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Financial statements reporting services
Statutory reporting is a core regulatory requirement, often with significant attention from investors, auditors and management, therefore the accuracy and timely completion of reporting is imperative. Our team is able to assist organisations with their statutory reporting obligations on several levels including consideration of changes to the Australian Reporting Framework and financial statements preparation as outlined below.
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With the changes made to the reporting entity concept by the Australian Accounting Standards Board, with effect from 1 July 2021, the ability for many for-profit entities to prepare special purpose financial statements (SPFS) has been removed. Impacted organisations will be required to transition to general purpose financial statements (GPFS), including consideration of first-time consolidation in some circumstances. In addition, AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities introduces a new Tier 2 ‘Simplified Disclosure (SD)’ Standard that replaces the existing ‘Reduced Disclosure Requirements’.
Preparing financial statements considering this significant change in the reporting landscape, while ensuring compliance with all accounting standards, rules and regulations needs careful attention and planning.
We have an experienced team of highly trained finance professionals able to assist organisations in navigating all aspects of implementation of the new requirements.
Our codified and scalable implementation approach assists organisations in maintaining compliance with financial reporting obligations without distracting finance team members from delivery across more strategic objectives.
We can assist you with your implementation of the new requirements by providing practical and commercially astute solutions including the following key areas of support:
- Performing detailed accounting and business impact assessments of the new requirements including: obtaining an understanding of the nature of the entity and the existing financial reporting framework adopted and development of a comprehensive strategy and implementation roadmap
- Preparing financial reporting disclosure and data gap assessments
- Preparation of compliant financial statement templates and reporting packs
- Assistance with first time consolidation considerations including: navigating transition options, preparation of opening balance sheet, preparation of consolidations workbooks and consideration of disclosures
- Providing accounting subject matter expertise and input into system design and implementation decisions, and validating or testing of outputs
- Managing change effectively, including: communications, training across functional areas, governance and reporting to key stakeholders.
Financial statements preparation
Preparing financial statements in a reporting environment that is increasing in complexity while ensuring compliance with all accounting standards, rules and regulations is becoming difficult for many organisations. Due to skill set shortages, competing operational priorities or unexpected key staff resignations/unavailability, there are times when organisations do not have the physical resources they require to produce timely, quality financial statements that will meet the needs of stakeholders and regulators.
Our team has deep end to end experience that allows us to assist organisations with the preparation of financial statements in compliance with Australian Accounting Standards and / or International Financial Reporting Standards.
Our standardised reporting and control procedures enable consistency in delivery and efficiency in the audit process, where financial statements are subject to audit.
We can help with:
- Compilation of financial statements in accordance with Australian Accounting Standards and / or International Financial Reporting Standards
- Preparation of compliant financial statement templates
- Development of accounting policies
- Assistance with complex accounting and disclosure considerations
- Assistance with consolidation workings
- Assistance with new accounting standards and disclosures
- Preparation of cash flow statements
- Financial reporting disclosure gap assessments.