Mazars Corporate risk and reporting newsletter – April 2024

This edition explores how Tier 2 entities are required to disclose supplier financing information and the implications of extended legislative instruments as well as the complexities of valuing data and its significance in today’s digital economy. We also review emerging trends in sustainability reporting, including climate-reporting bills and global standards, and ASX’s new governance principles draft. Last, this edition touches on fraud prevention measures and resources to navigate financial accounting and reporting challenges.

Key highlights in our April edition include:

Financial reporting

• Tier 2 entities must disclose supplier finance
• Parent-entity legislative instrument extended
• Valuing data explained
• Materiality well understood, says IFRS Foundation
• Mixed reporting by UK’s largest private companies

Sustainability reporting

• Climate-reporting bill introduced
• Sustainability reporting and assurance are improving
• More companies disclosing climate risks
• Global standards on sustainability ethics coming

Governance

• Being a director isn’t easy
• ASIC prosecutes a director without ID
• Know the new workplace laws
• Big hikes in Fair Work Act penalties
• Workers to be redefined in August
• ‘Employee-like’ workers to be protected
• Workers to have a right to leisure time
• How to respond to cyber-attacks
• Be wary about who handles personal information
• Supply-chain management questions
• Twenty greenwashing questions directors should ask

ASX

• ASX releases draft of new governance principles

Fraud

• Billions lost through fraud

Regulators and legislators

• New help in handling FAR
   

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