In this issue of Corporate Advisor, we explain 11, financial-reporting, corporate-governance regulatory topics of crucial importance to CFOs and directors.

We should approach ASIC’s guidance with a renewed perspective. The Hall Chadwick team is confident that referring to the appendix outlining ASIC’s focus areas for the reports ending on 30 June 2023 will provide valuable assistance to preparers, audit committees, and directors.

ASIC’s current areas of focus remain consistent with previous years. These areas include the valuation of assets, establishment of provisions, evaluation of solvency and going-concern assessments, considerations of events occurring after year-end and before completing financial reports, as well as comprehensive disclosures within financial reports.

What gives them a different complexion is the current uncertain market and economic conditions.

Keep in mind AASB 17, which pertains to insurance contracts. Its scope goes beyond insurance companies. Understand what an insurance contract is and make appropriate plans and disclosures accordingly.

We also need to bear in mind the commission’s announcements during the year on corporate restatements, penalties for non-lodgement of accounts, failure to hold annual general meetings, greenwashing, whistleblowing, and actions taken for breaches of AFS license.

Lifting the eyes a little, we see substantial developments in sustainability led by IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. They’re from the International Sustainability Standards Board and coupled with the federal government’s consultation paper on Climate-related financial disclosure look at managing climate risks. Planning to accommodate these new directives is essential.

If you require assistance, reach out to your trusted Hall Chadwick engagement partner.