15RU-015 ASIC focuses for 31 December 2015

15RU-015 ASIC

ASIC has released its areas of focus for 31 December 2015 financial reports of listed and other entities of public interest with a large number and wide range of stakeholders. The focus areas primarily fall into three broad areas being accounting estimates (impairment testing and asset value), accounting policy choices and key disclosures.

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Further details are outlined in the Reporting Update, along with the questions that directors and preparers of financial reports should consider to ensure that they have appropriately addressed ASIC’s concerns.

ASIC has again reminded companies that it does also review the financial reports of proprietary companies and unlisted public companies based on complaints and other intelligence, and as such the areas of focus, should be considered by all entities.

Key insights

  • No significant changes in ASIC focus
  • Asset values and accounting policy choices receive continued ASIC focus
  • Asset values in the extractive industries singled out again
  • 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

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