14RU-008 ASIC focuses for 31 December 2014

14RU-008 ASIC focuses for 31 December 2014

ASIC has released its areas of focus for 31 December 2014 financial reports of listed and other entities of public interest with a large number and wide range of stakeholders. 


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Although not specifically mentioned in the media release, ASIC does also review the financial reports of proprietary companies, and as such the areas of focus, should be considered by all entities.

Key points

  • Asset values and accounting policy choices receive continued ASIC focus.
  • Asset values in the extractive industries singled out.
  • The role of directors in understanding the accounting treatments and disclosures applied in financial reports continues to be emphasised.
  • ASIC keeps a focus on material disclosures of information useful to users of financial reports.
  • Review and challenge accounting estimates and treatments, including disclosures, particularly for ASIC focus areas.

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