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EY In Balance – Issue 3/2022
Welcome to EY in Balance, providing you with the latest insights in financial reporting.
The International Sustainability Standards Board (ISSB) published its first two exposure drafts covering general sustainability-related disclosures and climate-related specific disclosures. The AASB issued ED 321 with similar proposals. Our publication provides an overview.
ASIC has released its focus areas for 30 June 2022 year-end, highlighting the importance of assessing and disclosing the impact of changing market conditions and uncertainties.
We have recently released several Australian publications covering significant global entities, new accounting pronouncements, ACNC reporting changes for charities and not-for-profit financial reporting and tax developments. We have also released model financial statements for simplified disclosure (SDS) preparers.
The team
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Accounting for climate change
The focus on measurement and disclosure of climate-related matters is intensifying. This may require significant effort and judgment. Our updated publication helps entities to assess and report on the effects of climate change in their financial statements.
EDs on sustainability disclosure requirements
Our publication provides an overview of the first two EDs issued by the ISSB. The first ED covers general disclosures about sustainability-related risks while the second ED sets out specific requirements for climate-related financial disclosures. Watch the ISSB’s webinars on the exposure drafts for further information.
Initial application of AASB 17 - comparative information about financial assets
A transition option for a “classification overlay” addresses the possible accounting mismatches between financial assets and insurance contract liabilities in the comparative information. Our publication provides a summary.
What is ASIC focused on for 30 June 2022?
ASIC’s 2022 focus includes asset values, provisions, solvency and going concern, subsequent events and disclosures in the financial report and operating and financial review. ASIC emphasises the importance of assessing and disclosing the impact of changing market conditions and uncertainties, an expectation of better information about key assumptions and business strategies and risks
New Australian Accounting pronouncements
Our publication highlights changes to be applied for the first time for 30 June 2022 year-end, and those mandatory in future periods. “Quality Holdings Australian SDS” provides illustrative disclosures for SDS preparers, and "Quality Holdings Australian Interim" provides illustrative interim reporting disclosures. For the NFP sector, we have released the latest edition of “Not-for-profit financial reporting and tax update” and “ACNC financial reporting changes for charities”.
Are you a Significant global entity?
The significant global entity (SGE) concept was first introduced in 2015 for determining whether an entity is subject to tax integrity measures and reporting requirements. Recently, this has been expanded to capture more entities, and a new subset was created - country-by-country (CBC) reporting entities. Our publication discusses key considerations when deciding whether a SGE and a CBC exist.