ASIC has announced its focus areas for 31 December 2017 financial reports of listed entities and other entities of public interest with many stakeholders (which are detailed in its media release dated 8 December 2017).

In particular, ASIC has called for focus on giving information for users of financial reports that is useful and meaningful, and to address the impact of major new accounting requirements (which, according to ASIC, will have the greatest impact on financial reporting since the adoption of the International Financial Reporting Standards (IFRS) in 2005).

ASIC has also announced the results from its review of the 30 June 2017 financial reports and has reported that the largest number of its findings continue to relate to impairment of non-financial assets and inappropriate accounting treatments. ASIC has advised that directors and auditors should continue to focus on values of assets and accounting policy choices in preparing their 31 December 2017 financial reports.’