Analysis
05 Feb 2024
10 minute read
ASIC releases results of first integrated surveillance program and December 2023 focus areas
Focus continues on key judgments related to impairment, revenue and provisions and disclosures of material business risks
ASIC released its inaugural annual financial reporting and audit findings surveillance report for the year 2022-23 (Report 774) after previously communicating that its financial surveillance program would receive a shake-up.
The reinvigorated program leverages a risk-based and data informed method of selection of entities for review. Key findings revolve around familiar themes including:
- Operating and financial review
- Impairment and asset values
- Revenue
- Provisions
ASIC subsequently issued a media release which announced its focus areas for 31 December 2023 financial reports. Areas of focus are, as expected, consistent with the findings noted in the surveillance report.
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