News & Publications
We will provide regular updates and publications to clients to provide insights into changes in audit practice and relevant industry developments.
ASIC calls on directors to apply realism and clarity to financial reports
ASIC media announcement on 2 June 2016 intended to remind directors of key areas for attention in 2016 financial reporting season. These key areas are relevant to all companies and not for profit organisations that are reporting results to members.
“Directors and auditors should continue to focus on values of assets and accounting policy choices. We continue to see companies use unrealistic assumptions in testing the value of assets or that have applied inappropriate approaches in areas such as revenue recognition,’ ASIC Commissioner John Price said.”
ASIC will select financial reports for review based on risk based criteria (key areas) and from random selection.
ASIC Focus Areas
Asset Values – carefully consider need to impair goodwill, inventories and other assets. Importantly, ASIC continues to find impairment calculations based on unrealistic cash flows and assumptions.
Accounting Policy Choices – consider choices including the treatment of off-balance sheet arrangements, revenue recognition, expensing of costs that should not be included in asset values, tax accounting, and inventory pricing and rebates
The Role of Directors – ASIC concede that directors do not need to be accounting experts, they do expect that directors seek explanation and advice supporting accounting treatments chosen in the financial report.
The full media release is available here.
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