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Have you considered the accounting impact of tariffs?
Tariffs and trade policies of the US and other countries change frequently and require regular monitoring for their effects on accounting. Tariffs could impact cash flow forecasts, revenue and asset impairment, to name a few. Shifting trade policies increase uncertainty about future economic conditions. Learn more about the accounting impact of tariffs and trade policy here.
Sustainability reporting is interconnected with financial statements and is subject to increased scrutiny. Accounting for climate change can be complex and may require significant judgement. Our latest publication includes guidance to support entities with assessing and reporting the effect of climate change. Access the publication here.
How do covenants impact the classification of financial liabilities?
Only those covenants that an entity must comply with on or before the reporting date affect the classification of financial liabilities. This was clarified in accounting standard amendments and may change existing classifications. Amendments apply retrospectively and are effective for annual reporting periods beginning on or after 1 January 2024. Read more here.
Narrow-scope amendment to AASB 10 clarifies de facto agent relationships
Various relationships might exist between an investor and other parties – the amendment clarifies that judgement is required to determine if a party is acting as a de facto agent based on the nature of the relationship and the parties’ rights. The amendment further clarifies that the examples in the standard are neither exhaustive, nor definitive indicators. Amendments are effective for reporting periods commencing on or after 1 January 2026. Learn more here.
Introduction to Dynamic Risk Management
This video discusses the key features of the IASB’s Dynamic Risk Management project, which will mainly affect banks. The video also highlights what entities can do in preparation for the new model. Watch it here.
New pronouncements issued as at 30 June 2025
This publication outlines the latest accounting pronouncements and amendments that are effective as at 30 June 2025. Access this useful summary here.