RSM Australia

Financial reporting & advice

Providing financial reporting and advice to all companies, large and smallFinancial reporting and advice to all companies

In order to operate efficiently in the constantly changing regime, entities need to have a sound grasp of the international and domestic accounting standards and an understanding of the upcoming financial reporting developments. We assist you in staying at the forefront of these developments and how they impact your organisation, industry and environment. We do this through the delivery of technical workshops, publications and our team of highly trained professionals.

RSM's technical team is actively involved in providing advice to listed companies, public companies, private companies both large and small, trusts, joint ventures and public sector entities.

We are ready to provide advice to you regarding any financial reporting or technical matter dealing with:

  • accounting Standard application and interpretation
  • Corporations Act application
  • ASIC reporting
  • APRA reporting
  • preparation of financial statements
  • adequacy of disclosure

interest-free loans

Interest-free loans - New draft ATO guidance released

The ATO has published much-awaited guidance in relation to outbound interest-free loans - which it has released for comment in Draft Taxation Ruling TR 2017/4 DC2.
employee underpayments

The case of employee underpayments

Several large companies, including Westpac, Woolworths, Bunnings, and the Commonwealth Bank, have made front-page headlines for employee underpayments.
cash flow

Nine top tips to maintain a healthy cash flow

It does not matter what business you are in, cash flow is vital for survival. This is even more important in the current COVID-19 environment. The team at RSM has put together the following tips to assist you to maintain a healthy cash flow.
Strong Alliances the key for allied health today

Strong Alliances the key for allied health today

On face value, you may assume that the health industry is one of the few to financially benefit from the current global pandemic. Whilst this is true in some cases, the realities are a significant portion of income comes from planned procedures in this industry.
COVID-19 lessons for tourism & hospitality businesses

COVID-19 lessons for tourism & hospitality businesses

It is difficult to imagine a more brutal series of circumstances than those that have assailed the tourism and hospitality industry as a direct result of COVID-19.
COVID-19 Lessons for Primary Producers

COVID-19 Lessons for Primary Producers

The COVID-19 Pandemic has presented great challenges across the globe and will continue to do so for the foreseeable future as governments tread a fine line between the very real public health concerns and trying to jumpstart faltering economies.
asset write-off

Second opportunity - asset write-off extension

The recent extension of the $150,000 instant asset write-off threshold to 31 December 2020 has given business entities with a turnover of under $500m a second opportunity to access significant tax savings when purchasing equipment.
Three simple steps to moving online

Three simple steps to moving online

In the modern farming world, we are seeing situations where our clients are spending more time out of the office and more time on the farm, or off-farm doing other life activities.
COVID-19

COVID-19 funding boost for Aged Care industry

The Federal Government recently announced a $52.9 million funding boost to provide further financial support for residential aged care providers during the COVID-19 crisis.
JobKeeper

JobKeeper 2.0 Updates

A quick recap as JobKeeper 2.0 has been announced. Time is starting to run out for instant deductions on plant purchases.
changes in tax rates

Accounting for changes in tax rates

Corporate Tax rates for smaller Australian companies are set to fall over the next few years. How should the changes in tax rates be reflected in financial statements?
RSM’s multidisciplinary Family Law Support team are experts in untangling the financial web in family law matters.

Case Study: Untangling the financial web

Understanding financial statements and their underlying supporting documents can feel like interpreting a foreign language, but they contain a wealth of important information for property settlements.
Accounting for changes to AASB 16 Leases

Accounting for changes to AASB 16 Leases

Accounting for COVID-19 related rent concessions and other modifications to lease contracts, from the lessee’s perspective.
JobKeeper

Superannuation Amendments for JobKeeper Payments

Welcome news has finally arrived for employers with confirmation that the proposed amendments to the superannuation guarantee rule in relation to JobKeeper top-up payments have been registered. This should now provide employers certainty on their superannuation guarantee obligations for the June quarter.
Demystifying foreign currency issues

Demystifying foreign currency issues

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

Webinar: Financial Reporting Update 2020 | May 2020

Ralph Martin, National Technical Director at RSM Australia, along with Ana Espinal-Rae, National Technical Manager, hosted three webinars to deliver his annual Financial Reporting Update. What was covered:
JobKeeper

JobKeeper changes for ACNC registered charities

On 1 May 2020, Treasury released amendments to the JobKeeper rules, which have effect from the start of the JobKeeper scheme.
financial reporting deadlines

ASIC extends financial reporting deadlines

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.
COVID-19 has had significant impacts on the work of independent experts.

