What’s new for 30 June 2022 annual and half-year financial reports?
When preparing 30 June 2022 annual and 31 December half-year financial reports, entities should consider the following:
There are new standards that will apply for the first time to the annual and December half-year periods ending on 30 June 2022. The main new standards are outlined in the table below.
Public Benefit Entities
New IFRIC agenda decisions
Entities need to consider whether the IFRIC agenda decisions outlined in the table below, which were approved during the past 12 months, could affect their 30 June 2022 financial statements.
Any remaining adjustments resulting from the April 2021 agenda decision - Configuration or customisation costs in a cloud computing arrangement - need to be made in 30 June 2022 financial reports. For more information, please refer to our May 2021 Accounting Alert article - SAAS implementation costs – Do you need to write these off at 30 June 2021?
Although the IFRS standards do not explicitly refer to climate-related matters, there is increasing awareness that such issues may have an impact on financial reporting. With this in mind, the IASB released educational materials summarising how companies must consider climate-related matters when applying the IFRS standards.
Businesses should consider these educational materials when preparing 30 June 2022 financial statements because these matters may have a material impact. This includes when determining values for assets, liabilities and provisions, as well as when making disclosures regarding estimates and judgements.
Please refer to BDO Global's IFRB 2020/14 for a summary of these materials. More resources on sustainability matters are available on our sustainability reporting webpage.
In addition, in New Zealand, the mandatory climate-related reporting regime is anticipated to be effective for periods commencing on or after 1January 2023. I.e., for impacted entities with June balance dates, climate statement reporting will be required as part of 30 June 2024 reporting.
Entities that will be impacted are large listed companies (large meaning with a market capitalisation of more than $60 million); large registered banks, licensed insurers, credit unions, building societies, and managers of investment schemes (large meaning with more than $1 billion in assets); and, some Crown financial institutions (via letters of expectation).
For more on the New Zealand climate related disclosure requirements, please refer to our April 2022 Accounting Alert Article and the External Reporting Board’s dedicated climate-related disclosures webpage.
Please contact our IFRS Advisory team if you require assistance with any financial reporting matters for your 30 June 2022 annual and half-year financial reports.
For more on the above, please contact your local BDO representative.
This publication has been carefully prepared, but is general commentary only. This publication is not legal or financial advice and should not be relied upon as such. The information in this publication is subject to change at any time and therefore we give no assurance or warranty that the information is current when read. The publication cannot be relied upon to cover any specific situation and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact the BDO member firms in New Zealand to discuss these matters in the context of your particular circumstances.
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