Technical Accounting Advice

Having a strong quality control and assurance regime embedded in your accounting policies and disclosure review process is critical to ensure ongoing compliance with the constantly changing regulatory reporting framework.

Our expert advice is underpinned by a strong understanding of financial reporting requirements. This means that we can guide your business towards implementing a strong quality control and assurance program for your financial statements’ preparation process. This in turn provides you with additional assurance on the accuracy of financial statements.

We have a team of experts who can add true value to your financial statements including:

• Assessing the impact of new standards on your business and processes
• Updating your accounting function through in-house training

Organisations are under increasing pressure to comply with the sustainability or ESG framework. The ESG framework guides its stakeholders to understand an organisation’s ability in managing its risks and opportunities related to ESG.

Since ESG is a developing area that is still evolving, our experts monitor this space closely to stay at the industry’s forefront. This enables us to provide your business with proactive assurance and consulting services for monitoring and strengthening your organisation’s capability relating to the ESG framework.

The three pillars of ESG are broadly categorised as follows:

• Environment – climate change, pollution, population growth, greenhouse emissions, recycling, emergency situations
• Social – human rights, employees, diversity, work health and safety, community relations
• Governance – quality of governance, accountability, diversity of the board, shareholders rights, executive compensation/incentives, bribery and corruption.

Recent changes in the general-purpose financial reporting framework mean more entities will now be required to prepare general purpose financial statements (GPFS).

The Australian Accounting Standards Board (AASB) approved AASB 2020-2 Amendments to Australian Accounting Standards – Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities in March 2018. This standard is in effect for all financial years commencing on or after 1 July 2021 and certain for-private sector entities will no longer be allowed to prepare and lodge special purpose financial statements.

You will instead be required to prepare their 30 June 2022 financial statements under Tier 2 general purpose financial reports (Tier 2 GPFR).

For-profit private sector financial statements will be significantly impacted by AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Entities. This includes potentially pivoting systems, procedures and practices used in preparing financial statements.

Our team can assist businesses in assessing the increased reporting requirements as applicable to your business and preparing tailored financial reports compliant with Tier 2 GPFR requirements.