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Institute Essential Guidance
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The three key focus areas identified in our original Essential guidance for the 2009 financial year end (PDF) included:

  • Fair value;
  • Asset impairment; and
  • Going concern.
As the 31 December year-end approaches, the Institute has prepared a follow-up to this guidance entitled Essential guidance for the 2009 calendar year end (PDF). This factsheet examines whether the three focus areas have changed, or whether there are new factors at play.  
 
An analysis of the top 30 Australian listed entities (which was conducted for this guidance document) revealed that fair value, impairment and going concern assessment were still important areas to consider, even with what appears to be the worst of the economic downturn behind us. However, the significant areas to focus on for this coming year-end are:
  • Impairment reversals;
    •  
  • Changes to accounting standards; and
    •  
  • Currency and commodity price volatility.
Ethical and professional obligations under ASQC 1 and the APES standards will also be focus areas for 2010.