Australia

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Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards

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Type: Regulatory update

Date: 13/01/2012

Reporting Updates

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

Australia - Issues & insights - Articles & publications - Reporting Updates

12RU-001 ASIC focus on fair and efficient markets for 31 December 2011

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

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12RU-001 ASIC focus on fair and efficient markets for 31 December 2011 [PDF 90KB]

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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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