What you need to know for year-end reporting and beyond

Financial Reporting Update 2025

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The Financial Reporting Update 2025 provides critical guidance for entities reporting on 30 June 2025, focusing on areas influencing financial reporting and sustainability. ASIC's ongoing focus includes impairment and asset values, provisions, events after year-end, and disclosure practices.

Entities must address Australia's Global and Domestic Minimum Tax legislation, calculating and disclosing Pillar Two tax obligations, and comply with the IFRS agenda decision on segment disclosures. They should also anticipate impacts from tariff policy uncertainties.

Special attention must be given to the updates on hyperinflationary economies, Corporations Act amendments, and changes to AASB standards for June 2025. Australia's new sustainability standards necessitate comprehensive reporting and preparation for mandatory disclosures. Stakeholders should consult guidance materials for deeper insights.

The June 2025 Financial Reporting Update covers:

  • ASIC’s areas of focus

  • Accounting and financial reporting changes impacting 30 June 2025 and beyond

  • Sustainability reporting developments
  • Current issues, including potential tariff impacts on your organisation

Key takeaways from this year’s update

  1. Disclose all material income and expenses for each segment within segment reporting.
  2. Understand the new guidance on classifying financial liabilities as current or non-current and the new disclosure requirements related to debt covenants and supplier finance arrangements.

  3. Disclose foreign tax residency for all entities, irrespective of whether they are an Australian tax resident, when preparing the 2025 Consolidated Entity Disclosure Statement (CEDS).

  4. Recognise potential financial reporting impacts of tariffs on revenue recognition, taxes, impairment of non-financial assets, and liquidity.

Download the full guide for 30 June 2025 reporting season

Download (PDF of 1.84mb)

Download the full guide for 31 December 2024 reporting season

Download (PDF of 1.43mb)

Register for the Financial Reporting Update for 2025: Beyond the numbers | Livestream

Wednesday 18 June 2025

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PwC offers a wide range of assurance services designed to instil confidence in what matters most to our clients. Our expertise extends beyond financial statement audits and internal audits, offering solutions to address your biggest problems, such as artificial intelligence, sustainability, and business model reinvention.

We use human-led, tech-powered solutions to build and earn trust for our clients, their stakeholders, and their communities. By digitising and disrupting traditional methods of delivering assurance and audit, we stay ahead of evolving needs.

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Learn more about our assurance services here pwc.com.au/assurance

Contact us

Paul Shepherd

Paul Shepherd

Partner, Corporate Reporting Services, PwC Australia

Tel: +61 418 611 189

Erin Craike

Erin Craike

Partner, Corporate Reporting Services, PwC Australia

Tel: +61 415 598 440

Ben Meacock

Ben Meacock

Partner, CFO Advisory National Leader, PwC Australia

Tel: +61 421 438 828