On 5 July 2022, Wali Aziz (Partner and Head of Audit & Climate Change) and Edward Chow (Principal of Audit & Assurance) presented the Walker Wayland NSW’s Financial Reporting Webinar.
The main topics discussed and presented were:
- Business update / Australian economy
- Sustainability / ESG
- Abolishment of special purpose financial reporting framework
- ASIC hot topics for this 30 June 2022 reporting season
Wali provided his insights on the impact the Australian economy is having on small and medium-sized businesses going through rising interest rates, the recent Federal election and global market pressures as a result of the supply chain, resourcing and people constraints. A key discussion point centred around how companies are now making ESG (Environmental, Social and Governance) part of their DNA. Walker Wayland NSW has been a certified carbon neutral organisation since October 2020 as part of the firm’s long term sustainability plan. One of Walker Wayland NSW’s strength is assisting other organisations achieve carbon neutral status.
Edward’s presentation focussed on the main financial reporting change for 30 June 2022 year ends where certain for-profits and not-for-profits can no longer prepare special purpose financial statements and in particular the introduction of the new Australian Accounting Standards AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities. The team at Walker Wayland NSW has been assisting businesses over the last 12 months assessing the impact of AASB 1060 and its adoption in the financial statements. With ASIC’s release on 1 June 2022 on the focus areas for 30 June 2022 reporting, Edward also highlighted the importance of financial reports providing useful and meaningful information for investors and other users which has been ASIC’s tone over the last few years. Disclosures on uncertainties and risks, asset values, provisions, subsequent events were the key topics discussed.
We have linked below the PowerPoint presentation.
WWNSW Financial Reporting Webinar 2022
Please feel free to reach out to Wali or Edward should you have any questions in relation to how your business has been impacted.
Wali Aziz (wali.aziz@wwnsw.com.au)
Edward Chow (edward.chow@wwnsw.com.au)
