Financial reporting and accounting standards

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

New requirement for public companies to disclose tax residency of subsidiaries for 30 June 2024 year-ends

On 27 March 2024, the Federal Government passed the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share –Integrity and Transparency) Bill 2023. The legislation amends the Corporations Act 2001 to require Australian public companies to disclose information (including place of incorporation and tax residency) about their subsidiaries in their annual financial reports by way of a ‘consolidated entity disclosure statement’ (CEDS or statement).

The legislation will apply for the first time for financial years ending 30 June 2024, this Publication provides our current views on a number of questions in relation to the legislation and how it may be interpreted and applied.

Our targets

This document highlights the key areas that might impact companies for this December year-end reporting season. It summarises the areas of focus for ASIC, general hot topics in the market, accounting changes from standard setting and other regulatory changes. 

Our targets

New disclosures for supplier finance arrangements in 2024 

In recent years, there has been an increased use of supplier financing (or reverse factoring) arrangements (SFAs) which provide companies with solutions for managing working capital. As the use of these solutions expands, it has become increasingly important that investors have transparency over the effect on a company’s liabilities, cash flows and exposure to liquidity risk. 

Starting in 2024, IFRS® reporters will be required to provide additional disclosures about these arrangements to fulfil those investor needs.
Our In depth tells you what you need to know to account for supplier finance arrangements, and what information you need to start collecting to be ready for the new disclosure requirements.


Our targets


Financial reporting for entities participating in the voluntary carbon market


Many entities are voluntarily choosing to purchase carbon offsets or credits as a method of ‘offsetting’ or ‘reducing’ the net emissions from their everyday activities, such as emissions arising from manufacturing, cloud services, transportation and energy usage. Carbonoffsets or credits purchased by companies might be reported as an offset to those emissions, or used to support statements that a company’s products can be labelled as ‘carbon-neutral’. 

There are no accounting standards or IFRS interpretations that directly address the accounting for carbon offsets and related projects. In this In depth we address the key accounting considerations for the various counterparties that are participating in the voluntary carbon market.

There is also a podcast where Claire Howells and Gina Huang join Raihazah Shaikh to share their perspectives on the accounting for carbon offsets and related costs from the perspective of a purchaser and the perspective of a project developer.


AASB 17 Insurance Contracts will replace AASB 4 Insurance Contracts, AASB 1023 General Insurance Contracts and AASB 1038 Life Insurance Contracts  for annual periods beginning on or after 1 January 2023. AASB 17 will fundamentally change the accounting for insurance contracts within the scope of the standard. It will require the use of consistent measurement models based on current assumptions at a more granular level. 

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Climate change and sustainability reporting

Financial reporting impacts

Investors and regulators are increasingly focusing on the impact of climate change and broader environmental, social and governance (ESG) matters on the financial statements. Our dedicated Environmental, Social and Governance (ESG) in IFRS website has technical guidance specifically focused on the effect of ESG matters on the IFRS financial statements.

The latest edition of our Value Accounts Holdings publication further discusses how climate change could affect certain measurements and the related disclosures in the financial statements.

ESG reporting

Regulators and standard-setting bodies are responding to the stakeholder needs of credible and trusted environmental, social and governance (ESG) disclosures, and we are seeing rapid change in the ESG landscape with likely mandatory requirements in the near future. 

On 12 January 2024, the Australian Treasury released the Exposure Draft Treasury Laws Amendment Bill 2024: Climate-related financial disclosure (Exposure Draft legislation).  It builds off previous consultations focused on the Government’s objective to improve the transparency and comparability of information available to investors regarding Australian entities’ exposures to climate-related financial risks and opportunities as well as their plans and strategies in response to those exposures.

For further information about the status of the Australian proposals see our local ESG page. Information about the global developments (ISSB, EU, SEC) is on our dedicated Viewpoint ESG page.


Contact us

Paul Shepherd

Paul Shepherd

Partner, Assurance - Quality, PwC Australia

Tel: +61 2 8266 7104

Erin Craike

Erin Craike

Partner, Corporate Reporting 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 and Corporate Reporting, PwC Australia

Tel: +61 2 8266 4664

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