As the 30 June 2009 year-end approaches, the Institute of Chartered Accountants in Australia (the Institute) today released practical guidance to address the significant issues and areas preparers, audit committees and auditors need to consider when undertaking their professional responsibilities.  
 
The Institute's guidance, Essential guidance for the 2009 financial year end, highlights circumstances that are of particular relevance to this reporting year end and require the exercise of significant professional judgement. 
 
Lee White, the Institute's General Manager of Leadership and Quality said, "The 30 June 2009 reporting period brings together a highly challenging set of circumstances for all involved. The global economic downturn and tight liquidity, have contributed to a very difficult reporting environment. The guidance includes three key areas of focus including, fair value, asset impairment and going concern."  
 
"The Institute is committed to working with its members and the broader business community, including preparers and audit committees, to ensure that there remains quality financial reporting and auditing practices in Australia." 
 
"The potential for complexity, emphasis on appropriate professional judgement and the challenging economic conditions are testing for all stakeholders involved in the current reporting environment. The Institute has produced, Essential guidance for the 2009 financial year end, to assist in applying some key standards in light of the current economic conditions. There is also strong encouragement regarding disclosure where appropriate," said Mr White.  
 
The Institute in preparing this guidance has undertaken analysis of previous reporting periods, current international developments and extensive communication with all parties directly involved with financial reporting and auditing.  
 
The Institute is committed to providing members and the broader business community with dedicated tools and guidance in order for them to conduct their roles as professional accountants.  
 
The guidance has been designed with practicality in mind, and should be used as a reference tool. The guidance can be downloaded from the Institute's website charteredaccountants.com.au  
 
"The Institute is focused on a forward-looking, market based agenda and will continue to provide guidance to members and the wider business community in this regard," added Mr White.