ASIC Update: Focus Areas for 2017-18 Released

latest focus report for 30 June 2018 reporting. Titled “Major changes affecting reported net assets and profit, and other focuses for 30 June 2018 reporting”, ASIC has taken the opportunity to remind companies to focus on new requirements that can materially affect reported assets, liabilities and profits. In all, the ASIC article has a total of seven areas of focus, which are: New accounting standards 1. Impact of the new standards** Accounting estimates 2. Impairment testing and asset values Accounting policy choices 3. Revenue recognition 4. Expense deferral 5. Off-balance sheet arrangements 6. Tax accounting Key disclosures 7. Estimates and accounting policy judgements For more information, please read the full ASIC article here. ** For further information about the new accounting standards, you can download the latest “Standards Issued Not Yet Effective” document authored by our Financial Reporting content expert, Carmen Ridley via our FAQ site (FAQ 178). For specialist advice, please email Carmen directly via cridley@afrs.com.au.