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