Further year end guidance released

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	Key points ASIC has released the findings of its December 2009 financial report surveillance program The findings highlight important areas of focus for boards and the preparers of financial reports The findings should be read in conjunction with the Institute’s 30 June 2010 financial year end guidance.

The Australian Securities and Investments Commission (ASIC) has released the findings of its December 2009 financial report surveillance program. The findings are taken from the review of 130 reports.

The findings highlight the importance for companies and auditors to continue focusing on issues such as going concern, asset impairment and fair value determination, mirroring those contained in the Institute’s latest Essential guidance for 30 June 2010 year end reporting.

Other issues identified in the surveillance program included:

Off balance sheet exposures
Financial instruments
Current v non-current classifications
Market conditions
Non-statutory profits
Operating and financial review
Segment reporting
Financial statement disclosures
Business combinations
Employee share plan loans.

Kerry Hicks, the Institute’s Head of Reporting said: ‘Both the Institute and ASIC’s guidance points to a number of areas that preparers of reports, auditors, and audit committees need to focus on during their year end commitments.

‘The Institute is dedicated to providing members with tools and guidance that are both relevant and timely,’ Ms Hicks said.

Relevant links

The Institute: Essential guidance for 30 June 2010 year end reporting
ASIC: media release

Information current as at Thursday, 22 July 2010