How to determine what kind of financial reporting is right for your business

Clear, concise, accurate and timely financial reporting is a vital tool for any business. Without it, directors, shareholders and other interested parties (the users of the financial statements) lack the information needed to make sound and informed decisions.

Yet ascertaining the exact nature of the financial reporting needed by your organisation can be time consuming, complex and tiresome. This is all the more true since the numerous financial legislations in Australia are administrated by so many different bodies.

Did you know?...

  • If you manage a small proprietary company, with an overseas/foreign domiciled parent entity, you may be required to lodge audited financial statements with ASIC
  • Does your proprietary company meet two of the following criteria?
    • gross revenue greater than A$25m
    • gross assets greater than $12.5m
    • total full time employees greater than 50
  • If it does, it is deemed to be a large entity under the Corporations Act, and so is required to lodge financial statements with ASIC.
  • You maybe able to prepare general purpose financial statements, or take advantage of the Reduced Disclosure Regime (to decrease some disclosures), or special purpose financial statements, which eliminate many of the disclosure requirements of the AASBs.

Failing to engage in the right kind of financial reporting can not only lead your business down an inopportune path. It can also lead to incorrect or late lodgement, and subsequent penalties. Contact Calibre to discuss how a thorough and precise external audit of your financials can sharpen your business operations.

Asia-Pacific Snapshot: Growth and opportunities in Vietnam

In recent years, promising growth has been a marked feature of Vietnam’s economy.

In December 2015, the QNB predicted economic growth of 7% in 2016 and 7.5% in 2017. Even in the face of difficulties which have reduced this level of confidence, many still foresee continued growth.

  • According to HSBC, Vietnam’s economy still expanded 5.6% in Q1 despite agricultural difficulties like droughts and saltwater intrusion.
  • Even though recently proposed administrative tightening measures will curb credit growth at certain levels, HSBC only revised their GDP growth forecast down to 6.3% for 2016 and 6.6% for 2017.
  • ANZ attributed the decline of 1.2% agricultural production to cold weather in the North and El Nino in the Mekong Delta, yet forecast that industrial production would still expand by 6.2%
  • The ANZ also projected that export would be on the rise in 2016 thanks to previous investments and that the inflation rate would decrease to 1.7% in 2016 and fluctuate at 2.5% in 2017.

Moreover, Vietnam's stock regulators are planning to merge its two bourses in Hanoi and Ho Chi Minh City, in hopes this will increase the local market's transparency and attract more foreign investors.

If you are considering operating in Vietnam, of if you already do so, contact Calibre Advisory Group’s Asia-Pacific experts to discuss strategies to make the most of this growth.

Important Disclaimer: Readers should not act solely on the basis of the material on this page. Items herein are general comments only and do not constitute or convey advice. Legislation and proposals of legislation are also subject to constant change. We therefore recommend that formal advice be sought before acting in any of the areas. This news article is issued as a guide to the readers. Calibre Business Advisory Pty Ltd and its associated entities disclaims any losses that may be incurred as a result of the reader undertaking any action based on this article.

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