Corporate Reporting Insights Blog

By Aletta Boshoff | 16 June 2022

Overview June 2022

Our June 2022 edition of Corporate Reporting Insights keeps you up-to-date with the latest Australian and global developments in corporate financial and sustainability reporting.


By Aletta Boshoff | 16 June 2022

Two new eLearning courses and four new seminars available on IFRS Training Hub

To help your organisation transition to general purpose financial statements, BDO has developed eLearning courses and seminars on a variety of IFRS topics. These can be found on our IFRS Training Hub. This month we are launching the following new resources:


By Aletta Boshoff | 16 June 2022

What’s new for 30 June 2022 annual and half-year financial reports?

When preparing 30 June 2022 annual and half-year financial reports, entities should consider the following.


By Aletta Boshoff | 16 June 2022

ASIC focus areas for 30 June 2022 financial reports

The Australian Securities and Investments Commission (ASIC) recently issued a Media Release highlighting its focus areas for 30 June 2022 reporting. It is urging directors and preparers of 30 June 2022 annual and half-year financial reports to assess whether these provide...


By Aletta Boshoff | 16 June 2022

Exemptions from preparing consolidated financial statements

There are exemptions to preparing consolidated financial statements that apply for intermediate parent entities. For vertical groups, preparing numerous sets of consolidated financial statements is a time-consuming, costly, and onerous task. This can often have little benefit,...


By Aletta Boshoff | 16 June 2022

Changes to constitution and banking agreements from 1 July 2021 may trigger GPFS

If your entity prepares financial statements because your constitution or another document requires you to do so, you may need to convert these to general purpose financial statements (GPFS) for 30 June 2022 reporting. 


By Aletta Boshoff | 16 June 2022

Disclosing related party transactions - Who is a related party?

During the past year, we have been tackling one accounting topic at a time in Corporate Reporting Insights to assist entities with preparing their first general purpose financial statements (GPFS).


By Aletta Boshoff | 16 June 2022

ACNC guidance - Who is a related party?

In order to disclose KMP compensation, a charity must identify all KMPs. The ACNC has published guidance on KMP remuneration.


By Aletta Boshoff | 16 June 2022

IFRIC agenda decision - Principal versus agent: software resellers

As an addendum to its April 2022 meeting, the Committee issued a final agenda decision about whether a reseller of software licences is acting as principal or agent for the purposes of recognising revenue under IFRS 15 Revenue from Contracts with Customers.


By Aletta Boshoff | 16 June 2022

Comments sought on exposure drafts

At BDO, we provide comments locally to the Australian Accounting Standards Board (AASB) and internationally to the International Accounting Standards Board (IASB). We welcome any client comments on exposure drafts that are currently available. 


By Aletta Boshoff | 16 June 2022

AFS licensees required to prepare Tier 1 financial statements for 30 June 2022

Previously, some non-reporting entities holding Australian Financial Services (AFS) licences prepared special purpose financial statements (SPFS) for the Australian Securities and Investments Commission (ASIC). Following the removal of SPFS for years ended 30 June 2022, AFS...