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ASIC’s media release on 6 June 2023 highlights the following focus areas for 30 June 2023 reporting:

• asset values
• provisions
• solvency and going concern assessments
• events occurring after year end and before completing the financial report
• disclosures in the financial report and Operating and Financial Review (OFR)
• the impact of a new accounting standard for insurers.

Although the above focus areas are specific to the entities regulated by ASIC, the changing economic, political, environmental, technological and regulatory landscape is something that is faced by all entities, both the private and public sectors. This includes, but not limited to:

• the availability of skilled staff and expertise, which can impact on revenue and costs
• the impact of rising interest rates on future cash flows and on discount rates used in valuing assets and liabilities
• inflationary impacts that may differ between costs and income
• increases in energy and oil prices
• geopolitical risks, including the Ukraine/Russia conflict
• impacts of climate change, climate related events and transitioning to ‘net zero’
• technological changes and innovation
• COVID-19 conditions and restrictions during the reporting period
• changes in customer preferences and online purchasing trends
• the discontinuation of financial and other support from government, lenders and lessors
• legislative and regulatory changes
• other economic and market developments.

The NSW Independent Commission Against Corruption (ICAC) recently published ‘Mature corruption control: the key outcomes of better practice’ with the aim of helping agencies assess the maturity of their corruption control and identify any immature elements to avoid negative financial, performance and/or social consequences. Given the complex nature of corruption risk, there is no one method or approach to combat it but involves an interplay of multiple mechanisms; organised into four pillars of control, with supporting systems and processes:

• building integrity
• preventing corrupt conduct
• detecting corrupt conduct
• responding to integrity breaches.

The publication provides an overview of each pillar and highlights the outcomes of that pillar, as well as the supporting systems and processes that underpins the agency’s effective corruption control program, namely corruption:

• risk management 
• control framework
• control roles
• control competence.

To help agencies assess their corruption control maturity, agencies should refer to ICAC’s ‘Assessing Corruption Control Maturity' publication which provides detailed guidance on better practice corruption control. ICAC encourages agencies to map their strengths and weaknesses against this guide as it contains different maturity levels for the features within each pillar, supporting systems and processes, to help agencies undertake this maturity assessment.

NSW Treasury has released an update to TD21-02 ‘Mandatory Annual Returns to Treasury’ (TD21-02) and TPG23-13 ‘Agency Direction for the 2022-23 Mandatory Annual Returns to Treasury’ (TPG23-13), which outlines the procedures agencies must follow to comply with the requirements to submit annual returns for the financial year ending 30 June 2023.

TD21-02 (as updated) and TPG23-13:

• apply to agencies listed in Appendix A of TD21-02 that are GSF agencies and to the accountable authorities of those agencies
• require financial statements to be prepared and given to the Auditor-General on Tuesday, 1 August 2023
• supersede all previous NSW Treasurer’s Directions on Mandatory Annual Returns and TPG 22-16 ‘Agency Direction for the 2021-22 Mandatory Annual Returns to Treasury’.

Separately TPG23-14 'Agency Guidelines for the 2022-23 mandatory annual returns to Treasury for NSW public sector agencies that are not included in TD21-02' has also been issued by NSW Treasury.

Additionally, NSW Treasury issued TD 22-15 ‘Amendment to TD21-02 ‘Mandatory Annual Returns to Treasury’, which outlines the changes to TD 21-02 for the financial year ending 30 June 2023, including the agencies that have been added to and omitted from Appendix A of TD21-02.

The Office of Local Government (OLG) has issued the following pronouncements:

Circular 23-03 ‘2023/24 Determination of the Local Government Remuneration Tribunal’ to advise that the Local Government Remuneration Tribunal (Tribunal) has determined an increase of 3% to mayoral and councillor fees for the 2023-24 financial year, with effect from 1 July 2023.

The Tribunal is required to determine the remuneration categories of councils and mayoral offices at least once every three years under section 239 of the Local Government Act 1993 (LG Act).

Sections 248 and 249 of the LG Act require councils to fix and pay an annual fee to councillors and mayors from 1 July 2023 based on the Tribunal’s determination for the 2023-24 financial year. The level of fees paid will depend on the category the council is in. A council cannot fix a fee higher than the maximum amount determined by the Tribunal. If a council does not fix a fee, the council must pay the minimum fee determined by the Tribunal.

Circular 23-02 ‘Information about Ratings 2023-24’ to advise councils that the following rates for 2023-24 have been determined and should be incorporated into their rating structure and Operational Plan Statement of Revenue policies:

• maximum boarding house tariffs
• maximum interest rate payable on overdue rates and charges
• section 603 Certificate fee
• statutory limit on the maximum amount of minimum rates for commencement on 1 July 2023.

