Accounting News - November 2021

In our latest edition of Accounting News we keep you up-to-date with the latest financial reporting issues in Australia and globally. This includes a significant development in ESG reporting with the formation of the new International Sustainability Standards Board, updated ASIC guidance for directors, financial reporting for NFPs and much more. With the looming deadline for moving to general purpose financial reporting, we also take you through these requirements one step at a time.

SUSTAINABILITY

• International Sustainability Standards Board launched at COP 26

AUSTRALIAN DEVELOPMENTS

• More ASIC guidance for directors on the features of an audit committee that support audit quality
• Increase in New Zealand financial reporting thresholds for ‘large’ companies
• Director Identification Number (ID) requirements

GETTING READY FOR GENERAL PURPOSE FINANCIAL STATEMENTS

• Accounting for impairment of assets (IAS 36)

INSURANCE

• Applying the General Measurement Model in IFRS 17 Insurance Contracts to a portfolio of insurance contracts – the impacts of changes in assumptions

NOT-FOR-PROFIT ENTITIES

• How do we determine if a charity is small, medium or large for financial reporting purposes?
• Are you interested in attending a financial reporting webinar for NFPs?

INTERNATIONAL DEVELOPMENTS

• Recent agenda decisions of the IFRS Interpretations Committee

OTHER

• Watch our most recent webinars – Accounting Standards Update: Getting ready for 31 December 2021