Thursday, March 14, 2019

Australian regulator's review of PIE/Listed entity financial statements published

ASIC issues its report on the findings of review of June 2018 financial statements of PIEs and other Listed entities

The Australian Securities and Investments Commission (ASIC) has announced the results from its review of June 2018 financial statements of PIEs and other listed entities. Inquiries were made of 55 out of the 215 entities reviewed. ASIC sought explanations and clarifications of the accounting treatments used in respect of the following matters:

Matter No. of inquiries
Impairment and other asset values 28
Revenue recognition 18
Tax accounting 11
Consolidation accounting 4
Business combinations 3
Expense deferral 3
Other matters 12
Total 79

 

ASIC Commissioner John Price said:

“ASIC’s concerns continue to relate to impairment of non-financial assets and inappropriate accounting treatments. Directors and auditors should focus on values of assets and accounting policy choices in preparing their December 2018 financial reports.”

A summary of ASIC’s findings can be read here.

For its review of December 2018 financial reports, ASIC has announced that it will be focussing on the impact of new accounting requirements that can have a material impact on the financial statements. Further details are available in ASIC’s press release which can be viewed here.

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