Mazars Corporate risk and reporting newsletter – February 2024
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Corporate risk & reporting newsletter - Feb 2024
Staying abreast of regulatory priorities and emerging challenges is paramount for directors, preparers of financial reports, and auditors. This edition provides an overview of ASIC’s recommendations, key findings from its Annual financial reporting and audit surveillance report 2022–23 (Report 774), and the essential considerations for directors, preparers, and auditors in ensuring high-quality financial reports and audits.
In its report, ASIC highlights focus areas for the 31 December 2023 reporting period, urging stakeholders to prioritise disclosures about uncertainties, key assumptions, and sensitivity analysis.
This edition also explores the proposed Australian Sustainability Reporting Standards, legislative changes mandating climate-related risk disclosures, and the Governance Institute’s guidance on avoiding greenwashing.
Key highlights in our February edition include:
Financial reporting
- ASIC highlights focus areas for 31 December 2023 reporting
- Directors must shoulder responsibility, says ASIC
- ASIC probes bring $215 million in adjustments
- Super standard becomes a legislative instrument
- Goodwill accounting recommendations
Sustainability reporting
- New bill proposes obligatory climate risks
- Proposed sustainability standards released
- Climate-related trends disclosed
- Sustainability and internal control assistance
Governance
- Prioritise cyber security, says ASIC
- Guidance on AI use
- Governance Institute guides on greenwashing
Regulators and legislators
- ASIC announces 2024 enforcement priorities
- ACCC guidance on environmental claims
- ASIC’s red light for greenwashing
- APRA releases credit-risk observations
