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ASIC issues focus areas for 30 June 2011 financial reports

  • ASIC (Australian Securities and Investments Commission) (dk gray) Image

07 Jul 2011

The Australian Securities & Investments Commission (ASIC) has highlighted a number of focus areas for directors in 30 June 2011 financial reports after releasing the results of its reviews of financial reports for the year ended 31 December 2010.

The focus areas include:

  • Segment reporting
  • Consolidation of controlled entities
  • Use of the going concern assumption
  • Asset impairment
  • Fair value of financial assets
  • Financial instrument disclosures
  • Disclosures of estimates and accounting policy judgements
  • Accounting for business combinations
  • Related party disclosures
  • Operating and financial review, and
  • Alternative profits.

Click for ASIC press release (link to ASIC website).

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