Frank Betkowski

Principal, Deloitte, Australia.
Any views expressed are my own.

[Frank Betkowski @fbetkowski]

The Taskforce on Nature-related Financial Disclosures (TNFD) has published its final Recommendations and guidance for entities to report and act on evolving nature-related dependencies, impacts, risks and opportunities.

https://t.co/CUMi3u2edm

[Frank Betkowski @fbetkowski]

What do audit and risk committees need to do in light of current economic conditions and regulatory developments?

Learn how to respond with our latest Audit & Risk Committee Navigator publication

https://t.co/DGdqGYbF2d

[Frank Betkowski @fbetkowski]

We have released a Clarity publication which explains the #PillarTwo amendments, outlines how they relate to the Pillar Two transition process, and provides illustrative disclosures for financial reports around the impacts of Pillar Two.

https://t.co/ab5uFxaQ5H

[Frank Betkowski @fbetkowski]

ASIC focus areas for 30 June 2023 financial reports were released yesterday.

New mentions of 'net zero' commitments and Pillar Two impacts (among others)

https://t.co/bVsWfyd3Yu

[Frank Betkowski @fbetkowski]

Our Tier 1 and Tier 2 models are now available - the Tier 1 publication includes our popular 'what's new in financial reporting' analysis

Download the publications at https://t.co/axW82Hz7Ps.

[Frank Betkowski @fbetkowski]

ISSB agenda consultation on its priorities for the next two years.

The consultation paper has four potential projects (only 1-2 to be chosen):
- Biodiversity, ecosystems and ecosystem services
- Human capital
- Human rights
- Integration in reporting.

https://t.co/j8dYa5dxcl

[Frank Betkowski @fbetkowski]

New IFRIC agenda decision now formalised, deals with how to assess whether a contract contains a lease. Deals with unit of account and substitution rights.

https://t.co/KeRILVgx3h

[Frank Betkowski @fbetkowski]

#ASIC has revamped its regulatory tracker in a swish new filterable format

https://t.co/7hUcIyI3iO

[Frank Betkowski @fbetkowski]

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[Frank Betkowski @fbetkowski]

Interesting proposals from Treasury to expand the content of financial reports of public companies to include a "consolidated entity statement" providing details of subsidiaries (including tax residency). Comments close 13 April 2023.

https://t.co/IRc3i8CwPi

[Frank Betkowski @fbetkowski]

To quickly understand the Treasury proposals on mandatory sustainability reporting, see our Clarity publication 'Towards mandatory sustainability reporting in Australia'.

https://t.co/sWiZY3XBwx

[Frank Betkowski @fbetkowski]

Federal Government consults on mandatory sustainability reporting.

Would be based on TCDF/ISSB, possible commencement in 2024-25 applying to large listed entity and financial institutions.

Also explores assurance requirements and the role of the AASB

https://t.co/dOFlgcfQ0m

[Frank Betkowski @fbetkowski]

Federal Government consults on mandatory sustainability reporting.

Would be based on TCDF/ISSB, possible commencement in 2024-25 applying to large listed entity and financial institutions.

Also explores assurance requirements and the role of the AASB

https://t.co/dOFlgcfQ0m

[Frank Betkowski @fbetkowski]

#ASIC has released its focus areas for December 2022 financial reporting

Increased or new focuses include current economic conditions, climate-related impacts and disclosures, cyber security risks, auditor responsibilities, AASB 17 impact disclosure.

https://t.co/k4aW0ftJ91

[Frank Betkowski @fbetkowski]

#Treasury consultation to implement legal changes to allow AASB to issue sustainability disclosure standards

https://t.co/O0vF2thcDV

[Frank Betkowski @fbetkowski]

Our models for December 2022 are now available at https://t.co/axW82Hz7Ps.

Be sure to check out our 'What's new in financial reporting' guide in the 'Tier 1 models and reporting considerations' publication.

Our Australian financial reporting guide has also been updated :)

[Frank Betkowski @fbetkowski]

New edition of @Green_Dot model special purpose financial statements now available. Updates for new for-profit disclosures, APES 205 developments and for SPFS being lodged with the ACNC

https://t.co/cDekzjpjiG

[Frank Betkowski @fbetkowski]

#ASIC amends Form FS70 to clarify consolidated financial statements are not always required for intermediate parents that are AFS licensees.

Intermediate parents can take advantage of the consolidation exemption in AASB 10.

https://t.co/1VkdmT1Sk5

[Frank Betkowski @fbetkowski]

New Clarity publication 'Revised deadlines for unlisted entities at June 2022' now available.

Includes explanation of why grandfathered proprietary companies cannot take advantage of the one month extension and retain their lodgement exemption.

https://t.co/BPCkqkSWzu

[Frank Betkowski @fbetkowski]

ASIC has released FAQs on financial reporting, focuses on the new AFS licensee requirements

https://t.co/fAZIGlep7S

[Frank Betkowski @fbetkowski]

UPDATE: The amendments have been re-presented to the House this afternoon and have just passed, by 88 to 55. The changes will be effective from the day after the Royal Assent, likely in the next few days.

[Frank Betkowski @fbetkowski]

Amendments passed the Senate today that would remove the grandfathered exempt proprietary companies concept under the Corporations Act 2001. If confirmed by the House, would require these companies to lodge financial statements with ASIC going forward.

https://t.co/YddEBqjZI7