The recently proposed adoption of international accounting standards will impact particularly on financial instruments, heavily used in the energy sector, KPMG said.
Equity based compensation (remuneration by way of options) will also be measured differently - again a significant issue for the sector. Finally, Corporate Law and Economic Reform Program (CLERP9) is also on the horizon, it said.
"These changes form part of wider scale corporate and accounting reform and are more than just routine accounting changes," Alison Kitchen, KPMG's chairman, Energy and Natural Resources group, said.
"They will impact business strategy and operations, as well as remuneration for executives and senior management. These details need to be understood and planned for."
Key points to be discussed at today's seminar include:
International Account Standard 39 "Financial Instruments", how it will impact current and planned hedging activity and how this will be reported in financial statements. This includes:
* profit and loss volatility;
* significantly inflated balance sheets;
* significant change to current hedge accounting framework; and
* relatively short implementation period.
CLERP9, an overview of the major changes and their impact for business generally, particularly in the area of enhanced continuous disclosure.
Equity Based Compensation accounting changes which are imminent and their impact on business, staff and the associated tax consequences.
The major change in this area is the need to expense employee options through the profit and loss. Additional issues include:
* valuation considerations;
* tax implications; and
* structuring considerations for employee remuneration.
The seminar will be held at the Central Park Theatrette in St Georges Terrace from 4-5pm. Drinks will be held after the presentation from 5-6pm.
To register contact Ally Sollars at KPMG on (08) 9263 7284, or asollars@kpmg.com.au
