Reporting on the table

Focus On Reporting – Issue 1/2024

Back

Focus On Reporting, providing you with the latest insights in financial reporting

The team

Frank Palmer

Frank Palmer

EY Oceania IFRS Leader

Featured

Sale and leaseback agreements: understand the amendments

The amendment to IFRS 16 requires that a seller-lessee does not recognise any gain or loss relating to the right of use it retains after a sale and leaseback transaction. This amendment does not preclude the seller-lessee from recognising a profit or loss relating to the termination of a lease. The amendment is effective for annual reporting periods beginning on or after 1 January 2024. Read more about it here.

New Australian Accounting pronouncements

Our publication highlights the changes in accounting requirements to be applied for the first time for 31 December 2023 year-ends, and those that will be mandatory in future periods. Read it here.

Sustainability reporting: Introduction to IFRS S1 and S2

IFRS S1 and IFRS S2 are effective for annual periods beginning on or after 1 January 2024. These inaugural sustainability-related reporting standards aim to address the increased demand for holistic corporate reporting. Our publication summarises what you need to know about these two new standards. Read our publication here.

Hot off the press: the latest illustrative financial statements

The illustrative financial statements, Quality Holdings (Australia) Limited, are now available for 31 December 2023 (and June 2024) year-ends. Download this useful resource here.

Not-for-profit financial reporting and tax update

This publication outlines the latest developments in financial reporting and taxation for private sector not-for-profit entities, as well an update on the ongoing AASB not-for-profit projects. Access this useful summary here.

Practical guide for the implementation of IAS 12 amendments for Pillar Two income taxes

This useful guide sets out the disclosure objectives and considerations to aid with the preparation of meaningful disclosures in the financial statements. It also includes helpful illustrative disclosures and practical explanations of the implementation process and phases in the process of implementation.

  • Trending

    IFRS in issue at 31 December 2023

    ► Read our publication containing a useful summary.

    AASB amendments

    ► Read the AASB amendments to accounting standards on lack of exchangeability, in response to the IASB amendments.

    Exposure Drafts (ED)

    ► Read the EY publication here and read the full Financial Instruments with Characteristics of Equity exposure draft and its proposed amendments to IAS 32, IFRS 7 and IAS 1 here.

    ► Read the EY comment letter on the Post-implementation Review of IFRS 15.

    ► Read the SR1 Australian Sustainability Reporting Standards exposure draft.

    ► Read the EY comment letter on the ED Improvements to IFRS Accounting Standards.

    ► Read this EY publication which provides an overview of the Dynamic Risk Management model for banks.

    AASB meeting updates

    ► November 2023 – agenda and action alert

    ► October 2023- agenda and action alert