Assurance Services

Accounting change

Sweeping changes to accounting standards are coming — are you ready?

You operate in an increasingly uncertain business environment, complicated by the unprecedented range of potential changes to accounting standards. In this environment, management and audit committees are asking what they should be doing today to ready themselves for such significant change.

The IASB and FASB have undertaken a number of ambitious standard-setting projects to improve both IFRS and US generally accepted accounting principles as well as to work to achieve convergence. These new standards, when issued, are expected to significantly alter accounting treatments and disclosures in several critical areas, including financial instruments, leases and revenue recognition. The number of standards being revised is significant, but of greater importance is how the accounting for common transactions will change as a result of these standards.

• Learn more about IFRS developments.
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Fraud

Fraud, bribery and corruption continue to expose companies to heightened financial, regulatory and reputational risk

The 11th Global Fraud Survey provides a unique insight into how different economic regions compare. Participants reported an increase in fraud over the past few years, yet the corporate response to addressing fraud is adhoc and inconsistent.

There exists a real need for companies and those charged with their governance and oversight, to revisit their focus on the risks of fraud, bribery and corruption. Given the current environment, more robust anti-fraud and anti-corruption efforts are an imperative.

Corporate governance

Increasing transparency, improving control

Economic conditions generally improved during the past year, but uncertainties still remain. The world is demanding greater corporate transparency. Investors want access to more accurate and relevant information about companies, transactions, markets and risks. Regulators are moving to exert more control.

There’s much debate about how corporate governance should evolve. It’s a debate that’s being held against a background of legislative and regulatory change, the implementation of International Financial Reporting Standards and increased public scrutiny. We believe that global coordination is a necessity, not a luxury, in today’s interconnected and interdependent markets. Regulators and standard-setters need to continue to work together, to promote global consistency.

• Learn more about governance and reporting

Sustainability reporting

A growing trend toward disclosure of nonfinancial information

In the face of mounting pressure to be transparent, an increasing number of organisations are choosing to report on sustainability or corporate social responsibility (CSR). Sustainability reports help internal and external stakeholders understand how well the organisation adheres to the "triple bottom line" of environmental, social and economic performance.

Seven things you should know about sustainability reporting

Visit our Australian Climate Change and Sustainability Services site.