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

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.