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.
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’).
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 […]
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 […]
Richard’s proactive approach to client service allows him to build collaborative, long-term relationships that drive tangible outcomes. His clear and open communication together with his strong sense of integrity and work ethic ensures he is a trusted advisor. His commitment to understanding his client’s objectives through open and clear communication helps to drive commercial outcomes. […]
As a chartered accountant with over 12 years of professional practice experience, Michael provides his clients with extensive expertise across a full range of business advisory services. Throughout his career, Michael has overseen the assurance engagements for a number of iron ore, gold, nickel and copper mining operations across Australia. Michael is also a trusted […]
Related party transactions are of interest as they have the potential to impact a responsible person’s ability to act in the best interests of the charity. In conjunction with the increased charity thresholds incorporated into the Australian Charities and Not-for-profits Commission Regulation 2013 (Regulations) on 13 November 2021, the Regulations also contain more disclosure requirements […]
Over the last twelve months we have seen many NFPs struggle with applying the revised income and revenue recognition accounting standards as part of their financial reporting processes. Further, we have seen the board members of these NFPs having difficulty in understanding how the resulting outcome of applying these standards is logical and consistent with the underlying objectives and mission of the NFPs.
As we enter into the financial year commencing 1 July 2021, we remind you that the removal of special purpose financial statements for certain for-profit entities is now upon us.
Thank you for you interest