Forvis Mazars Corporate risk and reporting newsletter – August 2024
Corporate risk & reporting newsletter - Aug 2024
In this edition, we outline ASIC’s current priorities and provide essential reminders for the 30 June 2024 financial reporting process, including the importance of disclosing only material accounting policy information, and updates on the IASB’s stance regarding common control accounting standard amendments.
In our sustainability section, we delve into the forthcoming mandatory climate-related disclosures and examine how environmental factors are shaping financial decisions.
Be sure to check out our appendix for a comprehensive overview of ASIC’s ongoing focus areas in financial reporting.
Key highlights in our August edition include:
Financial reporting
- ASIC’s financial reporting focus for 30 June
- The reporting process reminders
- Only disclose material accounting policy information
- Registrable superannuation entities reporting changes
- New requirements the ‘Consolidated Entity Disclosure Statement’
- More profit-and-loss details required
- IASB says no to common control improvements
Sustainability reporting
- Prepare for mandatory climate-related disclosures
- Demystifying nature’s impact on finance
Governance
- New resources on AI
- SMEs and NFPs get help on cyber security
Regulators and legislators
- New bribery offence
- APRA releases new prudential handbook
- APRA wants improved valuations
- APRA updates standards
- Better data backups needed
Appendix
- ASIC ‘enduring’ focus areas for financial reporting
