The Australian Accounting Standards Board (AASB) is an Australian Government agency that shapes and structures financial reporting in this country. All accountants will be particularly familiar with this body. The AASB dictates Accounting Standards to keep the Australian economy in line with global financial reporting standards. Both the public and private sectors are expected to follow the AAS set down by the AASB in all reporting and financial operations.
In effect, the AAS impacts the entire spectrum of business. Do you work as a company accountant or external auditor? Are you a corporation required to prepare financial reports? Are you impacted by government reporting? Are you in the not-for- profit or public sectors and need to prepare reports or any kind of financial statements?
Then you operate under the AAS, and the significant changes to Accounting Standards are set to impact you.
These are narrow and specific changes that will impact your operations from 30 June 2017. They are a prelude to even more important changes that will come into effect in 2018-19, which all accountants need to prepare for.
Right now, you need to be aware of the impact on:
The detail in the changes means it is vital that you talk to an experienced accountant to make sure that you are meeting the standards.
Our Sydney team recently took a trip to Seoul. We trained and strategized with our Korean office, and it gave us a renewed insight into the risks and benefits of taking a business from Australia out into the global market, especially in light of the EMDG.
Korea in particular has its attractions for Australian investors and companies. The EMDG (Export Market Development Grant) scheme can equip you to launch into Seoul. But a smart approach is a thoughtful one:
And how does all this apply to your target market? South Korea has traditionally invested heavily in R& D so this may be an avenue for you. The regulatory framework is different to Australia’s, but both the FTA and Korea’s approach present a climate of stability. The nation has low inflation and low unemployment. It’s higher than average interest rates help draw in foreign investment and its currency is relatively stable, yet you may meet challenges in breaking into industries typically shaped by big, oligarchical players.
In any case, a chat with an expert in Australian business, the EMDG scheme, and your target market can make a smart approach even sharper.
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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