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Financial reporting and accounting standards

Our PwC experts give you the latest insights into financial reporting and accounting standards changes


Deadline is looming for special purpose financial reports

30 June 2022 will see the end of SPFS as we have known them. In March 2020 the AASB approved an amending standard that removes the ability of for-profit private sector entities to lodge special purpose financial statements (SPFS) with ASIC and a new simplified disclosure standard that replaces the previous Tier 2 reduced disclosure framework. Both standards were effective from 1 July 2021. 

If the most recent accounts you lodged with ASIC were SPFR, you need to be transitioning to the new framework now. This may be as easy as identifying which additional disclosures you will need to make in your next financial report, but could be more complicated if it also involves first-time preparation of consolidated financial statements. 

See this report for further details.



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The March 2021 IFRS IC update included a decision on Configuration and Customisation (CC) costs.

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In recent years, there has been an increased use of supplier financing (or reverse factoring) arrangements.

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Climate change


Climate change has been an emerging area of risk on financial reporting.

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Russian Government invasion of Ukraine

Understand the financial impact of the Russian invasion of Ukraine on the financial statements for periods ending on or after 31 March 2022.

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Paul Shepherd

Paul Shepherd

Partner, Accounting Consulting Services, PwC Australia

Tel: +61 2 8266 7104

Erin Craike

Erin Craike

Partner, Accounting Consulting Services, PwC Australia

Tel: +61 415 598 440

Margot Le Bars

Margot Le Bars

Partner, Accounting Consulting Services, PwC Australia

Tel: +61 3 8603 5371

Paul Brunner

Paul Brunner

Partner - Capital Markets, Accounting Advisory and Structuring, PwC Australia

Tel: +61 2 8266 4664

Adele Smith

Adele Smith

Partner, Accounting Consulting Services, PwC Australia

Tel: +61 7 3257 5074

Regina Fikkers

Regina Fikkers

Partner, Accounting Consulting Services, PwC Australia

Tel: +61 (2) 8266 8350

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