• Service: Audit, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 4/04/2013

Reporting Updates

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

13RU-002 Operating and financial review disclosures in directors' report 

This Reporting Update overviews ASIC’s Regulatory Guide 247 on the preparation of a financial review by listed entities under s299A of the Corps Act.

Key insights

  • ASIC has issued final guidance on preparing operating and financial reviews by listed entities.
  • Principles based guidance to improve the effectiveness of OFRs.
  • Guidance on how to apply the unreasonable prejudice exemption from disclosing strategies and prospects.
  • ASIC does not expect OFRs to contain same level of information as a prospectus.
  • Applies for 30 June 2013.