News & Views

Ensure your company is clean as a whistle

In the flurry of activity that comes with a new financial year, you may have overlooked a significant announcement from ASIC about its changes to the Corporations Act to better protect whistleblowers. Even if you’re confident everything is ‘above board’ in your business, the new requirements are noteworthy for all public companies and large proprietary companies because it states there must be a compliant whistleblower policy in place by 1 January 2020, and made available to all employees.
 

Digital Transformation within the Mining Industry

Amidst the current challenges of the global economy, the mining sector has a sense of optimism.  Demand has been supportive of gold and iron ore prices, and minerals used for batteries will remain in focus, not least due to the ongoing growth in the electric vehicle markets.  Long term fundamentals underpin future demand.
Alongside a favourable outlook for mining demand, the cost side of the sector is being impacted by the application of technology – enhancing margins and reimagining processes which in some cases have endured for decades.

Important Announcement

On 9 September 2019, Moore Stephens International publicly announced the Moore Stephens network will become Moore, a transition to take place globally over the next 12 months.
 
Here in Australia, Moore Stephens will adopt the new brand from 1 July 2020.

Business sales – Net Working Capital and cash adjustments

Looking at selling your business? If you think that agreeing on the business’ value is the hard part, think again.

Many owners overlook the question of the purchase price’s net working capital adjustments, let alone how much cash to leave in a business at the point of sale. These areas are not only complex but can often be a major source of tension towards completion of a business sale. So, while it’s best to ensure you have a skilled advisor on hand to help you navigate your way through, this article will help you understand some of the considerations involved before you head to market.

Working together to connect food and entrepreneurship

Introducing the Agri Food and Wine Category: An initiative of Moore Stephens and eChallenge Australia

Tapping into the South Australian entrepreneurial ecosystem the Australian eChallenge connects the business community to students, academics and the general public. 

The eChallenge: Agri Food and Wine is designed to generate new ideas to address local and worldwide problems using anything from software, hardware and other technologies to chemistry, marketing and farming.
 

Removal of Special Purpose Financial Statements – Does it impact you?

The AASB has issued ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities.  ED 297, if approved, will remove the ability of for-profit large proprietary, unlisted public (other than companies limited by guarantee) and small foreign-controlled companies to lodge special purpose financial statements (SPFS) with ASIC (i.e. directors can no longer self-assess that they are a non-reporting entity).  Current estimates from the AASB predict 7,295 companies will be impacted by these changes.

Disclosures Required Under RDR Are Set to Tumble

ED 295 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities proposes to replace the current Reduced Disclosure Requirements (RDR) framework with a Simplified Disclosure Standard. All entities currently using the RDR framework will fall into this new regime. It is important to note the proposals in ED 295 are closely linked to those expected in the forthcoming Exposure Draft on the proposed removal of special purpose financial statements (SPFS).

To read more, please follow the link

Moore Stephens Victoria deepens focus to include legal services

Moore Stephens Victoria has expanded its already extensive offering, with the launch of its new legal services division this month. Headed by Alex Nielsen, an accomplished lawyer with over 10 years’ experience in corporate, tax, real estate and asset management matters, the division will enable a multi-disciplinary approach for its growing clientele.

What does Australia need to do to stay ahead?

As we look towards the future, it is broadly agreed that Australia cannot continue to rely on luck and location alone. The most recent economic survey by Credit Suisse placed Australian’s as the second wealthiest people on the planet, closely behind Denmark.

To maintain this standard of living, the Australian government is acutely aware that we need to do something different going forward. The rhetoric from industry and government has for some time stated, “we can’t just keep digging it up and selling it, if we want to maintain our standard of living.”

SA Budget 2019-20: At A Glance

Taking advantage of low interest rates and following in the footsteps of our mainland counterparts, South Australia will increase debt by $7 billion over the next four years to fund a massive $11.9 billion infrastructure spending program.
 
The second Marshall Government budget — and the sixth for Mr Lucas — whilst short on surprises, looks to save money across a range of portfolios and programs, with select areas of Government spending increasing. Here’s our rundown of the key measures. 

SA Budget 2019: At a glance

It is the second budget delivered by Steven Marshall's State Government, with promises of funds for those wanting to get into the housing market and a new hospital. Treasurer Rob Lucas said if his latest budget were a person, it would be wearing "overalls and a high-vis vest". Find out what this year's budget means for you.

How incremental innovation can drastically help your business

If you are that person who thinks to be innovative your business needs to create the next great thing in the form of a new product or a new service, you are missing the whole point. Every business can bring innovation into its corporate culture just by adopting a ‘do better’ or aka incremental approach to innovation. Small changes in processes, service delivery and products can add huge value to your business with minimal impact on the expense items in your P&L. In fact, when done well, incremental innovation can be extremely profitable.

Is your company ready for its public debut?

Are you ready to take your company public? Moore Stephens’ latest corporate advisory recruit Benjamin Yeo has spent more than a decade skilfully guiding clients through the intricacies of preparing Initial Public Offerings (IPO) and outlines what’s necessary to successfully transform your company from private to public.
 
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