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EOFY Update: What's new in Accounting for June 2022? 

Presented 23 June 2022

What you should know and pay attention to when reviewing financial statements as a board member.

Grant Thornton’s audit and tax specialists cover four key items you should be aware of when reviewing financial statements as a board member, including:

Financial reporting 

  • Accounting standards and other changes upcoming for FY22 and future reporting periods, including:
    • Cloud computing IFRIC Interpretation
    • AASB 17 – Insurance Contracts
    • Removal of special purpose financial reports option (AASB 1060)
  • Annual impairment considerations
  • ACNC revenue threshold changes
  • Developments in ESG reporting   
Financial Services Tax
  • What are the ATO audit programs in place to obtain assurance and what are their findings to date
  • How can an organisation be Board ready when an ATO audit takes place?

 Corporate Tax

  • 2022 Year End Tax Update – what we can plan for and what budget announcements aren’t going ahead.

  • Director ID Update

  • State Taxes

Guest Presenters

Himashini Weeraratne, Tax Partner, Grant Thornton Australia Ltd

Himashini heads the financial services tax practice nationally at Grant Thornton. She has over 14 years’ experience providing tax advisory and compliance services to financial service providers, fund managers, managed funds, superannuation funds and their advisors. She has experienced first-hand the operational and process issues of taxation affecting BAUs and at Board level through secondments at one the largest financial institutions in Australia. Himashini is passionate about growing the mid-sized businesses, in particular, credit unions, boutique banks, neo banks, lending platforms and Fintechs, and assisting clients with detailed knowledge of the taxation and regulatory issues affecting their industry. 

Working closely with internal audit functions and being a practicing solicitor (NSW) Himashini understands the importance of governance and risk. As such, Himashini has extensive experience in tax risk management, drafting tax policy documentation, tax internal audit, tax process improvement, ATO governance review and tax transparency. This invariably enables her to provide value added services to clients, especially at Board level. 

Louise Worsley, Partner - Audit & Assurance, Grant Thornton Australia Ltd

Louise has over 15 years’ experience co-ordinating audit and other services to a diverse portfolio of clients, including the audits of privately held and listed public companies and large international groups. Louise has also been involved in corporate finance engagements varying from acquisitions to initial public offerings.

Louise’s industry experience includes Life Sciences, Technology & Media and Consumer Products & Retail.

Sian Sinclair, Tax Partner, Grant Thornton Australia Ltd

Sian’s real estate and construction expertise draws on over twenty years’ experience in taxation, accounting and general business consulting. Advising clients from the start-up and growth phases of business through to those looking to realise their wealth via exit strategies, her input is focused and practical with real insight into the issues impacting businesses in the industry.

With experience managing tax risk for large groups, including advising on significant transactions and group consolidations, Sian oversees the compliance and planning needs of Australian and international business groups.

After beginning her career in Brisbane, Sian joined Grant Thornton in 2001 and has worked in our Brisbane, Melbourne and USA firms. She was appointed a Tax Partner in 2007 and heads up the National Real Estate and Construction group for Grant Thornton.

Sian has extensive experience with businesses in the property development and construction industries and advises a number of key industry participants on tax matters. 

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