Financial Reporting quick update

Our Audit and Assurance team have summarised the latest news and changes to provide a quick update on financial reporting, as at 31 December 2017.

 

Non-compliance with laws and regulations

All professional accountants now have increased responsibility in relation to suspected or actual breaches of any law and regulation due to the changes in APES 110 Code of Ethics for Professional Accountants.

Significant global entities (ATO)

Australian entities who are part of a group with global revenue > AUD$1bn are required to lodge general purpose financial statements with the ATO which will then be placed on ASIC’s public record. Deadline for lodgement is 31 March 2018 for June 2017┬áreporters.

If any of the topics raise questions, please contact your Bentleys Advisor for further information.

Reading

New guidance on materiality

The AASB has released Practice Statement 2: Making Materiality Judgements which provides guidance for preparers in applying the materiality concept. It contains a number of practical examples for the public, private and NFP sectors.
De-cluttering financial statements The IASB has released Better Communication in Financial Reporting which provides a number of case studies showing how entities have streamlined their financial statements to present information in a more clear and meaningful format.

De-cluttering financial statements

The IASB has released Better Communication in Financial Reporting which provides a number of case studies detailing how entities have streamlined their financial statements to present information in a more clear and meaningful format.

Need help with financial reporting?

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