Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 5/06/2014

Reporting Updates

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

14RU-004 ASIC focuses for 30 June 2014 

ASIC has released its areas of focus for 30 June 2014 financial reports of listed entities and other entities of public interest with a large number and wide range of stakeholders. 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
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Key insights

  • ASIC surveillance focused on listed and public interest entities.
  • ASIC continues to focus on material disclosures of information useful to users of financial reports.
  • Number of ASIC focus areas has declined, but overall focus areas remain largely consistent with previous periods.
  • ASIC has emphasised the role of directors in reviewing and challenging accounting estimates and policy choices.
 

Financial Reporting & Accounting Standards

KPMG has extensive experience in applying accounting standards, both Australian accounting standards and IFRS, to a range of transactions.