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IFRS 17 Insurance Contracts was issued by the International Accounting Standards Board (Board) on 18 May 2017. The Board published some amendments to IFRS 17, including a deferral of the effective date of IFRS 17 by two years, with entities required to apply IFRS 17 for annual periods beginning on or after 1 January 2023.

The ATO has recently undertaken a number of Income tax, Transfer Pricing, GST and R&D reviews of Fintechs across the ‘Top 1000’ and the ‘Medium and Emerging’ markets, focusing on business models such as online lenders, neo banks, buy now pay later providers, and peer-to-peer lenders. Based on the findings, the ATO has identified a number of key risk areas.

On Tuesday 23 November 2021, APRA released commentary following the conclusion of its pilot initiatives – the tri-partite audit and technology resilience data collection.

On Thursday 11 November 2021, APRA announced its proposed new attachment to Prudential Standard APS 220 Credit Risk Management.

On 3 November 2021, the High Court of Australia handed down a landmark decision, ruling that the “backpacker tax” imposed on a UK national who was deemed to be an Australian tax resident was in breach of the non-discrimination clauses in the Australia-UK Double Tax Agreement.

The European Commission is leading a shift in sustainable finance.

Australian Superannuation assets equated to $2.8 trillion at the end of the September 2018 quarter – a figure that continues to grow as more Australians co-contribute to their superannuation funds as well as portfolio growth.

Increasing regulation, margin compression and investor demands for returns and transparency in a challenging global environment have brought new challenges to the asset management sector.

The digital age and smartphones are revolutionising the way we shop, but also the way we bank.

The Banking Executive Accountability Regime (BEAR) set out in Part IIAA of the Banking Act 1959, was introduced in February 2018.

APRA has now begun issuing notices to regulated financial institutions advising them to start preparing for CPS 234 tripartite reviews.

More M&A as Financial Services organisations seek to consolidate for improved customer experiences.