Forvis Mazars Corporate risk and reporting newsletter – January 2025
Corporate risk & reporting newsletter - Jan 2025
As we begin the new year, regulators are sharpening their focus on critical areas, and companies must stay ahead of evolving requirements.
In this edition, we delve into ASIC’s key focus areas for 31 December financial reports, along with their surveillance findings and the latest on AASB standards. We also explore the growing intersection of sustainability and financial reporting, with ASIC seeking feedback on new guidance and international developments on sustainability ethics.
In the governance space, we highlight refreshed cyber-security principles, updates on insolvent trading, and the latest compliance changes, including the serious implications of wages underpayment and new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) amendments. Additionally, we examine the regulatory landscape, including ASIC’s enforcement priorities, APRA’s findings on risk management, and the introduction of the first Cyber Security Act.
Key highlights in our January 2025 edition include:
Financial reporting
- ASIC focus areas for 31 December financial reports
- ASIC’s surveillance findings
- AASB standards operative and those not yet
Sustainability reporting
- New financial-reporting obligations for RSE
- ASIC seeks feedback on sustainability reporting
- AUASB has finalised its phasing model for the assurance of sustainability reporting
- New guidance on aligning financial reporting and sustainability reporting
- International and local sustainability ethics coming
- Sustainability-related risks and opportunities outlined
Governance
- Cyber-security governance principles refreshed
- ASIC updates guidance on insolvent trading
Compliance
- Intentional wage theft can result in a criminal conviction, jail time and/or significant financial penalties
AML/CTF
- AML/CTF amendments come into effect
Regulators and legislators
- APRA findings on valuations and liquidity risk management
- More protection of Australians’ privacy
- First Cyber Security Act passed
- ASIC’s enforcement priorities
AFSL
- Licensees slow to tell ASIC about reportable situations
- ASIC reissues guidance on funds management
ASX
- ASX deadlines are near
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