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Accountants and Business Advisers
31 07 2019
Governance, culture and ethics have never been more relevant across Australian business. We have seen a growing lack of trust in institutions, in traditional structures and even in some cases in people’s success. Noting that the full title of the Hayne Royal Commission featured the word ‘misconduct’, ethical business practices and corporate governance really do matter for today’s Boards and management teams. These expectations mean that governance, risk and compliance efforts need to move beyond the traditional ‘tick the box’ approach.
In mid-June ASIC issued its views on the matters that financial report preparers, Directors, management and auditors should consider of highest priority in the 30 June 2019 financial reporting cycle (through its 19-143 Media Release Major financial reporting changes and other focuses), calling on companies to focus on new requirements that can materially affect reported assets, liabilities and profits.
The Australian Accounting Standards Board has been busy over the last few months which has resulted in some proposed changes to accounting standards being released for comment.
General provisioning of debtors was removed many years ago, never to return, or so we thought. AASB 139 Financial Instruments: Recognition and Measurement previously required impairment allowances be measured according to an incurred loss model. Under this model, the recognition of credit loss allowances was triggered by loss event subsequent.
Non-public sector Australian not-for-profit (NFP) entities will soon have the option to recognise the benefit of voluntary services received in their profit or loss account. What does this mean for those in the sector, and should boards be considering implementation of this choice?
26 07 2019
Despite improvements in some areas of the whistleblower framework, there are, unfortunately, still significant shortfalls in the organisational treatment of whistleblowers.
22 07 2019
The introduction of the Modern Slavery Act reflects a societal shift and represents an opportunity for organisations to do the right thing while leveraging it as a competitive advantage.
19 07 2019
PKF Melbourne Corporate Finance is pleased to present the Food Manufacturing & Distribution Insights for the June 2019 quarter, including a review of key mergers and acquisitions activity in the industry.
PKF Melbourne Corporate Finance is pleased to present the Healthcare Equipment and Services Insights for the June 2019 quarter, including a review of key mergers and acquisitions activity in the industry.
05 07 2019
NHS came to PKF for the quality advice needed for a continually expanding business. Since then, PKF has delivered monthly advisory board meetings, strategy sessions, disaster recovery and IT assistance.
A business needs to articulate the position of a good investment. The more risk for an investor (in this case the bank), the higher the reward they will expect (in this case the interest rate).
For most, this money printing machine just sits there at home, unprotected and uninsured…You guessed it – this machine is YOU… What would you do if you could no longer meet those large mortgage repayments?
Though most Directors would not knowingly participate in illegal phoenixing, moving assets to protect a Director’s personal financial wealth when a business is facing liquidation, could be viewed as phoenixing and both the Director and their adviser may now be held liable.
SME businesses without collateral to offer as security are likely to find it increasingly difficult to source financing at affordable rates.
There are around 600,000 SMSFs in Australia today with over 1.1 million Australians who are members of their own SMSF.
When utilised effectively, a policy of flexible working arrangements can help ensure employing companies have access to a broad and diverse talent pool to select their team from, the company can provide innovative solutions to their clients and they will generally have a more motivated workforce.
Foreign incorporated companies that are controlled by Australian groups should assess their Australian residency status to identify any risks and remedial action that may be required, especially where there are potential decision-making influencers in Australia.
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