businesses, domestic established businesses and international subsidiaries with the demands of doing business
Today, APRA shared a letter outlining their expectations regarding credit risk provisioning for ADIs. Its focus includes robust model risk management, ongoing sensitivity analysis to navigate economic fluctuations, and the development of systematic procedures for identifying and addressing sector-specific risks – particularly in the context of AASB 9 Financial Instruments.
The Financial Accountability Regime (FAR) Bill 2023 marks a pivotal transformation in financial sector oversight, affecting all APRA regulated financial entities in the banking, insurance and superannuation industries as well as their significant related entities. Jointly administered by ASIC and APRA, the FAR will replace the Banking Executive Accountability Regime (BEAR), aiming to improve risk and governance cultures by imposing a strengthened responsibility and accountability framework for those financial institutions.
This analysis of Australian mid-sized manufacturers has shown a positive outlook, with average year-on-year sales growing by 6.7 per cent in 2023. This growth can predominantly be attributed to increased capital expenditure and investing into emerging technologies. The outlook is particularly promising for business with revenue over $100m, whose scale has supported ongoing success through stronger forecasting linked to better pricing agreements and growing market shares due to their steady inventory.
When the AASB issues a new or revised Standard (or an Interpretation) with an effective date after the end of the reporting period, an entity has two choices.