The fourth CA ANZ Chartered Accountants International Financial Reporting Standards (IFRS) Survey captures the perspectives of Chartered Accountants (CAs) on the impacts, challenges, and opportunities in developing local and international financial reporting standards.

This survey is designed to gather insights on various reporting aspects, the effects of recently implemented standards, and the anticipated impact of forthcoming standards and pronouncements on financial reporting. The results will enable CA ANZ to effectively engage with and advocate to standard setters on behalf of members regarding these changes.

The key findings from our 2024 Chartered Accountants IFRS Survey are:

Climate Reporting

• The relative importance of climate reporting in CAs roles has appeared to decrease since 2021. However, it is still considered at least moderately important for many respondents’ roles due to the evolving impact of climate on business risks and opportunities. 
• The top reasons cited by those who view climate as less important are:
  • a general lack of currently applicable climate change disclosure requirements, and
  • that climate-related impacts are non-significant for their organisation.
• 3 out of 4 CAs said independent assurance would increase their confidence in climate reporting published by listed companies.
• About 2 in 3 CAs consider that the international alignment of Australian and New Zealand climate-related financial disclosures is important.

Digital Reporting

• Over 50% of CAs support or strongly support the government making digital financial reporting mandatory for listed companies.

IFRS 16 Leases

• Over 50% of CAs report a moderate to very significant impact of adopting IFRS 16 Leases; however, this is slightly less than the 2022 survey results.

CA ANZ wishes to thank all respondents for the time taken to provide this valuable feedback. This feedback will be voiced directly in engagement with local and international standard setters and inform CA ANZ’s advocacy efforts toward simplifying and improving accounting standards.