Financial reporting alerts

Significant accounting developments (2026–1: 10 February 2026)

This alert, issued on 10 February 2026, contains information and recommendations about:

amendments to the Financial Management Act 1994
key developments in climate reporting
responding to AASB 13 Fair Value Measurement amendments
preparing for AASB 17 Insurance Contracts.

Guidance for Public Sector Entities – AASB 17 Insurance Contracts (10 February 2026)

This guidance supports public sector entities in applying a structured and consistent approach to assess whether certain non-traditional or insurance-like arrangements fall within the scope of AASB 17. It includes examples, highlights areas requiring judgement, and explains the standard’s intent to support well-informed, consistent application.

Significant accounting developments (2024–2: 18 December 2024)

This alert, issued on 18 December 2024, contains information and recommendations about:

the implementation of tiered financial reporting for eligible entities in the Victorian public sector
the revised FRD 103, which allows a phased approach for adopting amendments to AASB 13
key developments in the climate reporting space
other key developments for 2024–25.

Significant accounting developments (2024–1: 30 May 2024)

This alert, issued on 30 May 2024, contains important information, recommended actions and reminders regarding:

the Australian Accounting Standards Board's authoritative implementation guidance on AASB 13 Fair Value Measurement, which may significantly impact the accounting for non-financial assets by some not-for-profit (NFP) entities
DTF’s tiered financial reporting proposals
sustainability reporting
key accounting developments relevant to 2023–24 financial statements and beyond.

Significant accounting developments (2023–1: 3 February 2023)

The Australian Accounting Standards Board has recently released some significant amendments to accounting standards. This alert covers a summary of these amendments that are relevant for most Victorian public sector entities, their likely impact and recommended actions that preparers and auditors can undertake to ensure smooth implementation of these amendments. The alert also acts as a reminder of key accounting and other developments relevant to your 2022–23 financial statements and provides an update on the AASB’s post-implementation reviews.

Fair value measurement—proposed guidance for not-for-profit public sector entities (2022:2, 7 April)

Not-for-profit public sector entities have faced significant challenges applying the requirements of AASB 13 Fair Value Measurement to non-financial physical assets because of their unique nature, which results in divergent practice. This tech alert article discusses the Australian Accounting Standards Board's recent Exposure Draft ED 320 Fair Value Measurement of Non-Financial Assets of Not-for-Profit Public Sector Entities, which provides guidance to help the sector implement and consistently apply the requirements. The article also discusses the likely impact of the exposure draft on the public sector and actions that public sector entities can take to start preparing for its future implementation.

Income of not-for-profit entities: latest developments (2022:1, 10 March)

Not-for-profit entities have faced significant challenges applying the new income recognition requirements in AASB 1058 Income of Not-for-Profit Entities (AASB 1058) and AASB 15 Revenue from Contracts with Customers (AASB 15). This tech alert article discusses the Australian Accounting Standards Board's proposed amendments to AASB 15 and AASB 1058, their likely impact on the public sector and actions that public sector entities can take to prepare for the June 2022 reporting cycle.