New financial reporting requirements for super funds
Next virtual workshop
On 21 June 2023, the Senate passed the Treasury Laws Amendment (2002 Measures No.4) Bill 2022, signifying the largest change to superannuation financial reporting requirements since the introduction of AASB 1056. All superannuation funds need to be across the new changes which include annual reporting to ASIC, record keeping, and public disclosure. It also presents an opportunity for super funds to revisit their overall reporting to make it more meaningful for members and provide a further source of communication with existing and potential members.
This insightful workshop, facilitated by Vimbai Mhlanga, Superannuation Specialist Partner, Deloitte, Mwamba Mwamba, Audit Director and Superannuation Specialist, Deloitte, and Frank Betkowski, Senior Principal Accounting Technical and Corporate Reporting, Deloitte, will highlight the key changes and explain what funds must focus on for the next twelve months including transition arrangements that Trustee Directors and Management should action now.
Key topics to be discussed include
- Overview of the changes to the financial reporting requirements
- Requirements for annual reports, including the remuneration report
- Disclosures (such as ESG, parent entity reporting)
- New regulatory requirements under ASIC.
Who should attend?
- trustees and directors
- CEOs, and senior management staff
- chief financial officers
- governance, compliance and risk professionals
- those who support the board/trustee function.
Superannuation Specialist Partner
Vimbai is a highly experienced financial services partner with a core focus in wealth management and superannuation. She has over 15 years of experience working with Australia’s largest superannuation funds. Her career has also included working with alternative investments (hedge funds, fund of funds and private equity funds) in the Cayman Islands with fund managers based in the Americas and Europe. She was also instrumental in championing the use of data and automation in the audit process to pave the way of the audit of the future whilst she ran the SMSF audit business and worked closed with the regulator Australian Taxation Office (ATO) in discussing matters impacting the industry and assisting in providing solutions.
In addition to her audit roles Vimbai has also provided advisory services including internal audit, 3402/GS007 controls audits, risk management and compliance across a number of wealth and superannuation clients.
Audit Director and Superannuation Specialist
Mwamba is a very experienced Senior Director in Deloitte’s Audit and Assurance and leads the firms’ superannuation transformation agenda. With over 18 years’ experience with large financial services clients focusing on superannuation, wealth management and other sectors across the superannuation value chain in Australia, Europe and Africa, he continues to help his clients deliver value for their members, capital markets and ordinary Australians.
Based in the Deloitte Sydney office, Mwamba continues to services superannuation clients across the country while providing external and internal audit, including advisory services in risk management, compliance, accounting technical and corporate integration.
Senior Principal Accounting Technical and Corporate Reporting
Frank has over 30 years’ multi sector experience and is a highly specialised Principal in the Deloitte Australia National Accounting Technical team, advising engagement teams and clients on an array of financial reporting issues. He has extensive experience delivering advice on complex corporate regulation and accounting technical areas including business combinations, income taxes and complex accounting estimates.
Frank is also responsible for delivering thought leadership on critical accounting issues, providing deep insights into the practical implementation of requirements.
How you’ll learn
One-hour online virtual workshop.
ASFA’s virtual workshops are a live and interactive learning experience. They provide an opportunity for participants to engage with industry-leading presenters who are experts in their field, together with their peers, just like they would at an ASFA face-to-face workshop. They are a unique opportunity to workshop ideas and concepts in a collaborative online environment facilitated by experts.
Virtual workshops are limited to 30 participants to allow for discussion, and to ensure that participants have ample opportunity to ask presenters questions.