Much uncertainty and controversy exist with the CEDS since its passage in April as part of Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Act 2024.
The Federal Government has made legislative changes to the Corporations Act 2001 to require all public companies (listed and unlisted, and regardless of their size) to include a ’consolidated entity disclosure statement’ (CEDS) in their annual financial reports.
The changes are effective for annual reporting periods beginning on or after 1 July 2023 and so will apply for the first time on 30 June 2024.
Stay ahead of the curve by confirming what you know and discovering what you don’t.
What we will cover:
Part 1 – Legislation and Guidance
- Explain what the relevant sections of the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Act 2024 and its Explanatory Memorandum require of directors and auditors
- Application including Not-for-profit public companies
- Note the complexities with the term ‘true and correct’
- Provide an example of CEDS
- Discuss the relevance of the media release (5 July) A fairer and more transparent tax system by Assistant Minister for Competition, Charities and Treasury, Assistant Minister for Employment that materiality does not apply
- Review ASIC’s Information Sheet 284 Public companies to include a consolidated entity disclosure statement in their annual financial report (9 July)
- Refer to ATO guidance on tax residency
Part 2 – Audit Considerations
- Discuss what level of assurance is required and the relevant standards
- Director’s responsibilities and discuss what evidence needs to be provided
- Explain typical audit procedures to be applied
- Describe how the auditor’s report encompasses CEDS, possible modified reports, and KAMs reporting
Why Attend?
Stay Informed: Gain clarity on legislative changes impacting financial reporting obligations.
Prepare Effectively: Equip your team with strategies to ensure compliance by the upcoming deadlines.
Interactive Q&A: Engage directly with our expert to address your questions and queries
Expert Insights: Learn from industry specialists experienced in corporate governance and auditing standards.
Who should attend?
This session has been designed for:
Partners and Managers: Who oversee financial reporting, auditing, or compliance functions within their firms and need to understand the implications of CEDS for client advisory and service delivery.
Auditors and Audit Committee Members: To grasp the audit considerations and reporting implications related to CEDS.
Accountants and Finance Professionals: To gain insights into the practical application of the new requirements and their implications for financial reporting.
Financial Controllers and CFOs: To ensure they are equipped with the knowledge to implement the CEDS requirements effectively within their organisations.
