Are you an AFS Licence Holder – Changes to your Financial Reporting Requirements are required this year

ASIC has changed the financial reporting requirements for AFS Licensees to align with changes to the accounting standards. The new reporting requirements require the financial reports of AFS Licensees to contain disclosures that are consistent with the requirements of for-profit entities prepared in line with requirements of the Australian Accounting Standards Board.

The new financial reporting requirements require:

• AFS Licensees that do have public accountability to comply with the disclosure requirements of the full standards;
• all AFS Licensees to apply the full recognition and measurement requirements for assets, liabilities, income and expenses
• all AFS Licensees to prepare cash flow statements; and