General purpose financial statements: Simplified Disclosures – June 2022
Simplified Disclosures – Summary of Disclosure Differences from RDR – November 2021
Our advocacy work: Post-implementation review of income for NFPs
The Australian Accounting Standards Board (AASB) sought feedback on income recognition for not-for-profits (NFPs) through its post-implementation review (PIR) paper issued in November 2022. We made a submission to the AASB on these proposals.
Our advocacy work: Development of simplified accounting requirements for NFPs
The Australian Accounting Standards Board published a discussion paper in September 2022 intending to create simplified accounting requirements for smaller not-for-profits. We made a submission to the AASB on these proposals.
Our advocacy work: Climate-related financial disclosure
In December 2022, Treasury released a consultation paper seeking initial views on the Government’s commitment of the disclosure of climate-related financial risks and opportunities in Australia.
What does the change in the reporting entity concept mean for special purpose financial reporting
For annual reporting periods beginning on or after 1 July 2021, certain for-profit private sector entities will no longer be permitted to prepare Special Purpose Financial Statements (‘SPFS’), when preparing financial statements under Australian Accounting Standards (‘AAS’).
Lodgement relief withdrawn for ‘grandfathered’ large proprietary companies
Effective for financial years ending on or after 10 August 2022, the exemption from the lodgement of annual financial reports of certain large proprietary companies (known as grandfathered companies) has been withdrawn by the Government.
Changed reporting requirements for AFSL holders
Australian Financial Services (AFS) licensees that are companies, registered schemes or disclosing entities can no longer prepare special purpose financial reports (SPFRs) to meet their AFSL reporting obligations from 1 July 2021. However, some licensees will be able to defer this requirement for 12 months. Deferral will be possible for those AFS licensees that prepared […]
Christopher Sonego
Chris has over 20 years of experience providing audit and assurance services to a range of clients across a number of sectors, including listed investment companies, medium to large private businesses and Not-for-Profit clients. His professional manner and client focus has seen him become a highly valued advisor to his clients. Chris recognises that each […]