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ASIC announces financial reporting changes for AFS licensees

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 […]

AFSL entities with leases under AASB 16

ASIC’s media release in December 2019 advised AFSL holders that the right-of-use asset resulting from adoption of the new accounting standard on leases (AASB 16) will be intangible, which may impact AFSL holders’ compliance with licensing conditions. On 6 December 2019 ASIC issued a press release which included the following statement: “Many Australian Financial Services […]