ASIC has announced its focus areas for 30 June 2017 financial reports of listed entities and other entities of public interest.
- Impairment testing and asset values;
- Revenue recognition;
- Expense deferral;
- Off-balance sheet arrangements;
- Tax accounting;
- Estimates and accounting policy judgements;
- Impact of new revenue, financial instrument, lease and insurance standards
ASIC re-emphasises the role of directors as being primarily responsible for the quality of the financial report, ensuring that management produces quality financial information. Further information can be found in ASIC Information Sheet 183 Directors and financial reporting (INFO 183) and ASIC Information Sheet 203 Impairment of non-financial assets: Materials for directors (INFO 203).
ASIC is continuing to also review the financial reports of proprietary companies and unlisted public companies, based on complaints and other intelligence, and are following up companies have not met their obligation to lodge financial reports with ASIC. .
Please refer to Media Release 17-162MR for further information on the focus areas detailed above.