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WA Local Government Act reforms: 6 key changes to financial management and reporting

5 January 2022
Travis Bate
In early November, the Western Australian Government announced a series of proposed changes to the Local Government Act, resulting in a number of key changes to financial management and reporting. 
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Cradle – Lease Accounting Software Solution

29 November 2021
Our CFO Advisory team is now equipped with Cradle – a cutting edge lease accounting software solution that cuts through the complexity and provides certainty around reporting, disclosures, market releases and projections.
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WA government agencies: Climate-related risk disclosures in financial reporting

3 November 2021
David Wall
The old adage “sunlight is the best disinfectant” is very apt when it comes to the growing need for more complete and consistent disclosure of climate-related risks in the financial reports of Western Australian (WA) Government agencies, and government trading enterprises (GTEs). 
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New requirement to disclose Jobkeeper payments received by listed companies

29 September 2021
Ralph Martin
Listed companies will have to disclose publicly the amount of JobKeeper payments received, how many employees the payments related to, and how much (if any) they returned to the government for each financial year.
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Are you ready to finalise your 30 June 2021 financial reports?

6 July 2021
Ralph Martin
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Accounting for ‘Software as a Service’ cloud computing arrangements

6 July 2021
Ralph Martin
Cloud computing solutions, often packaged as “Software as a Service – SaaS” arrangements, are commonly used due to their flexibility and scalability features.
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ASIC extends reporting deadlines for 30 June lodgements

3 May 2021
Ralph Martin
ASIC has made several recent media announcements aimed to simplify the financial reporting process for 30 June 2021 year-ends. 
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Removal of Special Purpose Financial Statements - What you need to know

10 February 2021
Ralph Martin
Recent changes to Australian Accounting Standards will mean that many for-profit entities have to prepare General Purpose Financial Statements (“GPFS”) for the first time, and are no longer able to prepare Special Purpose Financial Statements (“SPFS”).  In this article, we explain who is affected, and what the impact will be on those enti
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ASIC further extends financial reporting deadlines

25 November 2020
Ralph Martin
ASIC has extended the relief under which it is offering entities an additional month to lodge their financial reports.  Having previously allowed a one-month extension for 30 June year-ends, ASIC has now provided the same relief for all balance dates up to and including 7 January 2021.
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Accounting for changes to AASB 16 Leases

2 July 2020
Ralph Martin
Accounting for COVID-19 related rent concessions and other modifications to lease contracts, from the lessee’s perspective.
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Demystifying foreign currency issues

3 June 2020
Ralph Martin
Dealing with foreign currency matters in financial statements often causes difficulty among preparers of financial reports. In this article, we address some common issues on the treatment of foreign currency matters. Foreign Currency Transactions
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ASIC extends financial reporting deadlines

14 May 2020
Ralph Martin
ASIC has amended the Corporations Act 2001 to provide an additional month for companies to lodge their financial statements.  This affects all entities with 30 June year-ends which lodge financial statements under the Corporations Act.
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ASIC grants one month extension for unlisted entity financial reports

9 April 2020
Ralph Martin
Unlisted companies with a 31 December or 31 March year-end have been granted an extension of one month to their financial reporting deadlines by the Australian Securities and Investments Commission (“ASIC”). 
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Common issues in accounting for Share-based Payments

30 March 2020
Ralph Martin
Providing share-based remuneration to senior employees and directors is a common way to incentivise, or simply “lock-in” key people.  It can also be an effective way for early-stage businesses to minimise cash outflow by using share-based payment to pay other key suppliers.
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ASIC confirms two-month extension for AGMs and supports use of technology

23 March 2020
Ralph Martin
Public companies with a December 2019 year-end would usually have until 31 May 2019 to hold their Annual General Meeting (AGM).  The restrictions on travel and on large gatherings in place as a result of COVID-19 may make it difficult to meet this requirement, and therefore ASIC have confirmed that they will provide relief fro
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