The ASIC focus areas for December 2018 have just been released. There are no significant changes to the areas highlighted in June, which were:
ASIC focus areas
- Impact of the new standards
- Impairment testing and asset values
- Revenue recognition
- Expense deferral
- Off balance sheet arrangements
- Tax accounting
- Estimates and accounting policy judgements.
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.
The following entities have made changes to their financial statements following ASIC enquiries.