With over 2 million active businesses in Australia as of 2023, being able to provide to Australia’s varied industries has become priority for finance and accounting service providers.
However, Australian accounting standards and their tax regulations presents its unique challenges and opportunities and if you are looking to provide quality services to help Australian Accounting firms with the finance and accounting needs of the Australian market, you would need to note the different standards circling Australian accounting.
In Australia, businesses need to adhere to standards set by The Australian Accounting Standards Board (AASB). This is why as you provide services to Australian firms; you must be proficient in the Australian Accounting Standards (AAS) and how it applies to financial reporting, auditing and tax compliance. One key benefit of being well-versed in the AAS is that Australia’s adoption of the International Financial Reporting Standards (IFRS) also ensures that if you are compliant with Australian Accounting Standards, you are also compliant on a global scale.
As a finance and accounting service provider, compliance with Australian accounting standards is not only a legal requirement but a testament to your services’ reliability and ability to provide financial reports and outputs with integrity. With the 58 different AASB Standards, studying each standard helps you deal with the different aspects of financial reporting in the Australian landscape.
An example of this is the requirements needed to ensure the adherence of financial statements in accordance with AAS. This involves understanding the specific disclosure requirements, recognition criteria, and measurement principles outlined in the standards. Whether it's preparing balance sheets, income statements, or cash flow statements, adherence to these standards is paramount for compliance and credibility.
By studying AAS, make sure that you are adopting a proactive approach to learning and implementation, always on the lookout for regulatory changes of the standards that fit the different industries you are servicing and noting any deadlines for filing for compliance.
As a finance and accounting provider, here are some practices that help you offer tailored support for Australian firms.
One thing to note among all this is that, as you provide services to Australian firms and their constantly-evolving market, you and your team must also adapt – to be flexible to any changes in the needs of Australian firms.
By being knowledgeable of all the financial reporting, accounting standards and tax compliance needs of the firm while tailoring your solutions to cater to these standards, you will be able to provide finance and accounting solutions that will add value to Australian firms servicing both their local and foreign clients.
D&V Philippines provides scalable finance and accounting solutions that can adapt to any landscape. If you’re interested in learning more about our services, schedule a free consultation with us or download our Employees to Partners whitepaper to see how we value our talents!
This article has been written in collaboration with Aly Tagamolila, a content specialist at D&V Philippines.