Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards
  • Type: Regulatory update
  • Date: 8/11/2013

Reporting Updates

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

13RU-014 ASIC focuses for 31 December 

ASIC has released their areas of focus for 31 December 2013 financial reports of listed entities and other significant economic entities. ASIC’s upcoming surveillance program will include some half-year reports with emphasis on the impact of new accounting standards and will particularly focus on public interest entities. ASIC has highlighted the importance of preparers and auditors ensuring that financial reports provide useful and meaningful information.
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Key insights

  • ASIC surveillance focused on public interest entities and will include some half-year reports.
  • ASIC focused on material disclosures of information useful to investors and other users of financial reports.
  • ASIC continues to focus on asset values, reporting performance and going concern.
  • ASIC will be particularly focused on application of new accounting standards.
  • ASIC surveillance, 31 December, ASIC focus areas.