Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards
  • Type: Regulatory update
  • Date: 13/01/2012

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

12RU-001 ASIC focus on fair and efficient markets 

This Reporting Update discusses the ASIC focus areas for 31 December 2011 financial reports.
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    Key points

    • ASIC's new areas of focus for the 31 December 2011 financial reporting season include minerals resource rent tax; rights to future income; and intangible asset revaluations
    • Onus on directors to ensure financial report compliant with accounting standards
    • Disclosures need to be sufficient, appropriate and specific.
IFRS Briefing Sheets - International financial reporting updates 

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