The current global and Australian economic environment is providing challenges to a number of entities which will flow through to 30 June 2023 financial reporting and financial statements.
In this article, we focus on some financial reporting impacts of two elements of macroeconomics – inflation and interest rates – as well as some general comments.
The current high inflation should cause entities to consider the following:
The recent spate of interest rate rises could have an impact on the following:
At a general level, entities should consider the following as part of the financial statement preparation process:
Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.