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Assistance for 31 December year reporting periods
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The findings of the Australian Securities and Investments Commission’s (ASIC) review of June 30 2008 financial statements (refer to ANT 47, item 12) highlighted a number of areas of concern that need to be addressed by members preparing accounts at 31 December 2008. 
 
ASIC recommends that entities focus on:

  • Going concern
  • Impairment of assets
  • Determining fair values
  • Off balance sheet arrangements; and
  • New financial instrument disclosures
The Institute has a dedicated web page that deals with the global economic downturn which provides access to a range of resources providing more detail and assistance to members, including those of concern to ASIC. Additionally, the Institute website contains a number of links to various sets of recently-issued Australian model financial statements that can assist members with the preparation of their 31 December year ends (see ANT 48, item 5).  
 
There is also detailed commentary on the requirements of AASB 7 Financial Instruments: Disclosures, which came into force for financial years ending on or after 31 December 2007 on the AASB 7 section of the Institute website. 
 
This article was published in ANT47/2008 and is current up to 5 December 2008