Companies news
Forvis Mazars Shares Quarterly Insights on Financial Reporting Standards and Emerging Business Risks
Forvis Mazars summarises the latest financial reporting advancements and emerging business risks to help finance leaders navigate corporate risk.
Forvis Mazars provides a comprehensive summary of the most recent financial reporting advancements from local and international standard setters, together with analysis of emerging business risks, assisting finance leaders navigate the ever-evolving landscape of corporate risk and reporting. This quaterly publication's edition reflects an environment of intensified regulatory scrutiny and expanding reporting expectations.
Financial Reporting
Key developments include new guidance on disclosure of estimation uncertainty, emerging standards affecting regulated industries, and ASIC's continued focus on non-lodgement and reporting quality.
Highlights:
- AASB issues new standard on uncertainties
- New regulatory standard on the way
- ASIC fines companies for reporting breaches
- ASIC fines 12 companies more than $2 million for failures to lodge
Sustainability Reporting
Updates cover ASIC's approach to relief applications, new educational modules to support entities preparing for climate reporting, extended modified liability settings, and practical guidance on lodging sustainability reports.
Highlights:
- Use form 398 to report sustainability online
- ASIC knocks back sustainability-reporting relief
- New modules help companies understand sustainability reporting
- Modified liability settings extended
Governance
Key advancements include key reforms affecting payroll and superannuation, rising expectations around ethical decision-making at board level, and proposed changes to director identification numbers and managed investment scheme oversight.
Highlights:
- Super to be paid with salary
- Payday Super regulations released
- Poor payroll compliance is entrenched
- New boardroom-ethics guide released
- Government proposes big DIN changes
- Proposed enhancements for oversight and governance of MIS
ASIC
ASIC has flagged a series of emerging risks for 2026, from retail exposure to private credit markets and AI-driven consumer harm, to cyber threats and audit quality concerns. Misconduct reports have also risen sharply, with corporate governance failures accounting for a significant share of issues reported in the second half of 2025.
Highlights:
- ASIC announces emerging risks for 2026
- Misconduct reports spike in corporate‑governance issues
AML/CTF
New privacy guidance and practical compliance tools are being rolled out ahead of the 1 July expansion of Australia's AML/CTF framework, which will bring lawyers, accountants, real-estate agents and other professional service providers under the regime for the first time.
Highlights:
- Keeping privacy in mind
- AUSTRAC releases starter kits for newly regulated sectors
Fraud
New resources aimed at strengthening fraud risk management have been released, including a benchmarking report on anti-fraud technology and a foundational blueprint to help organisations build, mature and enhance their fraud risk management programs.
Highlights:
- Support for fraud-busters
- Anti-fraud blueprint released
APRA
APRA has decommissioned its legacy D2A data submission system following the identification of security vulnerabilities, accelerating the transition of all prudential data collections to APRA Connect.
Highlights:
- APRA decommissions D2A
Source: PDF Newsletter
