The Australian financial reporting environment is one of the most complex in the world.
Whether you’re a small, medium or large enterprise, with or without foreign investment, or family- or private equity-owned, there can be a number of legally-mandated reporting requirements to navigate.
Further complexities arise when companies are required to dual report: meeting both the Australian accounting standards for Australian reporting, as well as foreign accounting standards in group reporting.
How we can help you
Our team has a single overarching purpose: to simplify high quality and current financial reporting for our clients. We can help you understand changes in accounting standards, develop change strategies and clearly communicate your plans to your stakeholders.
National Managing Partner - Quality & ExcellenceContact Andrew
In Focus & On Topic
Effective for financial years beginning on or after 1 January 2019, Interpretation 23 Uncertainty Over Income Tax Treatments requires that companies consider the potential for adverse tax determinations being made by taxing authorities while under a hypothetical audit. This involves a process of:
- Identifying tax treatments for which the outcome is uncertain;
- Estimating the probability of an adverse finding as it relates to that tax treatment; and
- Estimating the value of the liability associated with that treatment.
Many entities will not experience a significant impact on financial reporting as a result of the interpretation becoming effective, however certain entities, based on their structures and nature of operations may be more adversely impacted. Some examples of characteristics of such entities are those that:
- Enter into related party transactions (especially internationally); or
- Enter into more aggressive tax positions.