The ever-evolving regulatory environment poses a number of challenges for both the preparers and the users of financial reports.
Preparers of financial reports are faced with the difficulty of applying complex accounting standards to intricate business structures and transactions while maintaining transparency and clarity. Meanwhile, directors must be assured of compliance and the reasonableness of positions taken within the financial reports.
Ineffective financial reporting practices may not only expose the business to the risk of non-compliance but can also hinder the business’ operations and may ultimately be very costly.
Understanding the various regulatory changes is imperative to preparing financial reports that are not only legislatively compliant but are effective in improving the business’ operations. With the rapid rate of change in the regulatory landscape, however, keeping up to date can be challenging.
Through our national technical division, William Buck assists organisations with advice on the proper implementation of the Australian Accounting Standards (AASB), the Australian equivalents to the International Financial Reporting Standards (AFRS) and other regulations.
We have a proven track record for assisting companies to understand the ‘real-life’ implications of abstract standards and interpretations, and their practical applications.
We also act as independent technical advisors to our clients. Often organisations need independent technical advice or second opinions to support complex restructuring, significant transactions and financial reporting compliance. Our service is designed to provide technical opinion and to assist your organisation with improvements in your financial reporting. We ensure that any issues and changes identified are dealt with promptly and effectively.
How we can help
- Providing tailored training courses
- Independent technical advice
- Regular updates on changes to the accounting standards
- Responding to the AASB / AUASB on exposure drafts