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Stay up to date with the latest developments in financial reporting, AASB standards, and technical accounting in Australia and New Zealand.
Our technical alerts keep you informed of significant changes to accounting standards and regulatory requirements.
ASIC Corporations (Annual and Half-year Reporting) Instrument 2026/468 commenced on 18 September 2026, consolidating 14 reporting relief instruments into one. ASIC describes the change as consolidation rather than a substantial policy reset, but preparers should update report references, check conditions and note specific application and transitional rules.
AASB 18 replaces AASB 101 and introduces significant changes to the structure of the income statement, including new defined subtotals and enhanced disclosure requirements for management-defined performance measures. Effective for annual periods beginning on or after 1 January 2027.
ASIC has announced its key focus areas for 30 June 2026 financial reports, including asset values, revenue recognition, and climate-related disclosures. Entities should ensure their accounting position papers are independently prepared and well-documented.
IFRS 19 provides reduced disclosure requirements for eligible subsidiaries, offering significant relief from the full IFRS disclosure burden. Australian entities should assess eligibility and consider early adoption where beneficial.
AASB S2 Climate-related Disclosures is now effective for large entities. Finance teams need to understand the impact on financial statement preparation, including scenario analysis, transition plans, and Scope 1, 2, and 3 emissions reporting.
Despite AASB 16 being in force for several years, ASIC continues to identify errors in lease accounting. This alert covers the most common mistakes in identifying lease components, determining the discount rate, and calculating the right-of-use asset.
ASIC has followed through on its warning to name entities and auditors that fall short in preparing accounting position papers. FinRep Advisory can assist in preparing independently documented accounting policy papers to meet ASIC's expectations.
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