ASIC has highlighted a number of focus areas for directors in 30 June 2011 financial reports after releasing the results of its review of financial reports of 130 listed entities for the year ended 31 December 2010.
ASIC’s reviews centred on areas including:
- segment reporting
- consolidation of controlled entities
- use of the going concern assumption
- asset impairment
- fair value of financial assets
- financial instrument disclosures
- disclosures of estimates and accounting policy judgements
- accounting for business combinations
- related party disclosures
- operating and financial review,and
- alternative profits.
