21-129MR ASIC highlights focus areas for 30 June 2021 financial reports under COVID-19 conditions date of release 10/6/2021June 10, 2021

ASIC has issued the attached paper highlighting key focus areas for financial reporting by companies for reporting periods ending 30 June 2021 under COVID-19 conditions.
ASIC expects directors, preparers of financial reports and auditors to pay attention to  asset values, provisions, solvency and going concern assessments,  events occurring after year end and before completing the financial report and disclosures in the financial report and Operating and Financial Review (OFR).
ASIC Commissioner Cathie Armour said, ‘As COVID-19 conditions continue to evolve, the quality of financial reports and related disclosures remain more important than ever for keeping investors informed. ‘The circumstances of companies and the environment in which they operate can change significantly from one reporting period to the next. This could significantly affect assessments of asset values and financial position.

click here for the Paper >>>>ASIC Paper on FY21 considerations

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