KPMG’s financial reporting webinar focuses on new accounting standards effective and available for early adoption, ASIC’s focus areas and important regulatory updates that impact interim and annual financial reports at 30 June 2025. We also discuss recent developments in the Australian specific sustainability reporting environment.
We share our insights on topical issues, including impairment testing and the importance of consistency between determining recoverable and carrying amounts, classification of share-based payments as cash- or equity-settled, and accounting in these uncertain times resulting from global trade wars.
What’s new for 30 June 2025 financial reporting?
The international and local standard setters are continuing to develop new accounting standards and amendments to address stakeholder needs for better information, including the IFRS Interpretations Committee meeting to make IFRIC agenda decisions.
On the theme of greater transparency and consistency in reporting, the government has provided additional clarification on disclosure requirements in Consolidated Entity Disclosure Statements (CEDS), as well as the new ASIC guide on sustainability reporting.
The tax landscape saw a suite of changes as well, including new rules around tax deductibility of certain expenses and the substantive enactment of the BEPS Pillar Two regime in Australia.
On top of these developments to work through this upcoming reporting season, we need to consider reporting implications arising from the market turmoil from the US’s tariffs which have shaken global trade and the economy, igniting a sense of uncertainty amongst investors and fears of a potential US and global recession.
Are you ready for 30 June 2025 reporting? – Overview
Kim Heng, KPMG Partner, summarises the implications of accounting standard and regulatory changes that impact entities at 30 June 2025.
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