Essential Guidance for the June 2011 reporting season

Key Points

• The Institute has released the latest Essential Guidance tool for the June 2011 reporting season
• The tool identifies key issues for the June 2011 reporting season and some considerations when addressing these issues
• It is recommended that the economic events and indicators addressed in the tool be considered as part of inventory valuation processes, valuation models and sensitivity analysis disclosures.

The Institute has released the latest Essential Guidance tool for the June 2011 reporting season.

In this latest instalment of the essential guidance series, the Institute highlights 10 key issues for preparers, auditors and audit committees to take into consideration for the June 2011 reporting period.

These issues include:

• New and amended financial reporting standards
• New auditing standards
• Interest rates and exchange rates
• Oil prices
• Gross Domestic Product (GDP)
• Carbon
• Mining boom
• Cautious consumer
• Natural disasters
• European debt.

The Institute’s Head of Reporting, Kerry Hicks, says the Institute regularly provides tools and guidance for members.

'Essential guidance is a regular tool that is intended to help members identify key economic issues that may impact reporting for the next financial year.

‘It is recommended that the economic events and indicators addressed in the tool be considered as part of inventory valuation processes, valuation models, sensitivity analysis disclosures,' Ms Hicks says.

Article last updated 16 February 2012

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