External Reporting Working Group – August Meeting Summary

G100 represents CFOs in Australia with the mission of leading the national debate on critical financial and business issues which impact on business performance, regulatory oversight and the nation’s competitiveness. The External Reporting Working Group (ERWG) supports this mission by providing thought leadership on external reporting matters of importance to G100 members. 

A summary of the discussion topics from the ERWG August Meeting is as follows:

  1. Corporate bond rates:
    Discussion of the impact of a decline in bond rates on the measurement of liabilities and the effect on reported results. 
  2. Special Purpose Financial Statements:
    Monitoring the AASB’s implementation of the Revised Conceptual Framework and transition away from special purpose financial reports, including recent exposure drafts. Low impact for the majority of members.
  3. AASB 16 Leases:  Continuing to discuss the judgemental areas of AASB 16 (e.g. interest rates, option periods, treatment of hold over leases). The group will hold a second general discussion session in Q4 of this year now that most entities are in the “live” period. 
  4. Responding to Exposure Drafts and requests for comment: 
    In general, due to the diversity of the membership base, the G100 will not usually attempt to prepare detailed consensus responses to regulators on their various proposed changes/requests for comment. Answers are to be kept to high-level principles-based remarks in line with the G100’s strategic pillars. For example, by highlighting the G100’s support for efficient capital markets and the availability of useful financial information, however, noting the overriding need to lower regulatory burden.

Current membership of ERWG is as follows:

  • Leanne Chandler – Aurizon 
  • Simon Cammell – Australia Post 
  • Andrew Pruys – Australia Post 
  • Anne Battilana – Bendigo & Adelaide Bank 
  • Wayne Armour – BlueScope Steel 
  • Russell Oborne – BlueScope Steel 
  • Rob Ramsay – Brambles 
  • Shaun Steenkamp – NAB 
  • Kevin Fitzgibbon – Origin Energy 
  • Russell Macfarlane – Qantas 
  • Adam Sofoulis – Wesfarmers

New members are always welcome!