EY Financial Reporting Update 2024

Get the latest insights to build a future-fit finance function

In the dynamic landscape of business and finance, accounting standards are evolving to meet the growing demands of various stakeholders, with an increasing focus on financial accuracy and transparency in reporting. Staying abreast of regulatory updates is imperative for finance teams to mitigate potential risks and harness opportunities to achieve the strategic goals and long-term growth of the finance office and the business as a whole.

Join us at the EY Financial Reporting Update 2024, where we share insights on driving effective compliance and reporting in organizations, the latest developments in reporting standards and strategies to navigate challenges from the economic and regulatory environment.

Highlights:

1. Introduction: How finance leaders can navigate global megatrends in 2024
2. Understanding key IFRS and financial reporting updates and issues:
   • Financial reporting updates applicable for annual periods beginning 1 January 2024
   • IFRS 18 - Refining the presentation and disclosure in financial statements
   • Other current key focus accounting areas: hedge accounting, intangible assets impairment testing and fair value measurement
3. Charting the course for BEPS 2.0 in Singapore: strategic insights
4. Key sustainability reporting updates:
   • Understanding the sustainability reporting compliance landscape for Singapore companies
   • Role of finance in International Sustainability Standards Board (ISSB) implementation
5. Driving efficient reporting with artificial intelligence (AI)

Selected agenda details:

Introduction: How finance leaders can navigate the global megatrends in 2024

The finance landscape is evolving rapidly due to emerging megatrends such as rising inflation, geopolitical events, and shifting political climates. We will examine how these megatrends are shaping the future of the finance landscape. The push toward more autonomous financial operations is reshaping how finance leaders approach their roles. While staying current with IFRS and reporting standards remains fundamental and crucial for compliance, embracing change, especially through technological advancements, is equally important. Finance leaders must focus on preparing their accounting teams for transformation, developing the next generation of finance talent, advancing the maturity of the close process, and modernizing accounting and transactional finance processes.

Understanding key IFRS and financial reporting updates and issues

Financial reporting updates applicable for annual periods beginning 1 January 2024

To ensure companies remain aligned with the latest financial reporting standards through FY 2024, we explore significant updates and their implications. Areas we will be covering include the recent amendments to IAS 7 and IFRS 7 (supplier finance arrangements disclosure requirements), IFRS 16 (lease liability in a sale and leaseback) and IAS 1 (classification of liabilities as current or non-current).

IFRS 18 - Refining the presentation and disclosure in financial statements

There is growing pressure from stakeholders for greater clarity, transparency and comparability in financial statement information. The update in IFRS 18 aims to provide greater consistency in the presentation of the income and cash flow statements. This comes in the form of new categories and subtotals in the income statement and the requirement for disclosure of management-defined performance measures (MPM), a new concept to capture management’s view of the company’s financial performance.

Other current key focus accounting areas

With the increase in the interest rates environment globally, corporate treasuries have been taking a more proactive stance in managing their financing and hedging activities. We will examine the impact of these finance actions on companies’ hedge accounting.

Intangible assets are increasing drivers of business value. Intangibles account for over 90% of the market value of S&P 500 companies in 2024. We will discuss the disclosure and valuation of intangibles for commercial as well as for financial reporting purposes.

Fair value measurements often require significant judgment. We will be discussing what drives fair valuations in terms of the key inputs and assumptions, as well as enhancing quality of disclosures. 

Charting the course for BEPS 2.0 in Singapore: strategic insights

Singapore's tax frontier is set to transform with the Ministry of Finance's draft legislation for the Multinational Enterprise (Minimum Tax) Bill, alongside the Multinational Enterprise (Minimum Tax) Regulations 2024. These pivotal documents introduce the Qualifying Domestic Minimum Top-up Tax and the Income Inclusion Rule, key pillars of the OECD's BEPS 2.0 initiative.

We will dissect the draft legislation, comparing it with the GloBE Model Rules, and assess the impact of BEPS 2.0's top-up tax on Singapore's MNEs. Our focus will be on preemptive key steps to manage potential liabilities ahead of the legislation's roll-out.

Additionally, we will discuss the OECD's June 2024 administrative guidance, which promises to clarify the Deferred Tax Liability recapture rule, discrepancies between GloBE and accounting values, and the allocation of cross-border taxes.

Key sustainability reporting updates

Sustainability reporting compliance landscape for Singapore companies

In this segment, we will cover the latest regulations and guidelines issued by the Sustainability Reporting Advisory Committee (SRAC) and the Singapore Exchange. We also touch on the key international reporting requirements that may impact Singapore companies that are listed overseas, have international operations or are part of global supply chains.

Role of finance in International Sustainability Standards Board (ISSB) implementation

The ISSB focuses on sustainability-related financial information. The role of finance in the implementation of ISSB includes integrating sustainability metrics into financial analysis, providing insights to support strategic decision-making, aligning reporting and disclosure of financial and non-financial information. We will discuss the key focus areas to provide a foundation for finance departments to proactively achieve not only compliance with the ISSB standards, but also leverage sustainability reporting as a tool for strategic advantage.

Driving efficient reporting with AI

The time and resources needed to complete financial and management reporting processes and associated documentation are often significant. Driven by changing requirements, obtaining data from multiple sources, performing detailed data reconciliations and understanding the underlying drivers of results, we explore how AI can form part of your finance toolkit to enhance this process and allow finance to be a better business partner.

Event fees:

• Clients and EY alumni: S$500
• Public: S$580

Please register your interest if you wish to join this event.