What you need to know for year-end reporting and beyond

Financial Reporting Update 2024

June 03, 2024

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

27/05/24

Recent amendments to AASB 101

27/05/24

Other important reminders for year-end reporting

27/05/24

The new Consolidated Entity Disclosure Statement

27/05/24

The key sustainability considerations in financial reporting

Key takeaways

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