Companies and auditors should focus
on the appropriateness of going concern assumptions, asset
impairments, fair value determinations and revised accounting
standards when preparing and auditing 31 December 2009 financial
reports, the Australian Securities and Investments Commission
The warning follows ASIC’s review of the 30
June 2009 financial reports of 350 listed and unlisted entities.
ASIC commissioner Michael Dwyer said the review highlighted a
number of areas where companies and their auditors needed to pay
“Despite signs of improvement in the
Australian economy, we encourage companies and their auditors to
continue to focus on issues such as going concern, asset impairment
and fair value determination,” he said.
ASIC’s review of the 31 December 2009
financial reports will include a focus on compliance with revised
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData