Moore Stephens launches new service to support organisations adhere to accounting standards

Melbourne, Australia: Global mid-market accounting and advisory services network Moore Stephens today announced the launch of a new service to assist businesses adhere to complex accounting standards.

In response to recent high-profile action by ASIC against Directors of listed companies around breaches of accounting standards, the new service, The Accounting Network, provides access to technical accounting expertise via a cost-effective subscription model.

The service is particularly aimed at small- to medium-sized businesses who may not have the requisite in-house expertise when it comes to financial reporting, or whose senior finance leaders may require additional support from time to time in ensuring they appropriately apply and report against accounting standards.
The service has been trialed over the last 12 months with very positive results.

With ASIC continuing to cast a spotlight on the role of Directors and their legislative responsibilities around financial reports, National Head of Technical Accounting for Moore Stephens, David Holland, expects to see even more emphasis on the need for Directors to either build their own financial acumen, or organisations themselves providing greater comfort to Boards around the quality and appropriateness of financial information.

“ASIC is continuing to target listed companies, which has resulted in the commencement of legal proceedings against directors who don’t ensure accounting standards are complied with in the financial reports they submit.  It is important to note that directors declare, in the Director’s declaration, that the financial statements they submit are giving a true and fair view of the Group’s financial position and of its performance, as well as being compliant with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001”, he says. “ASIC are vigorously holding directors to account regarding this declaration with the possibility of fines, suspension of their ability to act as directors, and even jail time.”

Mr. Holland says with a low-cost annual subscription, businesses are able to gain access to technical accounting expertise as and when needed as an alternative to ad-hoc, costly engagements, or employing people on staff.

About Moore Stephens:
Moore Stephens is one of the world's largest accounting networks boasting over 30,000 partners and staff in 271 firms across 614 offices, collectively generating fees in excess of USD$2.9bn. In Australia, we have more than 51 partners and over 450 staff providing accounting, audit, assurance, business advisory and taxation services to our clients. Our network of five independent firms of business advisors and chartered accountants, across 14 office locations nationally enables us to share expertise, knowledge and best practice to ensure our clients receive the best advice and highest quality of service wherever they do business in Australia. For more information about the Moore Stephens Australia network visit www.moorestephens.com.au.

For more information please contact:
Kristi Sattlecker
Ph: +61 (0)3 9909 7375
Email: ksattlecker@moorestephens.com.au