Forvis Mazars Corporate risk and reporting newsletter - May 2026

This edition reflects an environment of intensified regulatory scrutiny and expanding reporting expectations. We cover key financial‑reporting developments, including new guidance on disclosure of estimation uncertainty, emerging standards affecting regulated industries, and ASIC’s continued focus on non‑lodgement and reporting quality. Sustainability reporting remains front and centre, with updates on ASIC’s approach to relief applications, new educational modules to support entities preparing for climate reporting, extended modified‑liability settings, and practical guidance on lodging sustainability reports.

Finally, we turn to governance and compliance, covering key reforms affecting payroll and superannuation, rising expectations around ethical decision‑making at board level, and proposed changes to director identification numbers and managed investment scheme oversight.

Key highlights in our May 2026 edition include:

Financial Reporting

• AASB issues new standard on uncertainties
• New regulatory standard on the way
• ASIC fines companies for reporting breaches
• ASIC fines 12 companies more than $2 million for failures to lodge

Sustainability Reporting

• Use form 398 to report sustainability online
• ASIC knocks back sustainability-reporting relief
• New modules help companies understand sustainability reporting
• Modified liability settings extended

Governance

• Super to be paid with salary
• Payday Super regulations released
• Poor payroll compliance is entrenched
• New boardroom-ethics guide released
• Government proposes big DIN changes
• Proposed enhancements for oversight and governance of MIS

Regulators and legislators

• ASIC announces 2026 enforcement priorities
• ASIC uncovers poor corporate whistleblower policies
• Super to be paid with salary
• Government proposes big DIN changes
• AUSTRAC releases guidance for new reporters

ASIC

• ASIC announces emerging risks for 2026
• Misconduct reports spike in corporate-governance issues

AML/CTF

• Keeping privacy in mind
• AUSTRAC releases starter kits for newly regulated sectors

Fraud

• Support for fraud-busters
• Anti-fraud blueprint released

APRA

• APRA decommissions D2A

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