The Australian Securities and Investments Commission (ASIC) is urging directors, financial reporting preparers, and auditors to evaluate the impact of uncertain market and economic conditions on their annual and half-year reports for the year ending 30 June 2023.
ASIC highlights focus areas for 30 June 2023 reports:
1. Uncertainties and risks
Uncertainties and risks may affect asset values, liabilities and assessments of solvency and going concern.
2. Asset values
Impairment of non-financial assets
Values of property assets
Expected credit losses (ECLs) on loans and receivables
Financial asset classification
Value of other assets
3. Provisions
Consideration should be given to the need for and adequacy of provisions for matters such as onerous contracts, leased property make good, mine site restoration, financial guarantees given and restructuring.
4. Subsequent events
Events occurring after year-end and before completing the financial report should be reviewed as to whether they affect assets, liabilities, income or expenses at year-end or relate to new conditions requiring disclosure.
5. Disclosures
General considerations
Disclosures in the financial report
Disclosures in the OFR
Non-IFRS financial information
Disclosure in half-year reports
6. New insurance accounting standard
Given that the new standard applies for periods commencing 1 January 2023, it is reasonable to expect that insurers will be in a position to quantify the impact of the new standard in the notes to their full year 30 June 2023 financial reports. Insurers with half-years ending 30 June 2023 will need to follow the recognition and measurement requirements of the new standard and make disclosures on changes in accounting policies on the adoption of that standard.
7. Other matters
Off-balance sheet exposures
operations in countries that have enacted Pillar II tax reforms and in low tax jurisdictions.
Further guidance can be found in ASIC’s Regulatory Guide247 Effective disclosure in an operating and financial review.
More detail about ASIC’s focus areas for 30 June 2023 reporting： Attachment to 23-149MR
Comentarios