Financial Reporting Conversations

Why are so many organisations struggling with sustainability reporting even before their first S2 statement is due? In this episode, Wayne and Siobhan unpack the biggest myths they’re seeing across the market and explain why these misunderstandings are creating unnecessary work, bad advice, and real reporting risks.

They break down the areas causing the most confusion: whether S2 is only about emissions, how greenhouse gas boundaries differ from financial reporting, the truth about transition plans, what materiality really means for Group 1–3 entities, and why double materiality does not apply to S2 Sustainability Reporting. You’ll also hear practical insights on industry metrics, value chain data, scenario analysis, and the assurance implications that many preparers are missing.

Whether you're preparing your first climate statement or reviewing one, this conversation gives you clear, practical steps to approach S2 Sustainability Reporting confidently and avoid the traps that are already emerging in the market.

🎧 In this episode, you’ll learn:

• Why S2 is not just about emissions
• How GHG boundaries can differ from financial reporting
• When a transition plan is actually required
• Why double materiality is not part of S2
• How to approach scenario analysis, industry metrics, and value chain data

Financial Reporting Conversations is brought to you by Basford Consulting helping professionals go beyond compliance and get financial reporting right.

For technical insights, training, and resources that make the unknowns in financial reporting known, visit basfordconsulting.com

🔗 Connect with us:
LinkedIn: Wayne Basford & Judith Leung
YouTube: @BasfordConsulting
Website: basfordconsulting.com

Why are the same financial reporting mistakes still appearing every year, even with no new standards to blame? In this episode, Wayne and Judith unpack the recurring issues they saw across the June 2025 reporting season and why these errors continue to trip up preparers and auditors.

They break down the themes causing the most trouble: boilerplate or missing accounting policies, “single segment” disclosures that don’t match how the business is actually run, incorrect revenue disaggregation, IFRS 9 modification and derivative issues, and the continuing confusion around share-based payments and SaaS implementation costs. You’ll hear why these Blind Freddy mistakes matter, what reviewers are focusing on, and how small fixes can prevent big disclosure problems next year.

Whether you're preparing year-end accounts or reviewing them, this conversation gives you practical steps to identify financial reporting mistakes early, tighten judgment areas, and improve disclosure quality before the next reporting cycle.

🎧 In this episode, you’ll learn:

• Why common financial reporting mistakes persist despite stable standards
• How to fix boilerplate or missing accounting policies
• What AASB 8 requires for meaningful segment reporting
• The major traps in IFRS 15, IFRS 9, and AASB 2 that still cause misstatements
• Why most SaaS configuration and customisation costs must be expensed, not capitalised.

Financial Reporting Conversations is brought to you by Basford Consulting helping professionals go beyond compliance and get financial reporting right.

For technical insights, training, and resources that make the unknowns in financial reporting known, visit basfordconsulting.com

🔗 Connect with us:
LinkedIn: Wayne Basford & Judith Leung
YouTube: @BasfordConsulting
Website: basfordconsulting.com

When does going concern become more than just an accounting phrase and turn into the question that determines whether a business survives?

In this episode, Wayne and Judith break down what IFRS (IAS 1) and ISA 570 really require when assessing an entity’s going concern assumption. They walk through the key steps: identifying uncertainties, assessing materiality, and determining when those uncertainties become “material uncertainties” that must be disclosed.

You’ll hear practical examples of how cash runway, refinancing, customer dependency, or covenant breaches can raise going concern questions and why boilerplate disclosures are never enough. The conversation also covers the auditor’s lens under ISA 570, including emphasis-of-matter paragraphs, audit report impacts, and how management and auditors can avoid “close call” judgment traps.

Whether you’re a finance leader, auditor, or board member, this episode gives you a clear roadmap for how to apply IFRS and ISA 570 in practice, avoid disclosure pitfalls, and have confident, evidence-based conversations about solvency and survival.

🎧 In this episode, you’ll learn:

• The difference between material uncertainty and significant judgment under IAS 1
• How to evaluate going concern evidence, scenarios, and sensitivities
• When to move from “close call” to formal going concern disclosure
• The auditor’s responsibility under ISA 570 and what it means for directors
• Practical steps for improving disclosure quality and governance oversight

Financial Reporting Conversations is brought to you by Basford Consulting helping professionals go beyond compliance and get financial reporting right.

For technical insights, training, and resources that make the unknowns in financial reporting known, visit basfordconsulting.com

🔗 Connect with us:
LinkedIn: Wayne Basford & Judith Leung
YouTube: @BasfordConsulting
Website: basfordconsulting.com