Insights

AASB 18 — What you need to know about the next big accounting standard

AASB 18 Presentation and Disclosure in Financial Statements is the next big accounting standard that will affect most entities who prepare general purpose financial statements.

2 contributors

Melbourne

Insights

AI as an enabler

AI’s enabling power spans diverse applications and fields. Unlike traditional technologies, AI possesses the ability to learn, adapt, and perform tasks that typically require human intelligence, making it a versatile tool for organisations seeking to stay competitive in a rapidly evolving market. AI fosters collaboration between humans and machines, augmenting...

5 Partners

Melbourne, Sydney, Adelaide, Perth

Insights

AI risks and opportunities

The integration of AI into various sectors presents a unique blend of risks and opportunities that organisations must skillfully navigate. This section explores the dual nature of AI’s impact, focusing on the practical implications for business and society, offering a more pragmatic exploration of how AI reshapes industries and introduces...

5 Partners

Melbourne, Sydney, Adelaide, Perth

Insights

AI ethics and governance

The rapid advancement of AI underscores the necessity for robust ethical frameworks and governance mechanisms. AI ethics and governance have emerged as essential areas of study and practice, aiming to ensure that AI technologies are developed and deployed in ways that are responsible and safe. There are a wide range...

5 Partners

Melbourne, Sydney, Adelaide, Perth

Insights

Better practice in AI governance: we provide a checklist

Successfully integrating AI into an organisation requires a comprehensive strategy encompassing proactive risk management, ethical governance, continuous learning and culture change. There is no onesize-fits-all approach. What may work well for one organisation may not work for others. Leveraging reusable patterns, such as those highlighted in the Voluntary AI Safety...

Ken Weldin

Partner

Melbourne

Insights

Unpacking the new consolidated entity disclosures

As a result of the introduction of the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023, from 30 June 2024 onwards, Australian public companies who prepare a consolidated financial report (except those companies that report to the ACNC) must include a new consolidated...

Ken Weldin

Partner

Melbourne

Insights

Australia’s new era of corporate transparency: mandatory climate reporting begins on 1 January 2025

It’s official, Australia’s mandatory climate disclosure regime will take effect from 1 January 2025, following the passing of the Government’s legislation through Federal Parliament. On 22 August 2024, the Senate passed the mandatory climate reporting bill, which was subsequently passed by the House of Representatives on 9 September 2024. This...

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2 contributors

Melbourne

Clarity Mag

Mandated climate reporting in Australia

On 27 March 2024, a Bill was passed in the Australian Government to mark a new era in mandated sustainability reporting for all Australian businesses. Schedule 4 to the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (Cth) was introduced into the House of Representatives to establish...

2 contributors

Melbourne

Insights

Data governance — a decision making approach

Over the past year, PKF, working with the Governance Institute of Australia, Macquarie University’s DataX Research Centre, and other expert organisations, has supported an important research study to assess the data governance landscape in Australia. The findings are unexpected and motivating.Survey participants and process In August 2023, the Governance Institute...

Ken Weldin

Partner

Melbourne

Insights

Data governance capability considerations for boards — a framework

What does a good data governance report look like? How do you make sure it’s on the board’s agenda? We outline key considerations in the following table. It is not designed to be an exhaustive checklist, rather, it aims to trigger conversations at a senior management and board level in...

Ken Weldin

Partner

Melbourne

Insights

Survey participants and process

In August 2023, the Governance Institute of Australia initiated an online survey on data governance. A total of 345 responses were received over a one-month period.Respondent profile The largest cohorts of respondents (Figure 2) were senior governance or risk management professionals (25%) or CEO or C-suite executives (21%). As such,...

2 Partner

Melbourne

Insights

Expert panel contextual analysis

We asked the experts some poignant questions on data governance and the findings. What are the benefits of data governance? "The here and now on data governance is know your data and don’t keep it for longer than you should." - Sue Laver, Company Secretary, Telstra "Twenty per cent of...

Ken Weldin

Partner

Melbourne

Insights

Letter from the Governance Institute of Australia Chair

The Governance Institute of Australia, working in conjunction with PKF, is delighted to share this year’s key thought leadership project — Data governance in Australia. This report forms the fifth in the Governance Institute’s digital thought leadership series.

2 contributors

Melbourne

Insights

Are you prepared for cyber attack?

The final months of 2022 reminded us all of the importance of how quickly things can go wrong in the event of a cyber security issue. Recently, a number of high profile data breaches have had serious impacts for individuals affected, as well as longer term reputational and financial consequences...

Ken Weldin

Partner

Melbourne

Insights

Risky business

In September, the Governance Institute of Australia held its 2022 National Conference, for many marking a return to face-to-face events in Melbourne after you know what. The theme for the conference was ‘Modern Philosophies’ and explored risk management, ESG, societal leadership, the regulatory environment, innovation, inclusiveness and equality, as well...

Ken Weldin

Partner

Melbourne

Insights

Risk and crisis planning in the current storm

Offering valuable insights into the risk landscape, the survey has revealed that almost 40 per cent of businesses are not regularly. testing their risk and crisis plans — leaving them exposed and under-prepared for major crisis. The survey was conducted just as the enormity of COVID-19 was becoming apparent, but...

Ken Weldin

Partner

Melbourne

Insights

Interrogating integrity

Governance, culture and ethics have never been more relevant across Australian business. We have seen a growing lack of trust in institutions, in traditional structures and even in some cases in people’s success. Noting that the full title of the Hayne Royal Commission featured the word ‘misconduct’, ethical business practices...

Ken Weldin

Partner

Melbourne

Insights

Are you ready for GDPR?

The General Data Protection Regulation (GDPR) law will be enforced from 25 May 2018. Failure to comply with any of the GDPR requirements may result in significant financial loss, disruption or reputational damage to an organisation. What’s the big deal? If you think data protection and data breaches only affect...

Ken Weldin

Partner

Melbourne

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