Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards
  • Type: Regulatory update
  • Date: 25/07/2014

Reporting Updates

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

14RU-007 ASX Corporate Governance changes 

The third edition of the ASX Corporate Governance Council (Council) Principles and Recommendations introduces nine new recommendations to which the ‘if not, why not’ disclosure approach now applies, in addition to amendments to certain existing recommendations.
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Key insights

  • Key changes to the ASX Corporate Governance Principles and Recommendations include:
    • 9 new recommendations to which ‘if not, why not’ disclosure applies
    • enhanced risk recommendations
    • CEO/CFO sign-off not just year-end
    • changes to indicators of director independence
  • Corresponding ASX listing rule changes include:
    • corporate governance disclosure on website or annual report
    • new Appendix 4G
  • Review new recommendations now to allow time to change or consider disclosures that may be required under ‘if not, why not’ disclosure approach.
 

Financial Reporting & Accounting Standards

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