Topic: Financial Reporting


Submissions to AASB on special purpose financial statements and simplified disclosure

The AICD has made a submission to the AASB accepting the need to remove special purpose financial statements with a request that the transition period be moved to two years to allow a proper adjustmen...

Finance Fundamentals for Directors 2nd Edition

The world in which we live is growing more complex and many directors in Australia report it has become more difficult over the years for them to deal with the increasing complexity of financial state...

The end of financial year checklist every director needs

From assets to leasing, with the end of financial year fast approaching, here's a checklist for directors to ensure best business practice in the new financial year.

Good news for small business

An increase in the thresholds that define a large proprietary company will mean that about 2,220 small companies will no longer have to lodge publicly available financial statements with ASIC. Accordi...

Exposure Draft – Proprietary Company Thresholds

On 14 December 2018 the AICD lodged a submission with Treasury on the Exposure Draft – Corporations Amendment (Proprietary Company Thresholds) Regulations 2018.

Special purpose Financial Statement Problems Phase 2 (Medium-term Approach)

The AICD does not support the AASB’s preferred Phase 2: Medium-term Approach which involves removing the ability for non-publicly accountable entities to prepare and lodge special purpose financ...

The real wages vs productivity gap

Real wages haven't been keeping pace with productivity for a while, which has put a constraint on overall sustainable economic growth.

Banking & Financial Services Royal Commission: Interim Report statement

On 28 September, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry handed down its Interim Report.

ASIC calls out inadequate breach reporting in financial services

A new ASIC report has found significant breaches by financial institutions cost consumers $500m from 2014 to 2017. The regulator has clearly signalled that boards need take a more active role on breac...

Submission on the Short-term Approach in Adopting the IASB Conceptual Framework and the Reporting En...

On 16 August 2018 the AICD lodged a submission (Phase 1 submission) with the Australian Accounting Standards Board on the short-term approach proposed in the Consultation Paper (CP) – Applying the IAS...
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