ASIC releases findings from review of June 2013 financial reports

By Bob Austin and Michelle Milligan

In accordance with its usual practice, the Australian Securities and Investments Commission (ASIC) has now reported on the findings of its latest review of financial reports. This review covered the financial reports of 280 listed and other public interest entities for reporting periods ended 30 June 2013. In releasing its findings, ASIC emphasised that the preparers of financial reports should ensure that they provide high-standard, useful and meaningful information.

According to commissioner John Price, while the quality of financial reporting in Australia is comparable with other major jurisdictions, ASIC continues to identify areas of concern, such as inadequate impairment of assets and inappropriate recognition of revenue.

To date, ASIC has queried 70 entities regarding 100 matters arising out of its review. Accordingly, about one quarter of the entities involved have received ‘please explain’ letters from ASIC…

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