EY In Balance – Issue 1/2022
Welcome to EY In Balance, providing you with the latest insights in financial reporting.
ASIC has released its focus areas for 31 December 2021 year-ends, highlighting the importance of making reasonable and supportable assumptions about uncertainties and appropriate disclosure.
We have recently released several Australian publications covering insurance arrangements for corporates, new accounting pronouncements, and not-for-profit financial reporting and tax developments.
International GAAP® 2022 will soon be available free of charge. In light of EY commitment to carbon neutrality, this will be published exclusively in a user-friendly, easy-to-browse and search, digital format.
The team
Featured
Corporations can take on insurance risk
Insurance contract accounting is not limited to just insurance companies. Any entity may have a contract that creates an insurance exposure. We highlight the challenges by clarifying what is insurance risk and when such a contract may be an insurance contract under accounting standards.
New Australian Accounting pronouncements – 31 December 2021
Our publication highlights changes to be applied for the first time for 31 December 2021 year-ends and those mandatory in future periods. We have released the latest edition of “Not-for-profit financial reporting and tax update”.
Accounting for Climate Change
Climate-related matters could have a significant impact on your financial statements. Determining this impact may require significant effort and judgement. Our publication provides helpful observations and illustrations.
What is ASIC’s focus for 31 December 2021?
ASIC’s focus is on asset values, provisions, solvency & going concern, subsequent events and disclosures in the financial report and operating and financial review. ASIC emphasises the importance of disclosing key assumptions, risks, the drivers of results, management strategies and prospects.
Good Group Australia- December 2021/June 2022
Good Group Australia provides illustrative financial statement disclosures for Australian Tier 1 preparers. The latest edition for December 2021/ June 2022 year-ends is now available. We have also released “GPFS (Tier-2) Reporting” to highlight considerations for Tier-2 preparers.
International GAAP® 2022 - free of charge
International GAAP® 2022 will soon be available free of charge in EY Atlas Client Edition via the new free content channel EY Analysis: International Financial Reporting Standards (IFRS). In light of EY commitment to carbon neutrality, International GAAP® 2022 will be published exclusively in a user-friendly, easy-to-browse and search, digital format.
