Focus areas for future reporting
non riesco a collegarmi a iq option Quality financial reporting is key to market confidence, particularly in adverse global economic conditions. While the overall quality of financial reporting in Australia compares favourably with other major jurisdictions, ASIC continues to find cases where material adjustments are required in areas such as asset valuation and off-balance sheet arrangements. At 30 June 2011, ASIC reviewed the financial reports of 220 listed entities and 80 unlisted entities that have large numbers of users. Below are key findings and focus areas for future reporting.
Tastylia Australia 1. Asset values
Köp Viagra Norrköping (Kungsängen) Asset impairment testing requires improvement. Issues include:
- ignoring the significance of impairment indicators, such as reported net assets exceeding market capitalisation
- using unrealistically optimistic discount and growth rates
- not disclosing carrying amounts allocated to each cash generating unit, the basis for determining recoverable amounts, assumptions used, and a sensitivity analysis.
sistema de comercio exterior en colombia Directors should review values in light of their knowledge of the business and economic conditions. This includes: exposures to countries with economic uncertainties; the impact of exchange rate movements; the carbon tax; and the proposed mineral resource rent tax (MRRT). They should also focus on financial assets and investment properties measured at fair value.
come fare soldi con il trading binario 2. Going concern
pronostici opzioni binarie Some companies have not made adequate disclosures regarding the ability to continue as a going concern. Directors need to be realistic in their assessment of the business, its prospects and future cash flows. They should also continue to focus on the ability to refinance debt at appropriate cost and compliance with lending covenants.
where can i buy Seroquel online without a prescription 3. Off-balance sheet arrangements
artikel binaire opties While ownership interest is only an indicator of control, directors should review off-balance sheet investments in which a majority ownership is held. Leaving arrangements off-balance sheet on the basis that risks may be remote is unlikely to be appropriate where no significant risks are borne by other parties. The details of off-balance sheet arrangements and any exposures should be disclosed.
b4dfae144505bb03cf55ad3747a3d4ec 4. Current versus non-current classifications
bästa mäklaren binära optioner Directors should ensure that there are appropriate processes to ensure the correct classification of liabilities and assets between current and non-current, and should review the classification having regard to their knowledge of the business and its funding arrangements.
الخيارات الثنائية المجاني إشارات حية 5. Estimates and accounting policy judgements
operare in borsa con le opzioni Some entities did not make material disclosures of significant judgements in applying accounting policies and sources of estimation uncertainty. Other entities included ‘boiler plate’ disclosures. These disclosures should be meaningful and specific to the entity and its assets, liabilities, equity, income and expenses.
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6. Non-IFRS financial information
Directors should consider the impact of the recently released Regulatory Guide RG 230 Disclosing non-IFRS financial information. ASIC will be monitoring financial reports and related market releases to ensure proper balanced use of non-IFRS financial information.
7. Operating and financial review
Many listed company operating and financial reviews lack meaningful analysis of underlying drivers of results, and business strategies and prospects. ASIC expects directors to focus on these disclosures and is planning a consultation paper in 2012 on the proper content of these reports and possible over-use of the exemption from disclosing information on the basis of unreasonable prejudice.
8. Segment reporting
Listed entities must disclose segment information to enable users to evaluate the nature and financial effects of their business activities and the economic environments in which they operate. They are also required to report segments having regard to components of their business for which results are regularly reported to the chief operating decision maker.
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9. Financial instruments
Disclosures should enable users to understand the nature and extent of the market, credit and liquidity risks specific to the use of financial instruments. Financial asset fair values must be disclosed using a three level hierarchy reflecting the extent of observable market data used, including methods and assumptions where there was no observable market data. Analyses of the ageing of assets past due but not impaired and of impaired assets are also required.
10. New accounting standards
Several new accounting standards may impact materially on future year financial reports, including consolidation accounting. Impacts must be disclosed in full year financial reports.
11. Minerals Resource Rent Tax
The Minerals Resource Rent Tax (MRRT) should be accounted for as an income tax. When the legislation is enacted or substantively enacted, entities may need to remeasure the tax base of depreciable mining assets, impacting on deferred tax balances and income tax expense.
Entities should plan for any valuation advice required, assess the impact on asset impairment, and consider disclosing expected future impacts on deferred tax balances.
12. Intangible assets
Rights to future income may need to be classified as intangible assets at an amortised cost of ‘nil’ rather than as financial assets at fair value.
Some intangible assets cannot be revalued to fair value, and others can only be revalued where an active market exists. ASIC is not aware of any intangible assets for which an active market exists in Australia.