ASIC highlights focus areas for 31 December 2020 financial reports under COVID-19 conditionsDecember 15, 2020

ASIC has highlighted key focus areas for financial reporting by companies for years ending 31 December 2020. As the impact of COVID-19 continues, the areas identified remain similar to those at 30 June 2020 and are complemented by guidance provided in frequently asked questions on the ASIC website. ASIC Commissioner Cathie Armour said, ‘In the current environment, the quality of financial reports and related disclosures is more important than ever for keeping investors informed. ‘Entities with businesses adversely affected by the COVID-19 pandemic should continue to focus on the reporting of asset values and financial position. Investors will expect clear disclosure about the impacts on an entity’s businesses, any risks and uncertainties, key assumptions, management strategies and future prospects. ‘Asset values, assumptions and disclosures may be significantly affected by developments or ongoing conditions since an entity’s last half-year financial report at 30 June 2020.’

Please click here >> for the Focus Areas for December 2020 20-325MR ASIC highlights focus areas for 31 December 2020 financial reports under COVID-19 conditions _ ASIC – Australian Securities and Investments Commission

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