Financial reporting and accounting standards

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

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Value accounts

Practical solutions to make your financial reports less complex

Financial Reporting Update

Watch our Financial Reporting Update 2022

PwC's IFRS talks

Podcast series on Financial reporting issues from our global team

PwC viewpoint

PwC’s global platform for relevant accounting and business knowledge

Latest updates

Read the latest updates from PwC and from regulatory bodies both locally and internationally:

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.

Cloud computing - financial reporting impacts

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

Supplier finance

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

Climate change

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

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.

Financial reporting changes

Sustainability reporting
IBOR
Insurance
Not-for-profit Sector

Sustainability reporting

Regulators and standard-setting bodies are responding to the stakeholder needs of credible and trusted ESG disclosures, and we are seeing rapid change in the ESG landscape with likely mandatory requirements in the near future. See our In depth publication for the ISSB exposure drafts, our insights on the SEC proposed rules on climate disclosures, and In brief publication for the EFRAG exposure drafts.

IBOR

Following the financial crisis, the replacement of benchmark interest rates such as LIBOR and other interbank offered rates (‘IBORs’) has become a priority for global regulators. The Financial Stability Board’s July 2014 report ‘Reforming Major Interest Rate Benchmarks’ set out recommendations for the reform of certain benchmarks.

Insurance

Welcome to the Insurance industry page - your source of accounting technical guidance for insurance contracts. AASB 4 Insurance Contracts, AASB 1023 General Insurance Contracts and AASB 1038 Life Insurance Contracts currently specify the accounting for insurance contracts in Australia. These standards will be replaced by AASB 17 Insurance Contracts, effective from 1 January 2023, which will fundamentally changes the current accounting practices and the way that financial information is presented. AASB 17 is the Australian equivalent of IFRS 17.

In a media release on 17 November 2020, ASIC asked insurers to make disclosures about AASB 17 Insurance Contracts in their December 2020 financial reports. See further details.

Not-for-profit Sector

Not-for-profit entities are increasingly wanting to modernise their finance functions to meet current and future needs. We’ve outlined areas of interest for not-for-profit entity finance teams to better anticipate and prepare for change.

NFP areas of interest