ASIC focus areas and restatements

ASIC have released their focus areas for 31 December 2017 following the results of their reviews of 220 listed and other public interest entities. These reviews resulted in enquiries of 50 entities on 54 matters.


The topic of the enquiries are consistent with the ASIC focus areas for financial reporting for recognition and measurement.

ASIC focus areas

  • Impairment testing and other asset values
  • Revenue recognition
  • Tax accounting
  • Expense deferral
  • Business combinations
  • Consolidation accounting (off-balance sheet arrangements).
  • Operating Segments.

In addition, ASIC have encouraged entities to improve their disclosures in relation to estimates and accounting policy judgements as well as the impact of the new revenue, financial instrument, lease and insurance standards.

Since May 2017, the following entities have seen changes to their financial statements as a result of ASIC enquiries, the total profit adjustments were more than $750m.

Case studies

The following entities have made changes to their financial statements following ASIC enquiries.

We encourage entities to review the relevant media releases for ASIC’s focus areas as referenced in the table to ensure that where a topic is relevant, those charged with governance understand ASIC’s position.

Further information on any of these restatements can be obtained from your Bentleys contact.

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