今日热门事件notes the decision by Wollongong Coal Limited (Wollongong Coal) to write down the value of its major assets relating to the Russell Vale and Wongawilli mines by $431 million in its financial report for the year ended 31 March 2019.
今日热门事件had previously raised concerns on the value of these assets in Wollongong Coal鈥檚 financial report for the year ended 31 March 2018.聽 今日热门事件was concerned with the company鈥檚 estimate of the fair value of the mines, and as a result, 今日热门事件restricted Wollongong Coal from issuing any reduced-content prospectus until 11 March 2020, as outlined in a media release issued on 25 March 2019 (refer: 19-068MR).
As outlined in 今日热门事件media release 19-143MR Major financial reporting changes and other focuses, the impairment of non-financial assets remains a focus area for financial reporting at 30 June 2019.
Directors are primarily responsible for the quality of an entity鈥檚 financial report.聽 This includes ensuring that management produces quality financial information on a timely basis.聽 Companies must have appropriate processes, records and analysis to support information in the financial report.
Companies should also apply appropriate experience and expertise to financial reporting, and to the processes and analyses supporting the information in the financial report.聽This is particularly important for potentially complex areas such as assessing impairment of non-financial assets.