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Despite various financial and economic uncertainties, the oil and gas sector continues to enjoy steady growth.
With now more than $1.5 trillion of assets under management, the superannuation industry is one of the fastest growing sectors of the Australian economy.
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This manual reflects Corporations Act 2001 requirements and Australian Accounting Standards that must be applied for interim and annual financial reports for year ending 30 June 2015.
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Breaking the boilerplateTypically, this involves removing non-essential material and irrelevant disclosures, re-ordering and re-labelling accounting policy and detailed notes to better reflect key financial measures and using plain English while still fully complying with relevant accounting standards and regulatory requirements.
Benefits of cutting the clutter
The end product is a simplified, sharper and more relevant financial report that is easier to understand.
First step to Integrated Reporting
For those entities evaluating the pathway to Integrated Reporting, cutting the clutter is a first logical step in improving the clarity of reporting to the capital markets and stakeholders.
What are the standard setters saying?
Both the International Accounting Standards Board and Australian Accounting Standards Board have been active in promoting the importance of preparing less complex financial reports that focus on those disclosures that are material to the entity. ASIC have also publicly stated that it only focuses on those disclosures that are material to the financial report.
How we can help
KPMG can help you streamline your financial reports in a number of ways by providing:
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KPMG International Cooperative ("KPMG International") is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.