ASIC Regulatory Activity – June 2025

There are no recent financial restatements arising from ASIC’s surveillance work.

ASIC have released their financial reporting focus areas. However, the June timing of ASIC’s release of enduring focus areas means that we do not see changes or additional guidance in the focus areas in the subsequent financial year.

We note in the media release 25-079MR dated 19 May 2025 that ASIC have mentioned areas of significant judgements including revenue recognition, asset valuation and estimation of provisions.

Asset valuation and estimation of provisions are two of the enduring focus areas, however ASIC have not provided any further information on revenue.

Our experience is that entities are continuing to struggle with identifying performance obligations and recognising revenue over time when they do not meet the related criteria.

ASIC updates in relation to sustainability have been included in the Sustainability Reporting Update article.

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Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.