ASIC publishes outcomes of financial report reviews and December 2011 focus areas
21 Dec 2011
The Australian Securities and Investment Commission (ASIC) has released the results of its reviews of financial reports for the year ended 30 June 2011 and announced its areas of focus for 31 December 2011 financial reports.
In December reporting season, given the current difficult economic climate that confronts all companies, ASIC will focus particularly on:
- asset values and going concern assessments, including adequate disclosure of material assumptions
- consolidation decisions and off balance sheet arrangements
- proper disclosure of segment information in a manner that enables useful assessment of the separate businesses.
More information are available in the ASIC press release (link to ASIC website).
