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Tools: essential guidance for 2009 financial year end

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The Institute's, Essential guidance for the 2009 financial year end highlights three issues of particular relevance to the reporting year end which require the exercise of significant professional judgement. The issues are:

  • Fair value
  • Asset impairment
  • Going concern.
Lee White, the Institute’s, General Manager of Leadership and Quality comments, ’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 has been designed to be practical and easy to use. The guidance is a useful reference tool and is available as a double-sided download from the Institute’s website.

In preparing the guidance, the Institute analysed previous reporting periods, current international developments and had 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 to assist in conducting their roles as professional accountants.

For more details, assistance or to ask any questions please contact the Reporting & Assurance team at RAHelpline@charteredaccountants.com.au

Lee White appeared on Sky Business News on Monday, 25 May 2009, discussing the guidance. Click on the player below to view.

Relevant links:

Last updated: Thursday, 28 May 2009