Topics discussed included:

AASB Meeting Highlights – 21-22 June 2023

• imputation (franking credits) disclosures
• post-implementation review: AASB 1056 Superannuation Entities
• post-implementation review: AASB 1059 Service Concession Arrangements: Grantors
• international tax reform (pillar two)
• non-current liabilities with covenants (tier 2)
• sustainability reporting standard setting
• not for profit private sector framework (tier 3)
• financial instruments – classification and measurement
• ISSB agenda consultation
• ISSB methodology for internationalisation of SASB standards
• sustainability reporting.

AASB Meeting Highlights – 4 May 2023

• service performance reporting
• post-implementation review of selected public sector pronouncements
• post-implementation review of AASB 1056
• converting AASB 1056 to a legislative instrument
• research update
• sustainability reporting.

Latest news, accounting standards and work-in-progress documents from the AASB included:

Topics discussed included:

IASB Meeting Highlights – 20-22 June 2023

• primary financial statements
• equity method
• disclosure initiative – subsidiaries without public accountability: disclosures
• rate-regulated activities
• second comprehensive review of IFRS for SMEs standard

IASB Meeting Highlights – 22-24 May 2023

• post-implementation review of IFRS 15 Revenue from contracts with customers
• maintenance and consistent application – annual improvements
• primary financial statements
• disclosure initiative – subsidiaries without public accountability disclosures
• dynamic risk management
• financial instruments with characteristics of equity
• business combination – disclosures, goodwill and impairment
• rate-regulated activities

IASB Meeting Highlights – 25-27 April 2023

• post-implementation review of IFRS 9 – impairment
• dynamic risk management
• provisions – targeted improvements
• maintenance and consistent application – IFRIC update
• rate-regulated activities
• international tax reform – pillar two model rules – amendments to the IFRS for SMEs accounting standard
• disclosure initiative – subsidiaries without public accountability disclosures
• financial instruments with characteristics of equity
• equity method
• business combination under common control.

Latest news from the IFRS Foundation included:

Topics discussed included:

IPSASB Meeting Highlights – 13-16 June 2023

• IPSAS/IFRS and IPSAS/ISS alignment dashboards update
• conceptual framework – limited scope update – next stage
• improvements to IPSAS 2023
• sustainability reporting
• natural resources
• other lease-type arrangements
• measurement – application phase
• retirement benefit plans
• presentation of financial statements
• differential reporting
• EIS and translations update
• first-time adoption of accrual basis IPSASs.

Recent news from the IPSASB included:

IPSASB has recently issued:

Topics discussed included:

AUASB Meeting Highlights – 14 June 2023

• AASB update
• Treasury update – climate-related financial disclosures
• Sustainability assurance – IAASB draft
• IAASB – proposed LCE standard
• IAASB – fraud
• IAASB – other matters
• 2022-23 AUASB technical work plan update
• ASAE 3500 post implementation review feedback statement
• not-for-profit guidance
• feedback statement on key audit matters
• going concern consultation paper.

AUASB Meeting Highlights – 2 May 2023

• sustainability assurance – update of IAASB draft
• ISA 570 Going Concern – approval of AUASB EM
• Less complex entities Part 10 – AUASB submission
• KAM reporting beyond listed entities.

Latest news from the AUASB included:

Topics discussed included:

IAASB Meeting Highlights – 20-23 June 2023

• sustainability assurance
• fraud
• ISA for less complex entities
• listed entity and public interest entities.

Topics discussed included:

APESB Meeting Highlights – 31 May 2023

• proposed revised APES 215 Forensic Accounting Services
• proposed revised guidance on APES 110 prohibitions
• proposed revisions to APES 225 Valuation Services
• proposed revisions to APES GN 30 Outsourced Services
• international and other activities
• update on sustainability
• proposed revisions to APES 310 Client Monies
• update on developments relating to APES 230 Financial Planning Services
• proposed revisions to APES 110 for the definitions of listed entity and public interest entity
• proposed revisions to APES 110 for engagement team – group audits independence.

Latest news and media releases from the APESB included:

Topics discussed included:

IESBA Meeting Highlights – 12-16 June 2023

• sustainability
• use of experts
• tax planning
• public interest entity rollout
• IAASB-IESBA coordination
• technology.

Latest news and publications from the IESBA included:

Treasury’s recent releases and other guidance included:

DPC released the following memos and circulars:

DCS released the following circulars:

Inquiries and Reports tabled in NSW Parliament included:

Recent news and media included:

Recent IPART news and media releases included:

Recent news and publications included: