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From legislation to action: Australia’s sustainability reporting standards finalised

30/09/2024

The Australian Accounting Standards Board (AASB) has approved new sustainability reporting standards aligning with mandatory climate reporting legislation. These standards create a framework for large Australian companies to disclose their sustainability practices. Introduction Following the passage of the legislation by the Australian Parliament, the AASB approved two inaugural sustainability reporting standards modelled after international guidelines […]

Proposed income tax amendments for General Insurance Contracts

20/07/2023

Following the 2023/24 Federal Budget announcement to reduce the regulatory burden facing general insurers, the Australian Treasury released Exposure Draft legislation on 10 July 2023, to be applicable for income years starting on or after 1 January 2023.   Requirements for calculating tax liabilities that arise from general insurance contracts are set out in Division 321 […]

Sustainability Accounting Standards issued

05/07/2023

The International Sustainability Standards Board (ISSB) has issued the first two sustainability accounting standards, with implementation in Australia yet to be finalised. The ISSB has issued two standards focusing on material risks and opportunities related to sustainability (IFRS S1) and climate (IFRS S2). The new standards are effective for reporting periods beginning on or after […]

ASIC announces financial reporting changes for AFS licensees

09/06/2022

Following changes to the accounting standards, ASIC has given long-awaited clarity to Australian financial services (AFS) licensees, announcing new financial reporting requirements. This announcement on Friday 3 June effectively removes annual special purpose financial statements as an option for AFSL holders. Under the new reporting requirements, many AFS licensees’ annual financial reports must be prepared […]

全中文税务与财务更新讲座 | Mandarin Tax and Accounting update

30/03/2021

在我们近期的全中文财税更新讲座上，本所专家团队解读了近期主要财税变化，以及这些变化为企业与个人带来的影响与机遇。 At our recent Mandarin Tax and Accounting update, our team of experts discussed the recent key accounting and tax changes, the impact and opportunities that these changes would bring to individuals and businesses. 重点税务与财务事宜更新总汇 | Summary of key tax & accounting matters  澳大利亚税务局最新税收裁定与指导意见 Recent Key Taxpayer Alerts & Guidance 近期重大税务案件回顾 Recap of key cases 转让定价最新消息 […]

NFP Special Purpose Financial Statements

09/03/2021

Not-for-profit entities are required to disclose how they do not comply with the recognition and measurement requirements of the Australian Accounting Standards Introduction Whilst the removal of Special Purpose Financial Statements (SPFS) has yet to impact Not-for-Profit entities (NFPs), the AASB has introduced AASB 2019-4. NFPs preparing SPFS from 30 June 2020 must now disclose […]