2018

Announcing its focus areas for 31 December 2018 financial reports of listed entities and other entities of public interest with many stakeholders, ASIC has called on companies to focus on new requirements that can materially Major financial reporting changes and other focuses […]

The ATO has released advice that details our concerns about multinational taxpayers inappropriately pricing goods in their supply chains or mis-characterising intangible assets, with the ultimate effect of understating profits in Australia. Deputy Commissioner Mark ATO raises concerns on multinational supply chains and intangible assets […]

Australia’s four major banks have released results showing returns remain under pressure for the foreseeable future as a result of remediation-related cost increases and slower income growth, with headline cash earnings dropping 5.5 per cent year-on-year to $29.5 billion after the record $31.2 billion delivered in 2017.

PwC’s 2018 Major Banks Analysis found return on equity has fallen to 12.5 percent, the lowest since the GFC, as significant customer remediation and regulatory, compliance and restructuring costs materialised. This is despite bad debt expenses hitting record lows, some momentum in business credit growth, and efforts to improve productivity.

PwC Australia’s Banking and Capital Markets Leader, Colin Heath says the full year results show the impact of ongoing economic, competitive and conduct challenges, especially the impact of ongoing regulatory reform. Headwinds blowing fiercely for the banking industry […]