Essential Guidance for the December 2011 reporting season

Key Points

• The Institute has released its latest essential guidance tool for the December 2011 reporting season
• The tool identifies key issues to be taken into consideration such as the European debt crisis, carbon price and regulatory focus areas
• The Institute’s Head of Reporting, Kerry Hicks, says some of the issues have been highlighted in previous guidance tools and others have developed only in the past few months.

The Institute continues its biannual essential guidance series with the release of Essential guidance for the December 2011 reporting season.

The tool identifies five key issues to be taken into consideration for the December 2011 reporting season, including.

• European debt
• Communication with those charged with governance
• Carbon price
• Minerals Resource Rent Tax (MRRT)
• Regulatory focus areas.

The Institute’s Head of Reporting, Kerry Hicks, says this guidance tool expands on issues raised in the previous essential guidance tool, as well as acknowledges recent amendments to tax laws.

'The European debt crisis is an issue that is expected to impact Australian business across the different sectors. We have broken down the impact of the crisis on global financial markets – equity markets, exchange rates and commodity prices – and discuss the potential effects on financial statement preparation.

'Since the last essential guidance tool in June 2011, the clean energy legislation was passed through the Senate and the mining tax legislation was also introduced into parliament. Even if business is not impacted directly by the carbon price, small businesses in particular need to consider the domino effect through the supply chain and broader economy,’ Ms Hicks says.

For more information or assistance members are encouraged to contact the Reporting & Assurance team.

Article last updated 17 February 2012

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