Financial statement audits | Independent audit

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

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.

Should NFP boards move away from the Carver Model?

Operating at the helm during a time that will undoubtedly make our history books, boards and their board of directors have faced significant challenges in the wake of a global pandemic.

RSM strengthens audit practice with appointment of new Partner

RSM has announced the appointment of experienced advisor Amit Kabra as a new Partner in RSM's audit and assurance services division based in Perth.

WA government agencies: Climate-related risk disclosures in financial reporting

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).

New requirement to disclose Jobkeeper payments received by listed companies

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.

Staying alert to the future of audit

People are only as good as the tools they possess. So, to consistently deliver high-quality auditing services, we are always investing in innovative auditing methods and tools. We keep our ear to the ground so we can closely follow the latest developments and share them throughout our network.

Removal of Special Purpose Financial Statements - What you need to know

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

Case study: Woodlea

Woodlea has had a clear goal for the last seven years: as a fully integrated master planned community, provide people in the west of Melbourne with wonderful, affordable homes, along with opportunities like employment, education, retail, commercial, and community services. THE CHALLENGE

ASIC further extends financial reporting deadlines

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.

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.

The case of employee underpayments

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

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

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

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

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.

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

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 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 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.

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?

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.

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

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:

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 - 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.

TPAR - Contractor Reporting Obligations

Starting 1 July 2019, businesses who provide road freight, IT or security, investigation or surveillance services, and who pay contractors to provide those services on their behalf, will need to lodge a Taxable Payments Annual Report (TPAR).

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.

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.

Changes to revenue recognition - don't be caught out

The nature of revenue is changing.

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.

Maintaining audit quality: 10 things audit committees should check with auditors

The purpose of an audit is to confirm the validity of financial statements and help determine the value of an organisation. The auditor’s role is to express an objective opinion on whether the organisation’s management has fairly presented the information in financial statements.

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.

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Financial statement audits | External Audits

RSM has its own audit methodology which complies with the requirements of international audit standards.

Audit services are provided by RSM Australia Partners.