At the top of ASIC’s surveillance focus for 2018 is asset impairment. It also features significantly in the commission’s inspired corporate restatements and the results of its six-monthly surveillance results. Best to heed the warnings and lessons and manage the risks.
The session will:
- Describe the circumstances that have led to several corporates restating their financial statements
- Identify and explain the lessons to be learnt from ASIC’s surveillance program
- Revisit the key requirements of AASB 136 Impairment of Assets, and ASIC information sheet203 Impairment of non-financial assets: Materials for directors, and
- Describe the essential elements of an entity’s impairment-identification and assessment processes.