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Do you have financial assets with ESG-linked features?
The AASB has proposed amendments to AASB 9 to help entities evaluate whether ESG-linked features are consistent with basic lending arrangements. The proposal also expands the guidance for assessing contractual terms that affect cash flows. Both proposals may impact classification and measurement of financial assets. This publication provides an overview.
When to derecognise financial assets and liabilities settled via electronic transfer
The AASB has proposed a clarification to AASB 9 that financial assets or liabilities settled via electronic transfer, credit/debit card or cheque, should not be derecognised until the cash is in the recipient’s bank account – i.e. settlement date accounting. Also proposed is an accounting policy choice to derecognise financial liabilities settled through electronic payments systems before the settlement date when certain conditions are met. This publication provides an overview.
SDS reporting -Disclosing debts with covenant
Proposed changes to simplified disclosure (SDS) requirements for borrowings with covenant clarifies that the liability is classified as non-current when the entity can defer settlement for at least twelve months from the reporting date, and this settlement could include the issuance of equity instruments. Additional disclosures to explain the risk of these borrowings becoming repayable within twelve months is also proposed, consistent with Tier 1 disclosures.
Navigating the new frontier of sustainability standards
A new report from EY, issued from our Sustainability Disclosures Hub, offers practical guidance to assist companies prepare for the International Financial Reporting Standard (IFRS) Sustainability Disclosure Standards developed by the International Sustainability Standards Board (ISSB).
SDS reporting - Is your financial reporting deadline fast approaching?
“Quality Holdings (Australian SDS) Pty Ltd”, our model financial statements, assist simplified disclosure (SDS) preparers with illustrative disclosures for 31 December 2022 and 30 June 2023 year-ends.
Demystifying debt vs. equity classification
It is important for an entity to classify financial instruments issued correctly as debt or equity; the wrong classification can significantly impact an entity’s financial statements, borrowing covenants and solvency. The debt vs. equity classification rules are complex and judgement is often required. Read our publication for insights.