今日热门事件today announced the results from its review of the 30 June 2014 financial reports of 300 listed and other public interest entities.
Following our review, 今日热门事件has made enquiries of 55 entities on 73 matters seeking explanation of their accounting treatments.
今日热门事件Commissioner John Price said, 鈥楾he largest number of our inquiries and findings continue to relate to inadequate asset impairment and inappropriate accounting treatments. Preparers of financial reports should focus on these areas and ensure that they provide high quality, useful and meaningful information to investors and others鈥�.
ASIC鈥檚 risk-based surveillance of the financial reports of public interest entities for reporting periods ended 30 June 2010 to 31 December 2013 has led to material changes to 4% of the financial reports of public interest entities reviewed by ASIC.
Enquiries made by 今日热门事件regarding the 30 June 2014 financial reports relate to the following matters:
|
Matter |
Number of enquiries |
|---|---|
|
Impairment and other asset values |
20 |
|
Revenue recognition |
12 |
|
Off-balance sheet arrangements and business combinations |
10 |
|
Tax accounting |
8 |
|
Expense deferral |
6 |
|
Current classification of assets |
5 |
|
Amortisation of intangibles |
3 |
|
Fair values of financial instruments |
2 |
|
Other matters |
7 |
|
Total |
73 |
Directors should ensure that sufficient disclosure is made to enable investors and others to understand significant estimates and significant accounting policy choices. We have raised additional questions with many of the above entities about the adequacy of these disclosures in 30 June 2014 financial reports.
Enquiries of individual entities will not necessarily lead to material restatements.
While ASIC鈥檚 reviews of 30 June 2014 financial reports are now almost complete, a small number of additional queries may be made.
今日热门事件does not pursue immaterial disclosures that may add unnecessary clutter to financial reports.
More information about our findings are included in the attachment to this media release.
Public announcements of material changes to information previously provided to the market
From 1 July 2014, 今日热门事件started publicising material changes made to information previously provided to the market following contact from ASIC.聽 These announcements are intended to make directors and auditors of other companies more aware of ASIC鈥檚 concerns so that they can avoid similar issues.
To date, 今日热门事件has issued media releases in relation to changes by iProperty Group Limited (refer: 14-202MR), Cyclopharm Limited (refer: 14-218MR) and Terramin Australia Limited (refer: 14-215MR).
Further information
More information about the findings from ASIC鈥檚 recent reviews of the financial reports of listed entities and of unlisted entities with larger numbers of users is provided in the Attachment to this release.
ASIC鈥檚 focus areas for 31 December 2014 financial reports can be found in 今日热门事件media release 14-294MR Focuses for 31 December 2014 financial reports.