BDO’s IFRS & Corporate Reporting group in Australia produces the following publications to keep clients and staff informed about the latest regulatory and legislative changes, and financial and corporate reporting requirements for businesses.
BDO has published its IFRS in Practice which provides an overview of the new requirements for classifying loans with covenants as current or non-current. It also includes a flow chart to help in determining this classification, along with application of the flow chart to multiple scenarios. These new requirements are effective for annual reporting periods beginning on or after 1 January 2024.
Factors such as the evolving geo-political risks, energy supply shortages, rising energy prices and inflationary pressures are leading to an uncertain economic environment. There are numerous accounting implications across multiple areas such as going concern assessments, judgements and estimates, impairment of non-financial assets, etc. This publication discusses many of these implications, and some of the reporting implications of climate-related matters, on the financial statements.
The IASB issued an Exposure Draft titled Climate-related and Other Uncertainties in the Financial Statements on 31 July 2024. This exposure draft proposes to add eight illustrative examples to IFRS® Accounting Standards with the aim of improving how the financial statements present and disclose financial information about climate-related and other risks. BDO’s publication provides a snapshot of the proposed illustrative examples, along with an overall understanding behind developing those examples.
BDO has released its period end IFRS Accounting Standards Update. This publication provides a concise list of standards and amendments that became effective during 2024 or will become effective in the coming years, including IFRS 18 and IFRS 19. It also provides a snapshot of the IASB’s standard setting projects, maintenance projects and research projects as well as IFRS Interpretation Committee’s activities, including IFRIC agenda decisions.
BDO has published its 31 December 2024 Illustrative IFRS Financial Statements. This update includes disclosures relating to the new classification requirements for loans with covenants as current or non-current liabilities (IAS 1 Presentation of Financial Statements), as well as the new disclosures required for supplier finance arrangements (IAS 7 Statement of Cash Flows and IFRS 7 Financial Instrument: Disclosures), and information about other standards that have been issued, but are not yet effective.
Note: These illustrative IFRS financial statements do not include any Australian-specific disclosures, including the consolidated entity disclosure statement for certain public companies, remuneration reports required by s300A of the Corporations Act 2001 (for listed entities) and s300C (for registrable superannuation entities), AASB 1054 Australian Additional Disclosures and the requirements to present a directors’ report.
BDO has released illustrative interim financial statements for the half-year ended 30 June 2024. This version includes illustrative disclosures relating to amendments to IFRS® Accounting Standards effective for annual reporting periods beginning on or after 1 January 2024 for the first time, including changes for supplier finance arrangements, and classification of liabilities as current or non-current.
Note: These illustrative IFRS financial statements do not include any Australian-specific disclosures, including the requirements to present a directors’ report.