SBR

Posted by & filed under Members Update March 2015.

The Standard Business Reporting Business Advisory Group met in Melbourne on 16 March 2015. Matters considered included the inclusion of the Australian Bureau of Statistics as an agency in the scope of SBR, the forthcoming Electronic Lodgment System of the ATO and the broader application of SBR. A significant concern is the way some agencies… Read more »

Cyber Security

Posted by & filed under Members Update March 2015.

ASIC has published Report 429 “Cyber Resilience: Health Check”(www.asic.gov.au), which deals with an entity’s ability to prepare, respond, adapt and recover from a cyber-attack.   Cyber resilience is an area of focus for ASIC because of the potential for a cyber-attack can spread quickly and impact the integrity and efficiency of markets and trust and… Read more »

Recognise and Manage Risk

Posted by & filed under Members Update March 2015.

A soft copy of the third edition of the G100/Deloitte guidance “ASX Corporate Governance Principle 7: Recognise and manage Risk” has been sent to members and is available on the website. Roundtable briefings held in Melbourne, Sydney, Perth and Brisbane were very well attended by non-executive directors, CFOs and risk managers and demonstrated an increased… Read more »

ASX Continuous disclosure

Posted by & filed under Members Update March 2015.

The ASX has issued a consultation paper on Guidance Note 8 ‘Continuous Disclosure” (www.asx.com.au). The main changes proposed relate to: Earnings guidance Defacto earnings guidance Earnings surprises Meaning of market sensitive for purposes of earnings surprises Correcting analyst forecasts and consensus estimates Publishing analyst forecasts and consensus estimates Analysts and investor briefings Other financial forecasts… Read more »

Corporate reporting

Posted by & filed under Members Update March 2015.

Financial Instruments: The IASB’s “2015 Financial Instruments Guide” which is a single reference point on reporting and accounting for financial instruments in accordance with IFRS will be issued shortly (www.ifrs.org).   Disclosure initiative: The IASB has indicated that it will publish an exposure draft of ‘Practice Statement – Application of materiality to financial statements’ in… Read more »

Discount rates

Posted by & filed under Members Update March 2015.

The G100 project is well advanced and it is expected that a guidance document will be issued in April 2015. Road-testing of the methodology has occurred and it is expected to be available for use in the valuation of employee liabilities for reporting periods ending on or after 30 June 2015.

Cost of regulation

Posted by & filed under Members Update March 2015.

The G100 met with representatives from Treasury and the Department of Prime Minister and Cabinet to discuss matters raised in the G100’s submissions on “Cutting Red Tape” with a view to items not already addressed being included in the proposals to be tabled in the Spring Session. The G100 was informed that reforms which parallel… Read more »

G100 Website

Posted by & filed under Members Update March 2015.

Executive received a presentation from the website developer which included background to the overall format and approach which reflects current market and technical developments. The new site is expected to go ‘live’ at the end of March.