The impact of COVID-19 on the work of independent experts

The significant volatility in local and global equity markets over the last few months clearly demonstrates the impact that COVID-19 is having on Australian companies.
ASIC allows 1-month additional time for unlisted entity financial reports

ASIC grants one month extension for unlisted entity financial reports

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”). 
AASB 1058

AASB 1058 - What is a Sufficiently Specific Performance Obligation?

AASB 1058 Income of Not-for-Profits became applicable for not-for-profit entities on 1 January 2019.
Reporting Obligations

Reporting Obligations for Australian Proprietary Companies

This guide is designed to assist proprietary companies in determining their financial reporting obligations. It explains whether your proprietary limited company needs to prepare, have audited, and lodge financial statements with the Australian Securities and Investments Commission (ASIC).

Download the AASB 16 Leasing Model

What is AASB 16 - Leases?

Recognition of peppercorn leases deferred

The Australian Accounting Standards Board (AASB) has postponed the requirement for not-for-profit entities to bring peppercorn leases into their financial reports at fair value, having been made aware of the difficulty and cost constraints of determining the fair value of properties subject to such leases.

Revenue recognition in construction industry

The adoption date for AASB 15 Revenue from Contracts with Customers is for financial periods beginning on or after 1 January 2018. With 31 December 2018 year end fast approaching, have you ensured your revenue accounting is in accordance with the new standard?

Reduced financial reporting requirements for SME businesses

These changes were passed into law in May 2019 and will come into effect from 1 July 2019 onwards.

Scrutiny of new accounting standards – inaction not tolerated

ASIC’s heightened scrutiny of ‘big three’ accounting standards highlight inaction won’t be tolerated. 

Case Study: Hansen Technologies

Hansen Technologies (Hansen), an ASX 300 listed entity, is a leading global provider of customer care, billing software and data management systems.

Guide to Convertible Debt

Convertible debt continues to be a challenging area for financial statement preparers.

New requirements for Significant Global Entities

There are new requirements for Significant Global Entities to prepare General Purpose Financial Statements. Recent guidance from the ATO has clarified the effect of changes made last year to Section 3CA of the Tax Administration Act 1953. 

ASIC’s new funding model - how will you be affected?

1 July 2017 saw the introduction of a new Industry Funding Model at the Australian Securities and Investments Commission (ASIC), following the passage into law of the ASIC Supervisory Cost Recovery Levy Act 2017.  

ASIC's Focus Areas for June 2017

Ahead of this year’s financial reporting season, ASIC has issued its focus areas for preparers of financial statements, and has reminded directors of the need to focus on providing high-quality, relevant financial information to readers. 

5 tips to reduce your mortgage debt

30 years is a long time to have a mortgage - It's over half a person's working life. Wouldn't it be nice to be debt-free? It obviously won't happen overnight, but there are a number things you can do yourself to reduce your mortgage!  

New income recognition rules in the not-for-profit sector

In December 2016, the AASB issued AASB 1058: Income for not for profit entities.  The new standard is applicable for periods beginning on or after 1 January 2019, and the AASB has made complementary changes to the existing AASB 1004 Contributions, and has also added new guidance AASB 15 Revenue from Contracts with Customers to clarify it

Applying AASB 15 in practice

In May 2014, the AASB issued AASB 15: Revenue from Contracts with Customers. The new standard is applicable for periods beginning on or after 1 January 2018, and replaces AASB 111 Construction Contracts and AASB 118 Revenue and related interpretations.

Financial reporting update for 30 June 2016

It is that time of year again, finance teams are getting ready for year-end reporting season so we have compiled this financial insight to provide you with a round-up of the latest updates in the financial reporting and auditing worlds.

Change in discount rate for employee obligations

Under AASB 119 Employee Benefits, all for-profit entities and not-for-profit private sector entities are required to discount employee liabilities using the rate applicable to high quality corporate bonds. Where there is no deep market for those bonds, government bond rates are used.