Financial Reporting Update 2024

With December 2024 fast approaching, it's crucial for financial report preparers to be aware of the latest financial reporting developments and recent changes.

The December 2024 Financial Reporting update looks at the following:

• ASIC focus areas and hot topics;

• Developments in accounting standards; and

• Sustainability reporting developments and impacts.

Related content from the June 2024 reporting season

As we approach the 2024 reporting season, we highlight the financial reporting matters and other recent developments that those responsible for preparing the financial reports need to know. 

With the increased focus on compliance and sustainability reporting, our annual Financial Reporting Update covers:

• Amendments to AASB 101 on current/non-current classification of loan arrangements
• The new Consolidated Entity Disclosure Statement 
• Sustainability-related considerations in financial reporting
• Reminders on other reporting hot topics

Watch the videos

• The AASB 101 amendment may change how loan arrangements are classified as current/non-current and require new disclosures in relation to covenants
  

• Public companies will be required to include a new section in their financial report to disclose details of all consolidated subsidiaries, including tax residency

• Be mindful of disclosures around business risks and non-IFRS measures in the front half of the annual reports

• More disclosures will be required on supplier finance arrangements

• Ensure there is sufficient consideration of the impact of sustainability matters in the preparation of financial statements, including net zero commitments