Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards
  • Type: Regulatory update
  • Date: 7/07/2014

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

14RU-005 Timely releases from ASIC for 30 June 2014 

This Reporting Update highlights two recent releases from ASIC: a Class Order CO 14/632 Key management personnel equity instrument disclosures to assist in the preparation of directors' reports for financial years ending on or before 30 September 2014, as well as findings from its review of 31 December 2013 financial reports.
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Key insights

  • Clarity that key management personnel individual related party transactions in the remuneration report for 30 June 2014 should be consistent with disclosures in the notes to the financial statements in prior years.
  • Herald of new approach by ASIC in reporting findings of review of financial reports to name companies subject to enforcement action.
 

Financial Reporting & Accounting Standards

KPMG has extensive experience in applying accounting standards, both Australian accounting standards and IFRS, to a range of transactions.