Watch a recording of our webinar held on 10 May 2018 which outlines key accounting and regulatory changes for June 2018 reporting, as well as a two minute snapshot video from KPMG Partner Kim Heng.
During this webinar, KPMG Partner Kim Heng covers preparing for accounting standard and regulatory changes relevant for 30 June 2018 half-year and full-year reporting.
ASIC’s monitoring activities through their surveillance program continues, with asset values and revenue recognition familiar themes. Additionally, ASIC is keenly monitoring disclosures around how the new standards on revenue, financial instruments and leases will impact your organisation to make a judgement on your level of readiness for them. We expect ASIC to come out boldly when they announce their areas of focus for 30 June 2018 – with the expectation of quantitative disclosure of impacts and other pre-implementation disclosures. For those preparing interim accounts at 30 June, we expect that disclosures about transition is also going to come under regulator scrutiny.
Tax transparency and tax morality are still a focus but what has become apparent is that some of the measures introduced are clearly around public tax transparency as opposed to tax transparency needed by the regulator.
The Australian Accounting Standards Board have also been active with a long project list.
Kim also highlights a few areas where we’ve recently experienced either a spike in queries from our clients or practical recurring issues relating to the preparation of financial statements in the areas of operating lease commitment disclosures, classification of liabilities as current or non-current and the flow-on impact of the new revenue standard on the recognition of inventories.
View a copy of the slide presentation from the webinar.