Key Points:
New accounting standards and the operating and financial
review join some old favourites on ASIC's watchlist for 2013
annual reports
ASIC's determination to sit in on analyst briefings may have
grabbed the headlines this reporting season, but the
regulator's gaze is still firmly fixed on corporate annual
reports.
Last week, ASIC released a list of key areas that directors and
auditors should consider when preparing FY2013/14 annual reports.
The 2013 list raises both familiar and new points:
Disclosure in operating and financial review:
Directors must provide meaningful information and analysis on the
underlying drivers of financial performance, and consult the
recently released
Regulatory Guide 247 (Effective disclosure in an operating and
financial review) when preparing an operating and
financial review. Directors are advised to provide forward-looking
statements of the entity's business strategies, but these
should be with reasonable basis
